AsiaBaseMetals Inc. Announces Private Placement

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


AsiaBaseMetals Inc. (the "Company") (TSX VENTURE:ABZ) is pleased to announce
that it intends to raise up to $575,000 through a non-brokered private placement
of up to 2,875,000 common shares at a price of $0.20 per share. 


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. 


The Company will pay a cash finders' fee on a portion of the offering equal to
7% of the aggregate gross proceeds received from subscribers introduced to the
Company by the finders.


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

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.