Mar 7 2024Reviewed by Lexie Corner
Asia Broadband Inc. announced that it has finalized a purchase agreement to obtain a 100 % stake in a highly prospective property located in the mining region of Hostotipaquillo, Jalisco, Mexico.
The 4,081-hectare high-grade acquisition target concession, known as Picachos IV, is next to producer GoGold Resources Inc.’s Los Ricos South property and situated in a quickly developing area. The property was purchased for a total of $1,000,000, and the company is currently seeking to purchase more nearby mining concessions.
As part of the company’s strategic expansion initiative to acquire gold production and increase the AABB’s physical gold holdings, the Picachos gold project is another potential high-yield asset addition.
With regard to the property, AABB has now expanded its prior due diligence efforts into a comprehensive development program. To expedite and plan a drilling program and begin production as soon as feasible, the company will make use of the program data that has been collected. The Picachos project excites AABB management and mining operations due to its potential for quick development, high production, and low operating costs.
The Picachos concession is in an amazing area and a key strategic addition to the Company’s mining property portfolio that will facilitate the growth of our operations and profitability going forward.
Chris Torres, President and Chief Executive Officer, Asia Broadband Inc.
By concentrating operations in areas 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, AABB continues to implement its mining property acquisition strategy to optimize development capital utilization.
Source: https://asiabroadbandinc.com/