Asian Mineral Resources Limited

Asian Mineral Resources Limited

October 16, 2007 10:43 ET

Asian Mineral Resources Limited Announces Completion of First Tranche of Private Placement

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2007) - Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:ASN) announced today that it has received approximately Cdn$4.1 million as gross proceeds of the first tranche of the 7,000,000 units included in its previously announced private placement. As previously announced, the second tranche, for gross proceeds of Cdn$8.2 million, will be completed on the earlier to occur of (i) the issue, not later than December 31, 2007, of a mining license for the Company's Ban Phuc project or (ii) the date on which the subscriber elects to complete the transaction. All securities issued under the private placement are, or will be, subject to a hold period expiring February 17, 2008.

"We are pleased to have received this infusion of funds, which also broadens our shareholder base," commented Mr. Rob Thomson, President and CEO of AMR, "and are also pleased with the progress being made in obtaining the mining license and related activities. Son La Province has requested that the Ministry of Natural Resources and Environment in Hanoi issue the mining license and is supportive of recently filed applications for new exploration licenses covering 98 sq km of the 150 sq km Ban Phuc project area."

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 currently has a 90% interest. The Project is part of a granted Foreign Investment License covering 150 square kilometres of highly prospective ultramafic hosted nickel occurrences.

For further details on the Company and the Ban Phuc Nickel Project 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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