- Asia Broadband, an experienced producer of precious metals, is in the process of adding key gold mine property acquisitions in Mexico
- The company’s approach to metals sales to primarily Asian markets includes development of a cryptocurrency exchange with a token backed by its gold holdings
- Asia Broadband’s AABBG token will be traceable through the proprietary exchange for currencies such as Bitcoin, Ethereum and Litecoin, and will also be able to acquire value on principles of limited production and rising demand
- The company recently reported its enthusiasm over preliminary assay results on rocks taken at random throughout a mine in Nayarit that is subject to an LOI
- Asia Broadband is also working to increase shareholder value through agreements to retire some third-party shares
Precious metals resource holder and cryptocurrency developer Asia Broadband (OTC: AABB) is pressing forward with its efforts to acquire new gold reserves in Mexico, and announced May 25 that one of the mines subject to its letter of intent (“LOI”) has produced high-grade rock sample assay results from specimens collected at random throughout the property when due diligence procedures began.
The preliminary report on the sample assay from the Acaponeta-Bonanza project increases the company’s hopes of obtaining high-grade mineralization values and vein concentrations throughout the property once an acquisition agreement is finalized.
In addition, Las Vegas-based Asia Broadband has $30 million in gold held in reserve to provide backing to its cryptocurrency, which it launched in March as the AABBG token. The company has been assessing several gold mine projects since the beginning of the year, and has issued LOIs for mines and processing facilities in the states of Jalisco and Nayarit with a view of adding to its gold holdings under its mine-to-token strategy (https://ibn.fm/eVRYz).
The Acaponeta project in Nayarit has two mine sites, existing infrastructure and a 200 ton-per-day processing facility located in a prolific mining region. The random rock samples included findings of 10.4 grams per ton (g/t), 8.9 (g/t) and 6.8 (g/t) of gold, according to the May 25 announcement (https://ibn.fm/cXn7R).
Asia Broadband anticipates the potential acquisition will “expeditiously advance AABB into production and an expansion program,” according to the announcement.
The company is intent on establishing a proprietary cryptocurrency exchange, which it expects to test in August and then launch in September. The company has been completing its cold wallet, web interfaces, transaction fee mechanism, trade platform and reporting system. Sales of the AABBG token have netted about $1.5 million in cryptocurrencies since March.
The token’s value will be tethered to the existing price of one-tenth (0.1) gram of gold but the exchange will allow the token to achieve price appreciation beyond the minimum spot price supported by the gold reserve (https://ibn.fm/KYNPu), according to demand. The exchange will primarily make it possible for AABB Wallet users to complete quick two-way exchanges of their tokens for major cryptocurrencies such as Bitcoin, Ethereum and Litecoin.
In a bid to increase shareholder value, the company completed agreements with some third parties to retire their shares for a return of 107 million restricted common shares to the company treasury, according to an announcement May 27 (https://ibn.fm/JZXUu). Asia Broadband expects to retire additional shares in the coming weeks to continue to build shareholder value.
The company’s executive management team states Asia Broadband is in a highly liquid financial position to self-fund and is prepared to rapidly advance its business segments focused on mining and crypto creation (https://ibn.fm/BmTH0). It recorded an annual gross profit of $16.8 million at the end of the 2020 fiscal year (https://ibn.fm/S1T7O).
For more information, visit the company’s website at www.AsiaBroadbandInc.com.
NOTE TO INVESTORS: The latest news and updates relating to AABB are available in the company’s newsroom at https://ibn.fm/AABB
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