Asia Broadband Inc. (AABB or the Company) reports the extension of its due diligence procedures. This extension aims to provide a more comprehensive assessment of the development potential and value associated with a promising new gold and silver property acquisition.
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A few weeks ago, the Company entered into a Letter of Intent (LOI) for the purchase of a new property situated in the highly productive mining region of Hostotipaquillo, Jalisco, Mexico. This property, known as Picachos IV and covering 4,081 hectares, is a high-grade acquisition target concession #239735.
It is strategically located in a rapidly developing area and is in close proximity to GoGold Resources Inc.'s Los Ricos South property, which is engaged in gold production. The Picachos gold project represents another promising addition to the Company's strategic expansion efforts to acquire gold production assets and bolster AABB's physical gold holdings.
Over the next few weeks, the Company will persist in its due diligence efforts and engage in negotiations aimed at securing the new mining concession. AABB anticipates confirming high-grade assay results in the near future, derived from the initial due diligence procedures and the ongoing mapping and rock sampling program on the property.
The management of the Company is excited about the Picachos project due to its potential for rapid development, high production capacity, and cost-effective operational prospects.
Our most recent acquisition target has continued to reveal additional outstanding qualities as we continue our evaluations. We are increasingly convinced that the Picachos property could be a significant strategic acquisition for the Company’s mining property portfolio, facilitating operational and profitability growth for years to come.
Chris Torres, President and CEO, Asia Broadband Inc.
AABB remains committed to executing its strategy for acquiring mining properties. This approach is designed to maximize the efficient use of development capital by concentrating operations in regions of Mexico where AABB possesses a distinctive advantage.
The Company benefits from the presence of readily available development resources and expertise that facilitate swift expansion, replicating the success it has previously achieved in gold production.