AABB - Asia Metals Evaluates Joint Venture Partner Purchase Proposal For Guerrero Gold Belt Mine And Facilities In Mexico
LAS VEGAS, Dec. 10, 2020 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that the Company has received a purchase proposal for the mineral property and mining operations facilities in the Guerrero Gold Belt, Mexico, from Joint Venture Partner (JVP), Qiangda Investments & Economics Co. Ltd. (QIEC). AABB held a special meeting in Mexico City on December 9, 2020, to discuss the details of the purchase proposal regarding GGB assets. AABB recently conducted a pre-feasibility study assessment of the GGB property and facilities, which was utilized as a basis for the discussions in the special meeting. A follow-up meeting with the JVP is scheduled for Monday, December 14, 2020, to discuss AABB’s decision with respect to the proposal and the Company’s strategic plans going forward.
QIEC is a holding company and facilitating subsidiary of an Asian conglomerate. Its operational objective is to secure physical gold supplies for it affiliates’ manufacturing demand and to build an investment hedge that mitigates the risk of instabilities caused by fluctuations in markets and world economic conditions. In 2018, QIEC signed an agreement committing $34 million allocated over a 3-year period to earn-in a maximum 40% equity interest in the Company. The investment funds were dedicated to the expansion of the Company’s gold production and property exploration operations in Guerrero, Mexico. To date per the agreement, QIEC has disbursed $24 million and earned a 28% interest in the Company. AABB jointly operates a management committee with representatives of QIEC to oversee, approve and direct budgeting, capital expenditures and decision-making regarding operational processes and expenditures.
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 Guerrero, Mexico, to our client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of Asia Broadband and differentiates the Company to its shareholders.
Contact the Company at:
| Email: Website: Phone: | 702-866-9054 |
| Parkin Investor Relations Kevin Parkin | |
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.
