Asia Broadband Visits Manufacturers In China to Verify Shipments Of New Plant Site Equipment For Large-Scale Gold And Silver Ore Stockpile Processing
LAS VEGAS, June 07, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company recently completed meetings and facility tours with mining processing manufacturers in China. During the visits with Liming Heavy Industry Science & Technology Co. Ltd. and Mecru Heavy Industry Technology Co. Ltd. in Zhengzhou, Henan, China, the Company verified and secured the shipments and deliveries of additional processing equipment for the new facility site in Etzatlan, Mexico. Additionally, Company management embraced and utilized the opportunity to establish and expand its relationships with mining industry and other business contacts. AABB’s management and technical consultants have set a 3rd quarter 2023 completion timeline to bring the new processing facility into full operations. The new plant will utilize advanced mining equipment automation and efficiencies to maximize processing throughput and metals extraction and minimize the production costs. Additionally, the new facility will be built with expanded processing capability that will be implemented after the initial production levels have been established.
To view AABB videos of the manufacturer visits in China, go to:
In December 2022, AABB completed the land purchase for the site of the new processing facility to be constructed with respect to the terms of the historic and long-term processing and production agreement signed previously for a large-scale gold and silver ore stockpile located in Las Jimenez, Etzatlan, Jalisco, Mexico. The agreement allows the Company exclusivity to purchase the 4 million ton ore stockpile at an economically feasible price point. A recent evaluation report has estimated the stockpile to represent over $800 million in total gold and silver value. The stockpile processing project is the largest high-yield asset addition for the Company to date in its strategic expansion initiative to acquire gold production and increase AABB’s physical gold holdings.
The 4.94 hectare processing plant land parcel, that includes a water concession, is located approximately 5.8 miles from the ore stockpile in Etzatlan, Mexico, and 48 miles from the AABB Buenavista mining warehouse. The new facility build-out is budgeted for a $3 million cost and is initially planned to have a 200 ton per day (tpd) processing capacity. At this first level of processing, the mill is estimated to generate over $11 million in revenue annually. The Company will also be accelerating a mill expansion installation to increase the processing capacity 5 fold to 1,000 tpd, once the initial processing level of the mill is consistently at capacity.
“We had an amazing trip to China and accomplished all our goals. We ensured that the added processing equipment was correctly set for shipment and proper delivery, while developing many mining equipment industry and business contacts that will be very valuable to us going forward. It’s a great feeling to know we on path with our new facility installation timeline to begin operations this year,” expressed Chris Torres, AABB President and CEO.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Mexico to client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of AABB that differentiates the Company and creates distinctive value for shareholders. Additionally, the Company has added a digital assets business segment with its AABBG freshly minted mine-to-token gold-backed cryptocurrency within its AABB Wallet, a proprietary digital exchange AABBExchange, a proprietary cryptocurrency payment gateway solution PayAABB.com and its Golden Baboons Mining Club NFT collection. AABB expects its token to become a world-wide standard of exchange that is stable, secured and trusted with gold backing, while having the added benefit of demand based price appreciation. These are unique and outstanding qualities relative to other cryptocurrencies.
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Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.
