AsiaBaseMetals Inc. Announces News Release Correction

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


AsiaBaseMetals Inc. (the "Company") (TSX VENTURE:ABZ) announces that the news
release issued on July 5, 2012 entitled "AsiaBaseMetals Inc. Announces Private
Placement" is retracted and the correct information respecting the proposed
private placement is as follows. 


The Company intends to raise up to $50,000 through a non-brokered private
placement of up to 333,334 flow-through common shares ("FT Shares") at a price
of $0.15 per share. The FT Shares will be subject to a four month hold period.


The proceeds of the private placement will be used to fund exploration work on
the Company's property known as the "Gnome Property" in British Columbia.


The private placement is subject to acceptance by the TSX Venture Exchange.

Certain directors and officers of the Company are expected to acquire securities
under the private placement. Such participation would be considered to be a
"related party transaction" as defined under Multilateral Instrument 61-101 ("MI
61-101"). The transaction will be exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair market value
of any shares issued to or the consideration paid by such persons will exceed
25% of the Company's market capitalization.


ON BEHALF OF THE BOARD OF DIRECTORS

Raj Chowdhry, C.A., President & CEO

Certain disclosure in this release, including statements regarding the Company's
intention to carry out a private placement financing and the use of proceeds
from such financing constitute "forward-looking information" within the meaning
of Canadian securities legislation. In making the forward-looking statements in
this release, the Company has applied certain factors and assumptions that the
Company believes are reasonable, including that the Company is able to obtain
regulatory approval of the private placement financing and is otherwise able to
complete the private placement financing. However, the forward-looking
statements in this release are subject to numerous risks, uncertainties and
other factors that may cause future results to differ materially from those
expressed or implied in such forward-looking statements. Such uncertainties and
risks include, among others, financing risks, delays in obtaining or inability
to obtain required regulatory approvals and inability to complete the private
placement financing. There can be no assurance that such statements will prove
to be accurate, and actual results and future events could differ materially
from those anticipated in such statements. Readers are cautioned not to place
undue reliance on forward-looking statements. The Company does not intend, and
expressly disclaims any intention or obligation to, update or revise any
forward-looking statements whether as a result of new information, future events
or otherwise, except as required by law.