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Asia Broadband Begins Phase II Drilling Program at the La Paz Gold Mine Project, As Gold Production Increases

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Rhea-AI Sentiment
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Rhea-AI Summary

Asia Broadband (AABB) has initiated Phase II of its drilling program at the La Paz Gold Mine in Etzatlan, Jalisco, Mexico. This follows the successful completion of Phase I, which drilled 1,088 meters. The company is analyzing mineralization to optimize further drilling. Phase II aims to enhance gold production and bolster AABB's gold holdings. AABB's Q1 2024 results showed a doubling of gold production from Q4 2023, leading to higher gross profits due to better recovery rates, increased throughput, and lower costs. Early indicators suggest continued revenue growth into Q2 2024. The La Paz project is key to AABB's strategic asset portfolio and expansion plans in Mexico.

Positive
  • Initiation of Phase II Drilling Program at La Paz Gold Mine.
  • Completion of 1,088 meters of drilling in Phase I.
  • Doubling of gold production in Q1 2024 compared to Q4 2023.
  • Increased gross profit in Q1 2024 attributed to higher-grade recoveries, increased throughput, and reduced costs.
  • Indications of further revenue increase for Q2 2024.
  • La Paz project seen as a key strategic asset for future growth.
  • Strategic focus on mining property expansion in regions with comparative development advantages.
Negative
  • Details of the Phase II program are still pending.
  • Dependency on mineralization analysis for further drilling optimization.
  • Future revenue growth is projected but not guaranteed.

LAS VEGAS, June 12, 2024 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has begun its Phase II Drilling Program at the La Paz Gold Mine Project located in Etzatlan, Jalisco, Mexico. The Phase I Program completed 1,088 meters of drilling on the concession property and the development team is in the process of mineralization analysis and mapping to direct the optimization of further drilling locations and depths. Further details of the La Paz Phase II drill program are expected to be released soon as they become available. The La Paz 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.

AABB’s 2024 first quarter results recorded a doubling of gold production from the levels recorded in the last quarter of 2023. The resulting increase in gross profit in the first quarter was attributed to higher-grade recoveries, increased daily throughput levels and reduced production costs from economies of scale. Currently nearing the end of the second quarter of production the indications are trending to AABB achieving a further increase in revenues over the first quarter for the anticipated second quarter results.

“Our mining group is elated with the many signs revealed so far of high gold mineralization at the La Paz property, as we continue the drilling program into Phase II. The La Paz project is progressing to solidify its place as a key strategic asset in the Company’s mining property portfolio that will facilitate the growth of our operations and profitability going forward,” stated Chris Torres, AABB President and CEO.

AABB continues to implement its mining property expansion 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 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.


FAQ

What is the latest drilling program update at La Paz Gold Mine for AABB?

Asia Broadband has initiated Phase II of its drilling program at the La Paz Gold Mine in Etzatlan, Jalisco, Mexico.

How much drilling was completed in Phase I at La Paz Gold Mine by AABB?

Phase I of the La Paz Gold Mine project completed 1,088 meters of drilling.

What were the financial results for AABB in Q1 2024?

AABB recorded a doubling of gold production and higher gross profits in Q1 2024 compared to Q4 2023.

What factors contributed to AABB's increased gross profit in Q1 2024?

Higher-grade recoveries, increased daily throughput levels, and reduced production costs contributed to the increased gross profit.

What are the expectations for AABB's revenue in Q2 2024?

Early indications suggest AABB will achieve further revenue increases in Q2 2024.

Why is the La Paz Gold Mine project important for AABB?

The La Paz project is seen as a key strategic asset that will help facilitate the growth of AABB's operations and profitability.

What is AABB's strategy for mining property expansion?

AABB focuses on regions in Mexico where it has a comparative advantage in development resources and expertise for rapid expansion.

Asia Broadband, Inc.

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