Vancouver, BC -- April 30, 2015 -- AsiaBaseMetals Inc. ("AsiaBaseMetals" or the "Company") (TSX-V: "ABZ") is pleased to announce that it has entered into an agreement with Great Lakes Resources Ltd. ("Great Lakes") under which the Company has agreed to purchase an undivided 100% right, title and interest in and to the Jean Iron Ore Project (the "Property") from Great Lakes and to concurrently terminate the Option Agreement the parties entered into in August 2014 under which Great Lakes granted the Company an option to acquire the Property.
AsiaBaseMetals has agreed to issue 100,000 common shares (on a post-consolidation basis) to Great Lakes as consideration for the Property. On April 20, 2015, the Company announced a 2:1 share consolidation.
The acquisition and consolidation are subject to TSX Venture Exchange approval.
The Property is an iron ore exploration property located in the Thunder Bay Mining District of Northwestern Ontario, Canada. The Project is comprised of 17 claims totaling 1,824 hectares.
ABOUT ASIABASEMETALS INC.
AsiaBaseMetals Inc. is a growth company focused on the exploration and development base metals opportunities. The Company has the Gnome Zinc Project in British Columbia, Canada and the Jean Lake Iron Ore project in Ontario, Canada. AsiaBaseMetals is led by a highly experienced executive management team that has a successful track record of building shareholder value through various businesses, including exploration, corporate finance, and mine development.
For more information please visit
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.
Raj Chowdhry, Chief Executive Officer and President