| Source: Asia Broadband Inc.
LAS VEGAS, Oct. 11, 2023 (GLOBE NEWSWIRE) — Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has extended its due diligence processes to further evaluate the development scope and value of a new high potential gold and silver property acquisition. Several weeks ago, the Company signed a Letter of Intent (LOI) to acquire the new property in the prolific mining region of Hostotipaquillo, Jalisco, Mexico. The 4,081 hectare high-grade acquisition target concession #239735 named Picachos IV is located a rapidly developing area and is adjacent to gold producer GoGold Resources Inc.’s (TSX: GGD) OTCQX: GLGDF) Los Ricos South property. The Picachos gold project is another prospective high yield asset addition in the Company’s strategic expansion initiative to acquire gold production and increase the AABB’s physical gold holdings.
In the coming weeks, the Company will continue conducting further due diligence and negotiations to acquire the new mining concession. AABB is expecting to confirm high-grade assay results in the coming weeks from the Company’s initial due diligence activities on the property, as the mapping and rock sampling program continues. Company management is exhilarated with the Picachos project for its potential for rapid development, high production and low operating costs.
“Our most recent acquisition target has continued to reveal additional outstanding qualities as we continue our evaluations. We are increasingly convinced that the Picachos property could be a significant strategic acquisition for the Company’s mining property portfolio, facilitating operational and profitability growth for years to come”, expressed Chris Torres, the Company President and CEO.
AABB continues to implement its mining property acquisition strategy 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.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production of precious metals and the accumulation of physical gold holdings. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate the expansion of precious metals property holdings and production in Mexico. The Company’s industry and business integration in Mexico and its asset diversification are unique strengths of AABB that differentiate it from other companies and creates distinctive value for shareholders. Additionally, the Company has a digital assets business segment with its AABBG mine-to-token gold-backed cryptocurrency within its AABB Wallet, the unique Golden Baboons Mining Club non-fungible token collection, a proprietary digital exchange AABBExchange and a cryptocurrency payment gateway solution PayAABB.com. 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 and digital asset developers.
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.