AABB - Asia Metals Designates $10 Million To Initial Development Program For Colima, Mexico Gold Property And Facilities
LAS VEGAS, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that the Company has allocated $10 million for the initial development program to accelerate operations toward production at the high potential gold and base metal property in Colima, Mexico. This self-funded capital designation by the Company will be for the first phase of operations development to expand the infrastructure, conduct further geophysics capture, initiate a drilling exploration program and build site preparations for facilities installations. Furthermore, AABB is preparing a complete operations and expansion assessment of the property to determine a total capital budget, which will also be self-funded by the Company, for additional post-production development phases.
AABB recently began the construction of exploration and development facilities and infrastructure roads on its Colima property. Additionally, plans are underway to extend the previous geophysics and groundwork that have revealed strong indications of significant mineralization structures in multiple sectors of the property. In a major gold-iron-copper production area, the property is approximately 25 kms east of the Pena Colorada mine in Minatitlan, Mexico. Advantageously located with direct access to main Highway #3, the property also has an essential natural water supply. The Colima project is generally situated in a region where AABB has a comparative advantage of development resources and expertise readily available for rapid expansion and duplication of the Company’s previous gold production success in Mexico.
Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., 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. AABB also is releasing a freshly minted mine-to-token gold-backed cryptocurrency and expects to become a world-wide standard of exchange that is secured and trusted with gold backing, an outstanding quality 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.
