2019

Vancouver, BC – January 7, 2019 – AsiaBaseMetals Inc. (the "Company") (TSX-V: "ABZ") announces its planned exploration work in 2019 on its Gnome Project (Cobalt & Zinc) following the discovery of the following indicated anomalous values, amongst other elements:

Cobalt and Zinc Discovery
Highlights of Soil Samples Analytical Results

Cobalt (Co)

Zinc (Zn)

Manganese (Mn)

Nickel (Ni)

Iron (Fe)

0.58%

5.99%

10.62%

0.82%

51.84%


Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property. See the Company's news release dated October 29, 2018 for a full description of the work completed in the 2018 exploration work program and for detailed soil and rock sample analytical results relating to the highlights above. This information is also reproduced below under the heading "About Gnome Project – 2018 Sampling Program" and "About AsiaBaseMetals Inc." and is available on the Company’s website at www.AsiaBaseMetals.com.

The Company anticipates the additional work on the Gnome Project to include trenching (for Cobalt) and selection of drill targets and relatively shallow drilling (for Zinc) upon compilation and analysis of recent (2018) and historical exploration data and based in part on the extensive previous work performed on the Gnome Project.

Raj Chowdhry, the President, CEO and Chairman of AsiaBaseMetals Inc., stated:

"The Company believes that the Gnome Project provides a unique and staged exploration opportunity for two key elements, Cobalt and Zinc. The Company’s exploration plan is to explore for Cobalt near surface and for Zinc mineralization directly below the Cobalt exploration area.

The Company expects the two phased exploration program to consist of: i) trenching to better define the Cobalt discovery (at an estimated cost of approximately $100,000, within the approximate 1 sq. km previously sampled area) in the first phase, and ii) drilling to confirm and better define the Zinc discovery (at an estimated cost of approximately $300,000).The second phase work is expected to be comprised of up to 750 metres of drilling, likely in 10 drill holes, averaging 75 metres each.

Having arranged the financing for the phase one work, the Company anticipates pursuing the funding for the second phase after completing the first phase work, with a view to minimizing dilution to shareholders."

About Gnome Project:

The Gnome Project (Cobalt/Zinc), owned 100% by AsiaBaseMetals (12 mineral claims encompassing 5,868 hectares), located 230 km north-northwest ("N-NW") of the town of Mackenzie in British Columbia, Canada is 35 km southeast ("SE") from Teck Resources Limited ("Teck") & Korea Zinc's ("KZ") joint ventured ("T-KZ-JV" - 50% each) Cirque Deposit and 15 km SE of the Cardiac Creek deposit – Akie Project (ZincX Resources Inc.). The Cirque deposit, the Cardiac Creek deposit, Pie, Cirque East and Yuen properties (51% interest in the Pie, Cirque East and Yuen properties that were originally optioned by Teck from ZincX Resources Inc. (formerly Canada Zinc Metals Corp.) ("ZincX") now held as part of the T-KZ JV), the Cirque Property and the Gnome property are all in the same geological belt, northeast ("NE") of Williston Lake, in north western British Columbia, Canada, within a north-northwest-south-southeast (N-NW-S-SE) -oriented geological trend in the southernmost part (Kechika Trough) of the regionally extensive Paleozoic Selwyn basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead silver and stratiform barite deposits.

On June 20, 2018, ZincX announced robust results of a Preliminary Economic Assessment ("PEA") of the Cardiac Creek deposit hosted within the Akie Project.The PEA does not include a resource estimate for Cobalt or otherwise indicate that Cobalt is present at the Akie Project.Mineralization hosted on the Cirque and Cardiac Creek (Akie Project) properties is not indicative of the mineralization hosted on the Company’s Gnome Project at its current stage of exploration.

2018 Sampling Program

A total of 123 soil / sediment samples and 34 grab rock samples were collected from four selected exploration areas (Areas C, D, E & F) in the 2018 exploration work program. The total sampled area in the 2018 sampling program covered an approximate area of 192,500 sq meters, where the mineralization is open in all directions along an eight-kilometer-long promising exploration belt in strike length. This sampling also included 10% field duplicates as part of Quality Assurance and Quality Control (QA/QC) program. All samples were recorded as to location (UTM - NAD 83), sample type (grab, composite grab, chip, soil, silt etc.), exposure type (outcrop, subcrop, float, etc.), lithology, colour, texture and grain size. For the Soil Sampling work, conventional soil samples were collected from the B-horizon (being generally below vegetation) wherever possible. Silt samples were collected from active creeks whenever possible. All samples shipped to ACME Analytical Laboratories (Bureau Veritas) in Vancouver were assayed using laboratory (Acme) analytical codes: AQ252-EXT for rock samples, and AQ252 for soil / silt samples. Eight samples for Cobalt and several samples for other elements were found to be over the laboratory’s method detection limit and were re-assayed using laboratory’s method MA270.

