AABB - Asia Metals Reaches Advanced Stage Negotiations With Joint Venture Partner For Purchase Of Guerrero Gold Belt Mine And Facilities In Mexico
LAS VEGAS, Dec. 22, 2020 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that the Company has progressed to an advanced stage of negotiations regarding the purchase proposal for the mineral property and mining operations facilities in the Guerrero Gold Belt, Mexico, with Joint Venture Partner (JVP), Qiangda Investments & Economics Co. Ltd. (QIEC). AABB recently held several special meetings in Mexico City to discuss the details of the purchase proposal and potential agreement options regarding the GGB assets. Negotiations have since been ongoing, but are nearing completion, and will continue after Christmas upon the availability of both negotiating parties.
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.
“On behalf of the entire AABB team, we would like to express our sincerest gratitude for an exceptionally successful year and wish all the Company’s shareholders and the entire investment community a very Merry Christmas,” expressed AABB CEO James Gilbert.
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:
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| 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.
