Mr. Raj Chowdhry reports

ASIABASEMETALS INC. ANNOUNCES FULLY SUBSCRIBED PRIVATE PLACEMENT

AsiaBaseMetals Inc. has arranged a fully subscribed non-brokered private placement for gross proceeds of up to $200,450 through the sale of up to 1,909,045 units at a price of 10.5 cents per unit. Each unit will consist of one common share of the company and one transferable common share purchase warrant. Each warrant entitles the holder to purchase an additional share at a price of 14 cents per share for a period of two years.

The proceeds from the sale of the units are intended to be used for general working capital.

The private placement is subject to acceptance by the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four-month hold period from the date of issue.

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. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

We seek Safe Harbor.