AsiaBaseMetals Inc. Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 14, 2016) -

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AsiaBaseMetals Inc. (the "Company") (TSX VENTURE:ABZ) is pleased to announce that Raj Chowdhry, a director and officer of the Company, purchased 158,000 common shares and exercised share purchase warrants to acquire 5,485,000 common shares of the Company for an aggregate of 5,643,000 common shares (collectively, the "Shares").

Early Warning Disclosure

Prior to the acquisition of the Shares, Mr. Chowdhry beneficially owned and controlled 6,727,205 common shares, representing approximately 39.28% of the issued and outstanding common shares of the Company, 5,485,000 share purchase warrants and 200,000 incentive stock options. As a result of the acquisition of the Shares, Mr. Chowdhry now beneficially owns and controls an aggregate of 12,370,205 common shares, representing 54.71% of the issued and outstanding common shares of the Company on a non-diluted basis or 55.11% of the Company's issued and outstanding shares on a partially-diluted basis assuming exercise of Mr. Chowdhry's incentive stock options only.

As disclosed in the early warning report being filed by Mr. Chowdhry, Mr. Chowdhry acquired the Shares for investment purposes and intends to evaluate his investment in the Company and to increase or decrease his shareholdings from time to time as he may determine appropriate. A copy of the early warning report may be obtained by contacting Mr. Chowdhry at (604) 765 - 2030.

For more information please email info@asiabasemetals.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.