AsiaBaseMetals Inc. Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2012) - AsiaBaseMetals Inc. (TSX VENTURE:ABZ) -

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AsiaBaseMetals Inc. (the "Company") is pleased to announce that it has completed a previously announced non-brokered private placement of 1,875,000 common shares at a price of $0.20 per share, raising gross proceeds of C$375,000. The shares are subject to a four month hold period that expires on June 22, 2012.

The Company paid a cash finders' fee of $14,000 on a portion of the offering equal to 7% of the aggregate gross proceeds received from subscribers introduced to the Company by the finder.

The proceeds of the private placement will be used to fund due diligence respecting the Company's previously announced Laos Potash Project and for general working capital purposes.

Joseph Piekenbrock, 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