ABZ AsiaBaseMetals Inc

AsiaBaseMetals Inc. (the "Company") (TSX VENTURE:ABZ) is pleased to announce
that it has closed its previously announced private placement by raising gross
proceeds of $400,000 through the issuance 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 common shares issued under the private placement are subject to a hold
period under applicable Canadian securities laws expiring September 4, 2011, in
addition to such other restrictions as may apply under applicable securities law
outside Canada.


Raj Chowdhry, the President and Chief Executive Officer and a director of the
Company, Rick Van Nieuwenhuyse, the Chairman of the Company and Joseph
Piekenbrock, a director of the Company, have acquired securities under the
private placement. Such participation is considered to be a "related party
transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The
transaction is 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 exceeded 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.

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