Asia Broadband Inc. (AABB or the Company) has added three hydraulic diamond core drilling exploration rigs to its equipment inventory. This enhancement will improve the drilling capacity and efficiency of the Company's ongoing drill programs at Picachos and La Paz in Jalisco, Mexico.
The new drill rigs, which promise increased efficiency, are expected to arrive at the port of Manzanillo, Mexico, in late August after being sourced from China. This acquisition is part of AABB Mining's strategic initiative to enhance gold production and expand physical holdings. The company is diligently working to accelerate the development of high-yield gold projects.
AABB's first-quarter 2024 data shows a doubling of gold production compared to the final quarter of 2023. This impressive gain in gross profit was driven by economies of scale, higher-grade recoveries, increased daily throughput and reduced production costs.
As the company prepares to release its second-quarter 2024 results, it has already disclosed that it has surpassed the production and gross profit levels achieved in the first quarter. This further underscores the effectiveness of AABB's mining operations.
We are highly anticipating the August equipment delivery and deploy the additional drilling capacity as soon as possible. Our focus is to continue our increased production and exploration momentum into the second half of the year.
Chris Torres, Company President and Chief Executive Officer, Asia Broadband Inc.
By focusing operations in regions of Mexico where AABB has a comparative advantage—thanks to readily available development resources and expertise for rapid expansion—the company is able to replicate its previous gold production successes. This approach allows AABB to optimize the use of development capital and effectively implement its mining property acquisition strategy.