Mr. Raj Chowdhry, a shareholder, reports

RAJ CHOWDHRY ANNOUNCES HOLDINGS IN ASIABASEMETALS INC.

Raj Chowdhry has filed an early warning report pursuant to the early warning requirements of applicable securities laws in Canada with respect to holdings in AsiaBaseMetals Inc.

On Nov. 29, 2016, Mr. Chowdhry acquired 516,000 common shares of the company for an aggregate purchase price of $61,500. Prior to the acquisition of the shares, Mr. Chowdhry beneficially owned and controlled 6,211,205 common shares, representing approximately 36.27 per cent 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 beneficially owns and controls an aggregate of 6,727,205 common shares of the company, representing approximately 39.28 per cent of the issued and outstanding common shares of the company on a non-diluted basis, or approximately 54.42 per cent of the company's issued and outstanding shares on a partially diluted basis assuming exercise of Mr. Chowdhry's warrants and incentive stock options only.

The shares were acquired by Mr. Chowdhry in reliance on the normal course purchase exemption under Section 4.1 of National Instrument 62-104.

Mr. Chowdhry acquired the shares for investment purposes, and, as disclosed in the early warning report accompanying this news release, may in the future acquire or dispose of securities of the company, through the market, privately or otherwise, as circumstances or market conditions warrant.

For additional information, or for a copy of the early warning report filed in respect of the above transaction, please contact Mr. Chowdhry at 604-765-2030.