LAS VEGAS, Jan. 08, 2025 (GLOBE NEWSWIRE) — Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce the following corporate update for the Company:
Mining Operations Update
Etzatlan Plant:
Our engineering team is expecting to have the processing plant operating by mid-March 2025. We have encountered many delays with the delivery of equipment from one of our key suppliers in China, specifically Henan Mecru Heavy Industry Co. Ltd. Additionally, severe weather and permitting issues has set our projected start date timeline back over 12 months. However, our on-site assay laboratory is fully functional and has been operating for many months now. Numerous samples from taken from our Stockpile and nearby concessions have been analyzed with very positive results.
The first line of production, which is a mineral flotation process, will be capable of producing up to 500 tons per day. The initial processing target will be 350 tons per day for the first 3 months and then gradually increase to 500 tons per day. With an average production cost of $56.75 USD per ton, we estimate a net revenue of $1,973,282 USD in the first 3 months of operations and $10,430,207 USD in the first 12 months. Our second line of production, which is a cyanidation process, is also estimated to go into production September 2025, with an initial target of 200 tons per day for the first 4 months and gradually increase to 500 tons per day. Since the cyanidation process produces a higher yield, the estimated net revenue is expected to increase to $2,322,152 USD in the first 4 months of operations and $13,932,912 USD in the first 12 months.
As an industry leader in innovation and breaking away from traditional methodologies, the Company will be installing a series of Live Streaming Video cameras onsite. We believe this a first ever live stream from any mineral processing plant, giving real time access to our investors.
Also in Q2 2025, the Company expects to have guided investor tours of our processing plant.
Stockpile Agreement (Las Jimenez):
To date, 8,000 tons of strategically targeted ore has been delivered onsite to our plant in Etzatlan. Another 10,000 tons is expected to be delivered before we begin operations in March 2025. This supply will serve as a building block to start our first line of production. In January 2025, a new Qualified Person (QP) Geologist has been hired to perform additional Sonic drilling programs on the current Stockpile and on an additional estimated 2,000,000 tons of tailings dump nearby, which the Company is in negotiations to acquire from the landowners. We expect to have a complete NI 43-101 geological report certified by new QP by end of February. The report is expected to further validate the value of our Stockpile Agreement and attract a larger investor base.
Bonanza (concession #221977, 19.25 hectare):
The Company received its second Geological report NI 43-101 from MICON. After careful evaluation by our geological team, the Company has decided it would be more beneficial to focus all efforts on assets and mining concessions located nearby our Etzatlan plant. Therefore, the Company is currently in negotiations with two potential buyers and has also received a purchase offer from another buyer for the amount of $8,000,000 USD that was declined.
Tequila Joint Venture (concession #219165, 66.6792 hectare):
Record production has increased in the Tequila Joint Venture in 2024, which has been attributed to higher-grade recoveries, increased daily throughput levels and reduced production costs from economies of scale. The Company estimates the same production level will continue over the next year and will be focusing efforts on higher grade recoveries and possibly processing in our Etzatlan plant to obtain higher yields.
Picachos IV (concession #239735, 4,081 hectare):
The mining concession has now been registered with the Mexican mining registry. The Company is continuing to progress with its Phase 1 drill exploration program in the prolific mining region.
La Paz (concession #236301, 184 hectare):
Phase II drilling program continues with a total of 2,200 meters drilled to date. In addition, a 200-meter-deep old mining shaft has been discovered on the property. Further exploration of this mining shaft in ongoing.
Zodiac I (concession #218704, 200 hectare):
Acquired in March 2022 this mining concession located in Buen Pais has had no further exploration efforts. The Company plans to reactivate exploration in Q3 2025.
Buenavista Warehouse:
Continues to serve as the Company’s main mining operations storage and processing facility building.
Management and Employees:
The Company’s primary management team continues to be CEO Chris Torres and CFO Bernard Velez. The Etzatlan Plant is being operated by Metallurgy Operations Manager Juan Cervantes Rios. Our Geological team is led by Geologist Cesar Alexander Payeras. Currently, the Company has 18 full-time employees with plans to increase to 32 employees in March and expects to have over 40 employees at the Etzatlan plant when operating at full capacity.
