LAS VEGAS, April 30, 2020 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that it has signed a definitive purchase agreement to acquire a 100% interest in a new gold mine and its surrounding property in Colombia, South America. The property consists of 912 hectares and includes an artisan mining site on the property that has historically produced gold and silver. The acquisition price of the property was $4 million, with $1 million paid upon the signing of the agreement, $1.5 million due by October 31, 2020 and $1.5 million due by April 30, 2021. Further details of the agreement and property will be released in the coming weeks as the ownership transition process is completed.
The Company’s new gold mine acquisition campaign is 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.
Additionally, AABB has now confirmed that its fourth stage drill results will be published Tuesday, May 5, 2020. The outstanding success with the ongoing $4 Million Phase II Exploration and Development Program has included three drill result stages to date that have all recorded multiple drill hole high-grade intersections of double-digit grams of gold per ton. The 20,000 (m) drilling campaign is targeting areas in extended proximity to the Company’s mine in Guerrero, Mexico, to further delineate the known historical and new gold vein structures.
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.
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.
