AsiaBaseMetals Inc. Announces Closing of Private Placement

AsiaBaseMetals Inc.  (TSX VENTURE:ABZ) - 

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES


AsiaBaseMetals Inc. (the "Company") is pleased to announce that it has completed
a previously announced non-brokered private placement of 1,875,000 common shares
at a price of $0.20 per share, raising gross proceeds of C$375,000. The shares
are subject to a four month hold period that expires on June 22, 2012.


The Company paid a cash finders' fee of $14,000 on a portion of the offering
equal to 7% of the aggregate gross proceeds received from subscribers introduced
to the Company by the finder. 


The proceeds of the private placement will be used to fund due diligence
respecting the Company's previously announced Laos Potash Project and for
general working capital purposes. 


Joseph Piekenbrock, a director of the Company, acquired securities under the
private placement. His participation is considered to be a "related party
transaction" as defined under Multilateral Instrument 61-101. The purchase is
exempt from the formal valuation and minority shareholder approval requirements
of MI61-101 as neither the fair market value of any shares issued to him or the
consideration paid exceeded 25% of the Company's market capitalization.


ON BEHALF OF THE BOARD OF DIRECTORS

Raj Chowdhry, C.A., President & CEO