Asia Broadband Inc ( OTCMKTS: AABB ) recently announced they allocated $10 million for a development program. This will speed operations toward production at the gold and base metal property in Colima, Mexico. This term will be for the first stage of operations development to increase the infrastructure, conduct further deposit capture, start a drilling survey program and shape site measures for facilities installations. Asia Broadband Inc ( OTCMKTS: AABB ) is making a full procedure and expansion valuation of the property to determine a budget for additional growth opportunities.
Asia Broadband Inc ( OTCMKTS: AABB ) began the building of exploration and development facilities and infrastructure roads on their Colima property. Plans are in progress to extend the groundwork that has exposed signs of mineralization structures in several sectors of the property. The property is in a major gold-iron-copper production area. The Colima project is located where the Company has an advantage of resources and knowledge available for speedy expansion.
Asia Broadband Inc ( OTCMKTS: AABB )
$84 Million Deal
In another recent announcement, the Company finalized the sale of its Guerrero Gold Belt facilities to Joint Venture Partner, Qiangda Investments and Economics Co. Ltd. The terms agreement has been sent and included:
- $52 million cash payment
- $30 million handover of gold bullion, and
- 28% equity interest back.
Asia Broadband Inc ( OTCMKTS: AABB ) assessed the Guerrero Gold Belt property and facilities in Q4 of 2020, which shaped the decision to sell the assets. The conclusion of the assessment was the huge capital needed to build-out and develop the property and operations. Asia Broadband Inc ( OTCMKTS: AABB ) reached peak value on the Guerrero Gold Belt property. It would be beneficial to shift focus to duplicate this development success on their Colima property.
CEO James Gilbert shared that their management team is thankful for the Qiangda Investments group support financially and operationally. This is a major milestone. This allows Asia Broadband Inc ( OTCMKTS: AABB ) to operate at a high level to rapidly capitalize on all of their future projects.
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Asia Broadband Inc ( OTCMKTS: AABB ) through its wholly owned subsidiary Asia Metals Inc., announced that it has completed the sale of its mineral property and mining operations facilities in the Guerrero Gold Belt, Mexico, to Joint Venture Partner, Qiangda Investments & Economics Co. Ltd. The principal consideration terms of the sale agreement have been delivered and included a $52 million cash payment, a $30 million transfer of gold bullion and an assignment of a 28% equity interest back to the Company.
Additionally, the operational controls and authorities of the property and facilities have been transferred to the new ownership’s designated management personnel. Also, in more recent news Asia Metals Inc., has allocated $10 million for the initial development program to accelerate operations toward production at the high potential gold and base metal property in Colima, Mexico.
This self-funded capital designation by the Company will be for the first phase of operations development to expand the infrastructure, conduct further geophysics capture, initiate a drilling exploration program and build site preparations for facilities installations. Furthermore, AABB is preparing a complete operations and expansion assessment of the property to determine a total capital budget, which will also be self-funded by the Company, for additional post-production development phases.