Asia Broadband Inc. Provides Corporate Update

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.

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