AABB - Asia Metals Increases Gross Profit Target 20% To $6M As Gold Mine Operations Continue To Expand
- $2.75 Million In Gross Profit Reported In First Six Months Of 2019
- 20% Increase to $6M Announced Today For 2019 Year End Gross Profit
- Drill Operations Expansion On Existing Shallow Gold Mine
- 2 New Gold Mines Expected To Be Acquired By Year End 2019
Las Vegas, NV -- September 5, 2019 -- InvestorsHub NewsWire -- Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., today released a scheduled management update on the acceleration of the Company’s mining operations expansion activities in 2019. In general, Company management has continued working diligently to implement equipment and facilities upgrades that have increased current operational output on all levels. As a result of the significant production achievements made in the 3rd quarter to date, the Company is anticipating record 3rd quarter results and has increased its 2019 budget by 20% to include a minimum $6 Million annual gross profit projection.
$2.75 Million Gross Profit First Six Months of 2019 and Increased Year End Target
AABB reported $2.75 million in gross profits for the first six months of 2019 through the June 30, 2019. Based on Q3 production to date, management has increased its 2019 budget by 20% to include a minimum $6 Million annual gross profit projection.
Drilling Operation Expansion On Existing Shallow Gold Mine
The Company’s Phase II Exploration and Development Program has now completed over 4,400 meters (m) of the planned 20,000 (m) drilling campaign targeting areas in extended proximity to the Company’s mine in Guerrero, Mexico, to further delineate the known historical and new gold vein structures. All required procedural protocols to professionally catalog, secure and prepare core samples for shipment have been completed and the drill core samples have been delivered for assay testing. The Company is expecting the initial drill results of the Phase II Program to be available and announced in September. Look for news from the company on the drill results later this month.
History of Existing Shallow Gold Mine
In January of this year, the Company’s management and technical team were exhilarated with the successful drill results from the Phase I Program. The highlights of the drill results revealed high grade gold mineralization that attested the mine’s historical production to date. The most significant gold value intersections were 3.1 meters (m) graded at 10.9 grams per ton (g/t), 4.8 meters (m) graded at 8.7 grams per ton (g/t) and 14.2 meters (m) graded at 5.7 grams per ton (g/t).
Gold Mine Acquisition Campaign - Two New Acquisitions Anticipated By Year End
The Company’s new gold mine acquisition campaign is targeting properties that have historic gold production in South America, Central America and Mexico. 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 had known historical gold vein structures prior to AABB's full-scale development and production expansion. AABB has scheduled its acquisition team travel to multiple locations in South America, Central America and Mexico. Representing the Company during the site visits will be a mineral lands agent specializing in the Americas region, a geological consultant to assess production profit potential and representatives from a Joint Venture Partner to analyze the expansion potential of each site location. The expectations of the acquisition initiative are to secure one or more new gold properties with high development potential in the 3rd or 4th quarter of this year.
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.
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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.