AsiaBaseMetals Inc. Announces News Release Correction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2012) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

AsiaBaseMetals Inc. (the "Company") (TSX VENTURE:ABZ) announces that the news release issued on July 5, 2012 entitled "AsiaBaseMetals Inc. Announces Private Placement" is retracted and the correct information respecting the proposed private placement is as follows.

The Company intends to raise up to $50,000 through a non-brokered private placement of up to 333,334 flow-through common shares ("FT Shares") at a price of $0.15 per share. The FT Shares will be subject to a four month hold period.

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

The private placement is subject to acceptance by the TSX Venture Exchange.

Certain directors and officers of the Company are expected to acquire securities under the private placement. Such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will exceed 25% of the Company's market capitalization.

ON BEHALF OF THE BOARD OF DIRECTORS

Raj Chowdhry, C.A., President & CEO

Certain disclosure in this release, including statements regarding the Company's intention to carry out a private placement financing and the use of proceeds from such financing constitute "forward-looking information" 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 the Company is able to obtain regulatory approval of the private placement financing and is otherwise able to complete the private placement financing. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors 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, financing risks, delays in obtaining or inability to obtain required regulatory approvals and inability to complete the private placement financing. 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. The Company 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.

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.
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