Aorere’s Asian Minerals launches strategic review

New Zealand Exchange Limited P.O. Box 2959 Wellington 20 October 2017 Dear Sir, Aorere's Asian Minerals launches strategic review Asian Mineral Resources ("ASN") is Aorere's second largest investment. This shareholding represents 28.5% of Aorere's total assets at ASN's closing market price of 3.0 cents in Canada following the release of the following announcement. For and on behalf of the Board, Chris D Castle Managing Director Aorere Resources Limited Asian Mineral Resources Limited TSX VENTURE : ASN AMR LAUNCHES STRATEGIC REVIEW FOR BAN PHUC NICKEL MINE IN VIETNAM Toronto, Ontario - October 17, 2017: Asian Mineral Resources Limited ("AMR" or the "Company") (TSX-V: ASN) today announces that its Board of Directors (the "Board") has initiated a strategic review process to explore its options with regard to the Ban Phuc Nickel Mine in Vietnam with the goal of enhancing shareholder value. Through its 90%-owned Ban Phuc Nickel Mines ("BPNM") subsidiary in Vietnam, AMR holds an attractive tenement package of 150km2, including 49.7km2 of exploration licenses, which contains the Ban Phuc nickel, copper, and cobalt sulphide deposit, mine, and processing centre. The Ban Phuc deposit generated annual production of up to 10,000 tonnes of nickel in concentrate and was mined from 2013 until late 2016, when operations were placed into a care and maintenance status due to low nickel prices. Since then, AMR has been focused on near and mid-term growth opportunities to increase shareholder value. A number of initiatives are ongoing and under consideration, but highlights include: o Review of exploration potential on large tonnage, lower grade bulk disseminated sulphide resource (see the Company's technical report entitled " NI 43-101 Technical Report - Ta Khoa Concession'' dated March 3, 2017 which is available on SEDAR and the AMR website). o Review of exploration potential for massive sulphide vein expansion with twenty-five mapped nickel sulphide prospects, including several less than 3km from existing processing centre. o Supporting infrastructure at BPNM is still in place and well maintained including an internationally-designed 450 ktpa processing plant (high historical recoveries of up to 87% Ni, 95% Cu, 90% Co), a fully-permitted tailings facility (with expansion options), workshops, fabrication, and maintenance facilities, and a modern 250-person camp, all supported by circa 98% local workforce, ready to restart operations. o Detailed engineering study complete for an in-country nickel smelter, which would benefit from greatly reduced export tariffs on nickel matte. o Execution of Net Smelter Royalty Agreement with Cobalt 27 Capital Corp (TSX-V: KBLT), and discussions with interested offtake partners and strategic investors, both local and international. AMR's Board notes that the nickel price has been reinvigorated by the improving outlook for electric vehicle ("EV") penetration due to its use in several types of lithium-ion batteries, in addition to the ongoing reduction in regional southeast Asian output caused by environmental regulations, making high-grade sulphide material a premium product amongst other lower-grade sources of nickel, and its cobalt byproduct is likely to be of significant strategic interest in the EV revolution. AMR's Board is actively considering a number of strategic opportunities, which would further leverage the Company to the EV and battery metal theme. This strategic review process is expected to be concluded by the end of 2017. It may result in a variety of outcomes or no outcome at all, and there can be no assurance that the Company will pursue or execute any specific action or transaction during this period. Except as required by applicable securities laws, the Company does not currently intend to disclose further developments with respect to this process unless and until the Board reviews and approves the outcome of this review together with recommendations. Parties interested in engaging with the Company regarding any potential transaction involving the Company should contact Duncan T. Blount, Chief Executive Officer at D.Blount@asianmineralres.com or by phone at +1 (305) 890-6516. ABOUT AMR AMR owns and operates a nickel mine with historical nickel sulphide production, and is exploring for additional high-grade nickel assets in Vietnam. AMR commenced commercial production from its 90%- owned Ban Phuc Nickel Mine in Vietnam in mid-2013. As of 30 June 2016, the Ban Phuc Nickel Mine has produced a total of c. 20,000 tonnes of nickel and c. 10,000 tonnes of copper contained in concentrate, plus a cobalt by-product since the beginning of its mine life. Mining and processing operations at Ban Phuc were suspended in September 2016 and operations were transitioned to a care and maintenance scenario. In addition to in and near-mine expansion projects, Ban Phuc provides a platform from which AMR can continue to focus on developing a new nickel camp within its 150km2 of concessions located throughout the highly-prolific Song Da rift zone, where AMR has a number of advanced-stage nickel exploration targets. For further details on AMR, please refer to the technical report entitled "NI 43-101 Technical Report - Ban Phuc Nickel Project" dated February 15, 2013 and the technical report entitled "NI 43-101 Technical Report - Ta Khoa Concession'' dated March 3, 2017, both available on SEDAR or the AMR website www.asianmineralres.com For further information: Paula Kember Chief Financial Officer Telephone: +1 (416) 360-3412 End CA:00309033 For:AOR Type:GENERAL Time:2017-10-20 11:42:54