Asia Broadband Surpases Double Gold Production In 1ˢᵗ Quarter, Prior To Ore Stockpile Processing Plant Completion

Rhea-AI Summary

Asia Broadband Inc. (OTC: AABB) reports exceeding production and gross profit levels in Q2 2024 compared to Q1. Gold production more than doubled in Q1 2024 versus Q4 2023, due to higher grade recoveries and increased daily throughput. The company's new processing plant in Etzatlan, Mexico, is under construction to process an estimated $1 billion ore stockpile. AABB continues its mining property acquisition strategy in Mexico, focusing on regions where it has a comparative advantage in development resources and expertise. The company aims to rapidly expand and replicate its previous gold production success.

Positive

• Gold production more than doubled in Q1 2024 compared to Q4 2023
• Exceeded production and gross profit levels in Q2 2024
• Reduced production costs due to economies of scale
• New processing plant under construction to handle $1 billion ore stockpile
• Implementing strategic mining property acquisitions in Mexico

Negative

• None.

LAS VEGAS, July 17, 2024 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the financial results for the 2^nd quarter ending June 30, 2024, will be published in the coming weeks confirming the Company has exceeded its production and gross profit levels achieved in the 1^st quarter. Gold production more than doubled in the 1^st quarter of 2024, in comparison to the 4^th quarter of 2023, due to the higher grade recoveries and increased daily throughput levels. Additionally, the economies of scale from higher productions levels reduced production costs and added to the bottom-line gross profit for each of the last two quarters.

The elevated operational strategies and efficiencies of the AABB mining team continued in the 2^nd quarter to set the foundation for the high production levels to follow the completion of the Company’s processing plant. The new facility is currently under construction in Etzatlan, Mexico, and its capacity will be primarily dedicated to processing the estimated $1 billion dollar ore value of the Company’s exclusive rights surface stockpile. AABB continues to develop the processing plant and will release updates as progress milestones are reached.

“Our operations team has elevated our production processes in the first and second quarters of this year and we are eagerly awaiting to extend this expertise to our massive ore stockpile processing when the new plant is complete. This will take us to a much higher level than we have ever reached before”, stated Chris Torres, the Company President and CEO.

AABB continues to implement its mining property acquisition 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 was Asia Broadband's (AABB) gold production increase in Q1 2024?

Asia Broadband (AABB) more than doubled its gold production in Q1 2024 compared to Q4 2023, due to higher grade recoveries and increased daily throughput levels.

Where is Asia Broadband (AABB) constructing its new processing plant?

Asia Broadband (AABB) is constructing its new processing plant in Etzatlan, Mexico.

What is the estimated value of Asia Broadband's (AABB) ore stockpile?

Asia Broadband (AABB) has an estimated $1 billion ore stockpile that will be processed at its new facility under construction.

How did Asia Broadband (AABB) perform in Q2 2024?

Asia Broadband (AABB) exceeded its production and gross profit levels in Q2 2024 compared to Q1 2024, with detailed financial results to be published in the coming weeks.