LAS VEGAS, Oct. 27, 2020 (GLOBE NEWSWIRE) — Asia Broadband Inc. (AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that it has acquired a high potential mineral property in the state of Colima, Mexico. The terms of the property purchase were a lump-sum payment of $1.1 million for a 100% interest in the 100 hectare parcel. The acquisition also allows for the opportunity to expand AABB’s ownership footprint in the area. Previous geophysics and groundwork have revealed strong indications of significant mineralization in multiple sectors of the property. The Company has initiated the construction of an exploration and development facility on the property to accelerate the process of moving toward production.
Located in a major iron-copper-gold production area, the property is approximately 25 kms east of the Pena Colorada mine in Minatitlan, Mexico. Advantageously located with direct access to main Highway #3, the property also has a natural water supply. Strategically viewed as a diversification acquisition, the Colima property is situated in a region where AABB has a comparative advantage of development resources and expertise readily available to rapidly develop the project.
AABB recently added a mine and property in Colombia to its portfolio and is continuing with its gold mine acquisition campaign targeting properties in South America, Central America and Mexico, which have high development potential and historic gold production. The focus of the campaign is to duplicate the successful acquisition model of the Company’s existing high-density, shallow gold mine property in Guerrero, Mexico, that has known historical gold vein structures. AABB is currently directing a full-scale development and production expansion of its mine and property in Mexico.
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.