AsiaBaseMetals Inc. Announces Shares for Debt Transaction

AsiaBaseMetals Inc. ("ABZ" or the "Company") (TSXV: "ABZ")

 announces that the Company has agreed to issue 51,418 units of the Company at a price of $0.35 per unit in settlement of outstanding debt totaling approximately $17,996 owing to two arm's length parties.

Each unit will be comprised of one common share in the capital of the Company and one transferable common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at an exercise price of $0.38 for a period of 24 months from the date of issue.

The units will be subject to a four month hold period. The debt settlement is subject to approval of the TSX Venture Exchange.

For more information please email [e-mail].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the proposed debt settlement, may 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 will obtain the necessary regulatory approvals for the debt settlement. 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, delays in obtaining or inability to obtain required regulatory approvals for the debt settlement and changes in the Company’s plans. 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.

Contact Information 
AsiaBaseMetals Inc. 
Raj Chowdhry, President and Chief Executive Officer 
Email: [e-mail]