LAS VEGAS, July 21, 2021 (GLOBE NEWSWIRE) — via InvestorWire – Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce the following mining properties and facilities update.
The Company’s mining property acquisition strategy is to optimize development capital utilization by focusing operations in regions of Mexico 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 2020, the Company diverted from its acquisition strategy to explore a property diversification initiative and pursued several potential development projects, a gold property in Colombia and a Lithium property in Mexico. After significant exploration activities and evaluations, both properties were deemed to be not feasible for rapid development and were discontinued due to pandemic and property characteristic limitations. Irrespectively, the Company is actively searching for new high potential mining property acquisitions and anticipates future announcements in that regard.
AABB is continuing its due diligence on several high potential property acquisitions in Mexico at Los Reyes and Acaponeta-Bonanza. The Los Reyes project is currently awaiting the second phase assays results from exploratory drilling samples and Bonanza is currently conducting the second phase of exploratory drilling and expects to have the assay results in the coming weeks. The Company is committed to ensuring the optimal allocation of development capital in deciding to acquire either property, which requires an extensive due diligence and evaluation period. However, this preliminary work will accelerate the operations advancement toward production subsequent to acquisition. The Company expects to have the necessary assessment information on both properties by September and will make the acquisition decisions at that time.
AABB’s other mining project at Colima, Mexico, is currently awaiting special permitting at any time to continue moving forward rapidly with 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.
To improve the Company’s efficiency and control, a new mining operations storage and processing facilities building in Buenavista, Jalisco, Mexico, is now open to serve as a central warehouse hub for AABB.
Additionally, AABB is in the process of opening a new central operations office in Mexico City in the coming months. In the meantime, the Company will continue using its operations office in Tepic, Nayarit, Mexico.
On a final note, the Company’s physical gold bullion holdings continue to be stored in a private and secure location in Mexico. AABB is in the process of transferring the gold bullion to a new enhanced location in Mexico and plans to release pictures of the new storage after the transfer is complete.
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. The Company has recently released its freshly minted mine-to-token gold-backed cryptocurrency AABB Gold token (AABBG) and strives 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.
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