For further information on the Gnome Project, see the Company's National Instrument 43-101 technical reports dated August 21, 2009 (Qualified Person: Darwin Green B.Sc., M.Sc., P.Geo.) and December 4, 2012 (Qualified Person: John F. Childs, Ph.D of Childs Geoscience Inc. from Bozeman, MT., USA). A copy of the reports and the above referenced news release can be found on the Company’s website (www.AsiaBaseMetals.com) and on the Company's profile on SEDAR.

Flow-Through and Non-Flow-Through Financing

The Company is also pleased to announce a fully subscribed non-brokered flow-through and non-flow-through private placement (the "Private Placement"). Under the Private Placement, 625,000 flow-through common shares (each, a "Flow-ThroughShare") of the Company at a price of $0.16 per Flow-Through Share have been subscribed for, for gross proceeds of $100,000.

In addition, 356,250 non-flow-through common shares (each, a "Non-Flow-Through Share") of the Company at a price of $0.16 per Non-Flow-Through Share have been subscribed for, for gross proceeds of $57,000.

The proceeds from the sale of the Flow-Through Shares and Non-Flow-Through Shares (collectively, the "Shares") will be used for the exploration work on the Gnome Project and for general corporate and working capital purposes. The Private Placement is subject to acceptance by the TSX Venture Exchange and the Shares issued pursuant to the Private Placement will be subject to a four month hold period from the date of issue.

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.

Qualified Person

Afzaal Pirzada, P.Geo., a consultant to the Company, is a Qualified Person for the purposes of NI 43-101 and has reviewed, verified and approved the information of a scientific or technical nature contained in this news release.

About AsiaBaseMetals Inc.:

AsiaBaseMetals Inc., a mining company led by an experienced and successful business and mining team, is prudently advancing its 100% owned Gnome Project and its 100% owned Jean Iron Ore Project in world-class mining districts in Canada, one of the safest and mining friendly jurisdictions in the world.In addition, the Company is seeking to further diversify its portfolio, with special attention directed to advanced acquisition targets in the Americas, Asia and Africa for base metals [Copper (Cu)], alkali metals [Cobalt (Co) / Lithium (Li)] and precious metals [Gold (Au) / Silver (Ag)].

The Company intends to retain commodity focus as projects are identified and acquired by plan of arrangement spin-out transaction(s) in the same manner as when AsiaBaseMetals Inc. was originally formed.

Highlights of the Soil & Rock Samples Analytical Results
(from 123 soil/sediment &34 grab rock samples – 2018 exploration work program)
as previously stated in the Company's news release dated October 29, 2018

Highlights of Soil & Rock Samples Analytical Results (2018) –Table 1 & Table 2

Table 1: Highlights of Soil Samples Analytical Results – Gnome Project (AsiaBaseMetals Inc.)

