LAS VEGAS, May 17, 2022 (GLOBE NEWSWIRE) — Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that it has signed a definitive purchase agreement to acquire a 100% interest in the La Paz Gold Mine Project in Mexico. The Company came to terms with Felipe Chávez Serrano and group for the 184 hectare La Paz concession, # 236301, located in the municipality of Etzatlan in Jalisco, Mexico. The total purchase price of the property was $700,000 and the Company is negotiating to acquire additional mining concessions in the area. The La Paz gold project is another mining asset addition in the Company’s strategic expansion initiative to acquire gold production and increase the AABB’s physical gold holdings.
“The La Paz property is a key strategic acquisition for the Company’s mining property portfolio that will facilitate the growth of our operations and profitability going forward,” expressed Chris Torres, the Company President and CEO.
AABB continues to implement its mining property acquisition strategy to optimize development capital utilization by focusing operations in regions 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.