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Widespread's Asian Minerals raises cash at Cdn$2.10 a share

Widespread's Asian Minerals raises cash at Cdn$2.10 a share

Asian Mineral Resources ("ASN") is Widespread's largest investment, representing 75% of total assets. 

 ASN announced last night in Canada that the Malaysia Smelting Corporation ("MSC"), having received required MSC shareholder approval, intends to exercise its warrants to purchase 6,799,999 common shares of ASN at Cdn $2.10 a share. Following such exercise, MSC will hold 19% of ASN's outstanding shares, being a total investment of Cdn$34.3 million.

ASN shares closed on Friday 25 April at Cdn$1.42 and the proposed warrant exercise by MSC is at a 48% premium to this market price.

Widespread is the third largest shareholder in ASN and Widespread directors are gratified that MSC, a recognised and astute international mining sector investor, shares the confidence that we have in the future of this nickel mining company. 

Widespread shareholders should be aware that if our ASN holding was valued at Cdn$2.10 (total value NZ$20.7m) the unaudited, undiluted NTA per WID share would be 2.25 cents. The fully diluted NTA per share would range between 2.15 and 2.64 cents depending on when the warrants were exercised.  

The complete ASN announcement follows.

For and on behalf of the Board,

Chris D Castle

Onekaka, 29 April 2008

For and on behalf of the Board,

Chris D Castle

Onekaka, 29 April 2008

April 28, 2008Asian Mineral Resources Limited-Malaysia Smelting Corporation Exercises WarrantsTORONTO, ONTARIO--(Marketwire - April 28, 2008) - Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:ASN) announced today that Malaysia Smelting Corporation ("MSC"), having received required shareholder approval, intends to exercise its warrants to purchase 6,799,999 common shares of AMR at Cdn $2.10 a share issued in December 2007 when MSC made its initial $20 million investment in AMR common shares. Following such exercise, MSC will hold 19% of AMR's outstanding shares, being a total investment of $34.3 million. As previously disclosed, MSC will be entitled, for a period of two years, to increase its ownership level to not more than 19.9% and to participate in future equity offerings in order to maintain such ownership position.

"We are delighted that MSC's shareholders have demonstrated their support for AMR and our Ban Phuc Project by approving this further investment," commented Jim Askew, Chairman of the Board. "The proceeds will be used for Ban Phuc Project development and other budgeted expenditures."

Company Profile:

Asian Mineral Resources Limited is developing the Ban Phuc Nickel/Copper Project in north-western Vietnam in which it has a 90% interest. The Project is scheduled for commercial concentrate production in the first half of 2009.

For further details on the Company and the Project, please refer to the website athttp://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 potential mineralization and reserves, exploration results and future plans and objectives of Asian Mineral Resources Limited 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 Asian Mineral Resources Limited's expectations are disclosed under the heading "Risk Factors" and elsewhere in Asian Mineral Resources Limited documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. 

CONTACT INFORMATION:

Asian Mineral Resources Limited
Jim Askew
Chairman
(416) 360-3412
Fax: (416) 367-1954
Email: info@asianminres.com

or

Asian Mineral Resources Limited
Robert Thomson
President & CEO
+84 4 943 3462
Fax: +84 4 943 3460
Website: http://www.asianminres.com/