ASN Asian Mineral Resources Ltd

Asian Mineral Resources Limited ("AMR") (TSX VENTURE:ASN) is pleased to announce
that it has today entered into subscription agreements (the "Subscription
Agreements") with Pala Investments Limited ("Pala") and Lion Selection Group
Limited ("Lion") to raise an aggregate amount of CDN$10,000,000. The proceeds
from both transactions will be used by AMR to fund capital expenditure for the
construction of the Ban Phuc Nickel Project and for working capital purposes.


Under the terms of the Subscription Agreements, Pala and Lion will, subject to
the satisfaction of certain conditions, purchase 150,000,000 common shares and
16,666,666 common shares, respectively, at CDN$0.06 per common share of AMR.
Neither private placement is conditional upon the completion of the other. 


The terms of the transaction with Pala were considered and recommended by a
Special Committee of AMR's Board of Directors consisting of Mr. Chris Castle
and, in accordance with Multilateral Instrument 61-101 of the Canadian
Securities Administrators, majority of the minority approval by AMR's
shareholders will be sought at a special meeting of AMR shareholders to be held
on November 28, 2012. The transaction with Lion is expected to close within the
next few weeks. Both transactions with Pala and Lion are subject to TSX Venture
Exchange approval and have an outside date of December 31, 2012.


Mr. Castle, Director and Chair of the Special Committee of AMR, stated, "AMR is
pleased to receive ongoing support from Pala and Lion as it continues to advance
construction of the Ban Phuc Nickel Project. The additional capital from Pala
and Lion will provide the necessary financial resources to enable AMR to move
forward with bringing the project into commercial production." 


Pala has entered into a voting and support agreement with Asian Lion Limited,
which owns 23,283,622 common shares of AMR (representing 6.5% of AMR's
outstanding common shares), pursuant to which, amongst other things, it has
agreed to vote its AMR shares in favour of Pala's private placement, including
any shares it acquires after the date hereof.


Following completion of Pala's private placement and assuming Lion's private
placement is completed, Pala will own 307,814,933 common shares of AMR
(representing 58.6% of AMR's outstanding common shares on an undiluted basis)
plus 54,166,667 common share purchase warrants of AMR (which if exercised, would
bring its ownership interest in AMR to 62.5% on a partially diluted basis). Pala
has also made an offer to purchase all of the issued and outstanding shares of
Melior Resources Inc. ("Melior"), a shareholder of AMR which currently owns
47,272,727 common shares of AMR. If Pala were to acquire ownership of more than
50% of Melior shares, and assuming the successful completion of the private
placement to Lion and Pala, then Pala will be deemed to also control the
47,272,727 common shares of AMR held by Melior. In such instance, Pala will own
or control an aggregate of 355,087,660 common shares of AMR (representing 67.6%
of AMR's outstanding common shares on an undiluted basis) plus 54,166,667 common
share purchase warrants of AMR (which if exercised, would bring its ownership
interest in AMR to 70.6% on a partially diluted basis). 


Following completion of Lion's private placement and assuming Pala's private
placement is completed, Lion will, together with its affiliate Asian Lion
Limited, own 39,950,288 common shares of AMR (representing 7.6% of AMR's
outstanding common shares on an undiluted basis). 


The Subscription Agreements will be posted on SEDAR at www.sedar.com.

About Pala: 

Pala is a multi-strategy investment company dedicated to investing in, and
creating value across the mining sector in both developed and emerging markets.
Pala seeks to assist companies in which it has long-term shareholdings by
providing strategic advice and innovative financing solutions.


About Lion:

Lion is a mining investment company with exposure to investments made by the
special purpose African Lion investments funds (African Lion, African Lion 2 and
African Lion 3) and Asian Lion fund, which are managed by Lion Manager Pty Ltd.
Through these funds, Lion invests in junior resource companies providing venture
capital to carefully selected mining and exploration companies with outstanding
management and development projects. 


Company Profile:

Asian Mineral Resources Limited is developing the Ban Phuc Nickel Project,
located 160 km north-west of Hanoi in the Son La Province, which is 90% owned by
its subsidiary Ban Phuc Nickel Mines LLC. The development of the project is in
advanced stages, with underground and surface infrastructure near completion and
commercial production expected to occur by June 2013. For further details on AMR
and the Ban Phuc Nickel Project, please refer to AMR's website at
www.asianminres.com.


Forward-Looking Statements

This press release includes certain "Forward-Looking Statements." All
statements, other than statements of historical fact, included herein, including
without limitation, statements regarding the completion of the transactions
described in this press release, completion of the project, the commencement of
commercial production and the achievement of expected benefits, potential
mineralization and reserves, exploration results and future plans and objectives
of AMR are forward-looking statements that involve various risks and
uncertainties. 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. Important factors that could cause actual
results to differ materially from AMR's expectations are disclosed under the
heading "Risk Factors" in AMR's Annual Information Form and elsewhere in AMR's
documents filed from time-to-time with the TSX Venture Exchange and other
regulatory authorities. Forward-looking statements are qualified entirely by
this cautionary statement and are given only as at the date of this press
release. AMR disclaims any 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.

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