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AsiaBaseMetals Enters Into Definitive Agreement to Acquire Majority Interest ...

20.05.12

VANCOUVER, BRITISH COLUMBIA, Jan 19, 2012 (MARKETWIRE via COMTEX) -- AsiaBaseMetals Inc. ("AsiaBaseMetals" or the "Cast") (tsx venture:ABZ) is pleased to announce that the Company has entered into a definitive purchase and sales event agreement (the "Definitive Agreement") with AXN Group LLC ("AXNG") for the acquisition by the Company of a 90% interest in a Laos fixed company that will hold exclusive rights to explore and mine the Vientiane Potash Property, a 16.5 km2 potash survey property located in the Huaxieng - Xaithany area of Vientiane province, Laos. The Definitive Bargain was entered into pursuant to a Letter of Intent announced by the Company on September 1, 2011 and amended on December 12, 2011.

Under the Categorical Agreement, the Company has agreed to issue to AXNG 1,000,000 common shares at the closing of the annals. A further 1,000,000 common shares will be issued and C$500,000 paid by the Company to AXNG if and when the South African private limited company has completed financings for proceeds of at least C$2,000,000.

Source: MarketWatch (press release)