US-based resource company Asia Broadband (AABB) has agreed to acquire a 100% interest in the Zodiac Gold Mine Project in Buen Pais, Jalisco, Mexico.
The #218704, Zodiaco I concession is situated in the community of Buen Pais, approximately 15km south-east of the municipality of Tonila and 30km from Colima, Tuxpan, Jalisco.
The definitive purchase agreement also includes a 150tpd capacity processing plant.
In accordance with the agreed terms, Asia Broadband will pay $700,000 for the property. The deal also includes an option to acquire two additional Zodiac concessions.
Asia Broadband said that the acquisition of the prospective high-yield asset forms part of its strategic expansion plan and increase physical gold holdings.
In a press statement, Asia Broadband said: “AABB continues to implement its mining property acquisition strategy to optimise development capital utilisation 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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The resource company expects the Zodiac property to have the potential for reduced operating costs, high production, rapid expansion, and strong contribution to gross profits.
Asia Broadband president and CEO Chris Torres said: “The Zodiac is an amazing acquisition for the us in terms of its production potential and economic value.
“Also, it is the third high-grade property now in the AABB mining portfolio.”
In December 2021, AABB agreed to acquire the Bonanza Gold Mine Project in Mexico from Martin Augusto Vallejo Lujambio.
The 19.25ha Bonanza property is located in the prolific mining region of Acaponeta in Nayarit, approximately 3km from the town of El Carrizo.