re; LAS VEGAS, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that the Company has confirmed its highest gold production and gross profit quarter to date for the period ending September 30th, as bullish gold forecasts continue. The Company’s gold production more than doubled in the first quarter of 2020, in comparison to the fourth quarter of 2019, due to the higher daily throughput levels and metals extraction efficiencies achieved with the new production facilities that began the operational phase-in process early this year. Utilizing these new facilities, Q3 was the first full quarter to capitalize on the higher production and efficiency capabilities. AABB is anticipating a three-fold increase in gold production levels in 2020 from the Company’s added operational capacity. The Company’s September 30th financials will be published in the coming weeks.
Furthermore, recent economic conditions have created strong and unprecedented fundamentals for gold producer equities. The economic volatility, uncertainty and inflationary effects of the Coronavirus pandemic have launched gold and gold producers into a significant growth phase. Additionally, the recent decline of the oil market has elevated the gold-to-oil ratio to all time highs indicating lower production costs and increased profit margins for gold producers. Subsequent to publishing its 3rd quarter results, AABB is updating its annual gross profit budget to exceed $14 million in 2020.
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