AsiaBaseMetals Inc. Announces Private Placement

AsiaBaseMetals Inc. (the "Company") (TSX VENTURE:ABZ) is pleased to announce
that it intends to raise $400,000 through a non-brokered private placement of
2,000,000 common shares at a price of $0.20 per share. 


The proceeds of the private placement will be used for general working capital.
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

Cautionary Note Regarding Forward-Looking Statements: 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 statements" 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.