ABZ AsiaBaseMetals Inc

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 has completed the previously announced non-brokered private placement of
333,334 flow-through common shares at a price of $0.15 per share, raising gross
proceeds of C$50,000. The shares are subject to a four month hold period that
expires on November 12, 2012.


The proceeds of the private placement will be used to fund exploration work on
the Company's property in British Columbia known as the "Gnome Property".


Raj Chowdhry, President and Chief Executive Officer and a director of the
Company, acquired securities under the private placement. His participation is
considered to be a "related party transaction" as defined under Multilateral
Instrument 61-101. The purchase is exempt from the formal valuation and minority
shareholder approval requirements of MI61-101 as neither the fair market value
of any shares issued to him or the consideration paid 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 use of proceeds from the private
placement, constitutes "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 results of the Company's
exploration activities will be consistent with management's expectations and
that the Company will be able to obtain any required government or other
regulatory approvals. However, the forward-looking statements in this release
are subject to numerous risks, uncertainties and other factors relating to
AsiaBaseMetals' operation as a mineral exploration company 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,
actual results of the Company's exploration activities being different than
those expected by management and delays in obtaining or inability to obtain
required government or other regulatory approvals. 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.
AsiaBaseMetals 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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