Digital Assets Operations Update
AABB Wallet:
Our new next generation AABB Wallet has been completed and is waiting on certain approvals in order to be launched in the Apple Store and Google Play. This new wallet will support the ability for users to buy and sell AABBG Tokens directly from the wallet.
AABBG Token:
The Company’s unique Mine-to-Token vertical integration approach has now fully migrated its gold-backed Token from the Ethereum blockchain to the Algorand (ALGO) blockchain. AABBG.ALGO allows token holders improved transaction efficiency, lower transaction costs, and increased transparency on the Algorand blockchain. To date, the Company has sold 1,680,000 tokens and bought back 64,930. Once the new next-generation AABB Wallet is released, the Company plans to sell up to 100% of all tokens currently minted with an expansive marketing campaign to be launched in 2025.
The Company backed 5.4 million Tokens in its initial release at the price of one-tenth gram of gold. In 2021, the AABBG Token was initially sold at $5.60 per Token. Today’s price is $8.54 per AABBG Token, reflecting a 55% increase in 48 months.
New Silver-Backed Token:
Expected to be launched in February. The Company’s silver holdings to back each new token have been increasing in anticipation of the upcoming minting process.
AABB Merchant Payment POS:
Our Merchant POS will give the ability to small to large business using a hardware component to accept AABBG Tokens processed at a very high speed. Equally, this AABBG POS will be able to accept BTC Lighting payments. The backend interface will also have the ability to provide refunds and up to the minute sales reports.
Non-Fungible Token (NFT) Initiatives:
Our NFT initiatives are gaining momentum as we continue to build a strong brand and establish a name in the ever-evolving Web3 space. With crypto entering a bull market and the memecoin frenzy cooling, profits are now flowing into NFTs – leading many analysts to declare “NFTs are back”. We are driving engagement through our innovative entertainment strategy, collaborating with other Web3 projects to host weekly game nights that are both fun and community-building. Highlights include our popular Wednesday Night Poker and Thursday Night Bingo, which have become staples for our growing audience. Our gold-backed collections have expanded across four major blockchains, showcasing our versatility and reach:
-Golden Baboons on Ethereum
-Golden Rascals on Solana
-Ordinal Baboons on Bitcoin
-Baboons on ApeChain
Beyond entertainment, we remain committed to keeping our community informed and empowered. By blending Web3 education with engaging experiences, we aim to spotlight the incredible opportunities in crypto while showcasing in the unparalleled value of Asia Broadband’s Real World Assets gold mining ventures and stock investing opportunity. The dual strategy ensures shareholders remain entertained, educated, and excited- positioning us as leaders in the intersection of digital and physical asset innovation.
Share buyback program:
The Company announced on October 18, 2023 it had approved a Share Buyback Program of up to $12 million dollars. This program was put on hold due to other corporate events and delays it had been experiencing over the last year. The company will now actively begin with the Share Buyback Program this month and hopes to have it finalized by Q1 2025.
Note Settlement:
We have reached a debt settlement with long-time note holder White Castle Capital. The terms of the settlement are that Asia Broadband will purchase the remainder of the note for a total amount of $8 million in cash and 5 million restricted AABB shares.
Legal action against market makers:
The Company continues with market data collection in preparation of the legal action against market makers.
Stock Dividends:
The Company has approved and issued 2 stock dividends to date. The majority of shareholders should have received the divided shares through their brokers or investment firms. However, there have been several that are having difficulties receiving. We encourage that you contact our Transfer Agent directly regarding this issue.
“On behalf of the entire AABB team, we are excited and highly anticipate all the corporate events that will be achieved as the new year progresses. We would like to thank our shareholders and everyone following our Company for their continued support of our vision and development as we expand into the future,” expressed Chris Torres, AABB President and CEO.
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 own proprietary AABB Wallet and the unique Golden Baboons Mining Club and Shorts Rascal Club Non-Fungible Token (NFT) collections. 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.
Contact the Company at:
| General Email: | ir@asiabroadbandinc.com |
| Token Support: | support@aabbgmine2token.com |
| Company Websites: | www.asiabroadbandinc.com www.aabbgmine2token.com www.goldenbaboons.com |
| Phone: | 702-866-9054 |
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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