Asia Broadband Inc. reports that it has signed a Letter of Intent (LOI) to enter into a joint venture agreement to obtain an 80% interest in the development and production of the Tequila Gold Mine Project concessions.
The property is situated roughly 70 km to the north of Guadalajara near the town San Martin de las Canas in the municipality of Tequila, Jalisco, Mexico.
Exploration and drilling previously on the Tequila property by a Canadian mining company disclosed various gold and silver mineralization veins with high-grade potential. Although the assessment work on the property resulted in a considerable potential resource estimate, the previous company was unable to make a deal with the property owner.
The Tequila gold project is considered yet another prospective high-yield asset addition in the strategic expansion initiative of Asia Broadband for gold production acquisition and to increase the physical gold holdings of the company.
In the next couple of weeks, Asia Broadband will be performing additional due diligence and continuing its negotiations to seal the joint venture for the property. All efforts are in progress to expedite this enormous potential acquisition to promptly advance Asia Broadband into production and initiate an expansion program.
Depending on the latest evaluative stage of the Tequila Gold Mine Project, Asia Broadband expects to negotiate a definitive joint venture agreement before the end of October. The management of Asia Broadband is thrilled with the Tequila project due to its potential for quick development, low operating costs and high production.
As per another mining property news, Asia Broadband has sealed its evaluation program concerning the Acaponeta-Bonanza property in Mexico. The company has taken the decision to go ahead with this high-potential property acquisition and expects to negotiate a definitive agreement in mid-October.
Asia Broadband has been continuously implementing its plan of mining property acquisition to improve development capital utilization by concentrating operations in regions of Mexico where the company has resources and expertise readily accessible for quick expansion and duplication of the company's previous gold production triumphs.