Sample ID

Location NAD 83 Zone 10

Area

Method

AQ252 / MA270

Analyte

Mo

Cu

Zn

Ag

Ni

Co

Mn

Fe

Ba

Unit

PPM

PPM

PPM

PPB

PPM

PPM

PPM

%

PPM

MDL

0.01

0.01

0.1

2

0.1

0.1

1

0.01

0.5

Easting

Northing

Type

GN18-001 S

407110

6337869

F

Soil

3.15

2.95

26260

28

8256

5812

106223

33.5

475.6

GN18-002 S

407123

6337844

F

Soil

42.83

7.31

9609

95

632.4

147

817

48.31

167.6

GN18-050 S

410366

6339314

E

Soil

39.34

45.74

56010

113

4294

803

29048

32.6

320

GN18-051 S

410366

6339314

E

Soil

32.96

44.37

59908

80

4371

826

30223

32.78

317.2

GN18-055 S

410389

6339298

E

Soil

147.4

55.02

23584

326

3359

550

16665

27.53

439.2

GN18-056 S

410359

6339299

E

Soil

53.99

40.21

32321

396

2979

491

16051

22.45

395.5

GN18-106 S

407445

6341612

D

Soil

5.78

4.02

8509

98

2410

1980

28414

43.16

399.5

GN18-108 S

407442

6341588

D

Soil

11.52

6.96

10789

96

3917

2033

43291

39.18

812.6

GN18-109 S

407459

6341590

D

Soil

6.47

3.04

9314

79

2952

2148

32624

43.03

638.4

GN18-110 S

407481

6341597

D

Soil

8.66

14.02

5136

220

1773

1959

35659

38.51

748.5

GN18-111 S

407491

6341602

D

Soil

8.36

43.57

5666

601

1877

1451

29382

35.82

938.8

GN18-112 S

407491

6341602

D

Soil

8.34

46.41

5649

639

1862

1534

30213

35.23

948.6

GN18-113 S

407502

6341575

D

Soil

3.79

10.63

5212

164

2141

2113

44377

39.11

800.4

GN18-115 S

407455

6341569

D

Soil

11.31

3.11

10994

67

3692

2185

40220

41.94

725.5

GN18-117 S

407501

6341536

D

Soil

5.79

13.83

12339

136

4204

3234

60582

38.67

1315.5

GN18-118 S

406042

6345118

C

Soil

41.7

8.62

28374

171

2515

1926

38126

40.34

444.1

GN18-119 S

405973

6345173

C

Soil

33.47

91.48

4112

3109

552.3

1265

18519

37.55

488.1

GN18-120 S

406098

6345036

C

Soil

109.2

18.62

17752

1914

2237

1817

36315

30.71

677.8

GN18-121 S

406097

6345060

C

Soil

89.29

21.51

10596

2326

1670

1276

28757

18.27

4094.6

GN18-123 Set

406062

6345097

C

Soil

74.22

19.79

15954

1482

1801

1372

25423

36.17

2314.5

Table 2: Highlights of Rock Samples Analytical Results– Gnome Project (AsiaBaseMetals Inc.)

Sample ID

Sample LocationNAD 83 Zone 10 V

Area

Method

AQ252

Analyte

Mo

Cu

Zn

Ag

Ni

Co

Mn

Fe

Ba

Unit

PPM

PPM

PPM

PPB

PPM

PPM

PPM

%

PPM

MDL

0.01

0.01

0.1

2

0.1

0.1

1

0.01

0.5

Easting

Northing

Type

GN18-002 R

407116

6337849

F

Rock

174.18

21.2

4378.7

98

210.2

22.8

231

>40.00

136.2

GN18-003 R

407123

6337844

F

Rock

32.03

23.73

4659.3

136

293.3

30.3

128

38.68

153.8

GN18-015 R

407358

6341749

D

Rock

6.31

420.73

1917.1

25

82.5

6.7

73

>40.00

1

GN18-025 R

407439

6341617

D

Rock

6.27

2.21

6824.6

22

169.4

30.7

210

>40.00

11.1

GN18-026 R

407481

6341597

D

Rock

22.49

3.78

5821.5

56

819.9

808.3

>10000

>40.00

322

GN18-029 R

407437

6341625

D

Rock

9.69

1.73

9839.5

16

654.2

412.6

5396

>40.00

63.8

GN18-030 R

407437

6341625

C

Rock

15.33

2.08

6606.7

21

206.8

43.7

342

>40.00

22.5

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.

Contact Information

AsiaBaseMetals Inc.
Raj Chowdhry, Chief Executive Officer
Email: info@asiabasemetals.com

The PEA is considered preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to mineral resources, it cannot be assumed that all or any part of a mineral resource will be upgraded to mineral reserves. Therefore, there is no certainty that the results concluded in the PEA will be realized. Mineralization hosted on the Cirque and Cardiac Creek Properties is not indicative of the mineralization hosted on the Company’s Gnome Project at its current stage of exploration.

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Gnome Project (Cobalt & Zinc), possible acquisitions and spin-out transactions and the Company’s exploration and other plans, and the proposed Private Placement and use of proceeds therefrom, may 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 will obtain the necessary regulatory approvals for planned exploration, the proposed Private Placement, possible acquisitions and spin-out transactions, and that the proposed financing will be completed. 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, inability to complete the Private Placement, inability to use the proceeds from the Private Placement as anticipated and changes in the Company’s plans. 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.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction, including the United States. The securities referenced in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, a "U.S. person," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration requirements is available.

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