Asian Mineral Resources Limited

Asian Mineral Resources Limited

December 17, 2007 16:52 ET

Asian Mineral Resources Limited Announces Cdn$20 Million Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2007) - Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:ASN) announced today that it has agreed to issue 11,428,571 units by way of a non-brokered private placement, with each unit consisting of one common share of the Company and 0.595 of a warrant, with each warrant entitling the holder to purchase an additional common share of the Company to an Asian investor engaged in the business of mining. The issue price of the units is Cdn $1.75 per unit for gross proceeds of Cdn. $20 million. The 6,799,999 warrants will be exercisable until April 30, 2008 at an exercise price of Cdn $2.10 per share. After the date the warrants are exercised in full, the investor will be entitled to nominate one member to AMR's Board of Directors. The investor will also have the right for a period of up to 2 years to increase its ownership level to not more than 19.9% and to participate in future equity offerings in order to maintain such ownership position. Assuming full exercise of the warrants, the total investment in AMR by the investor will be Cdn.$34.3 million.

The proceeds from the sale of the units and from exercise of the warrants will be used for the development of AMR's Ban Phuc nickel project for which a mining license has been issued and for working capital purposes.

The closing of the transaction is subject to, among other things, the approval of the TSX Venture Exchange.

Company Profile:

Asian Mineral Resources Limited is currently engaged in the exploration and development of the Vietnamese located Ban Phuc Nickel Project in which it has a 90% interest.

For further details on the Company and its projects please refer to the website at

Forward-Looking Statements:

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Asian Mineral Resources Limited are forward-looking statements that involve various risks and uncertainties. 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. Important factors that could cause actual results to differ materially from Asian Mineral Resources Limited's expectations are disclosed under the heading "Risk Factors" and elsewhere in Asian Mineral Resources Limited documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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