AMR Outlines Export Tariff Increase Impact on Ban Phuc Nickel Project

TORONTO, ONTARIO, Jul 22 (MARKET WIRE) --
Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:
ASN) announced today the steps it plans to take to deal with the impact
on its Ban Phuc nickel project of the recently announced increase to 20%
in the Vietnamese export tariff on nickel concentrates.

AMR has initiated discussions with the appropriate Vietnamese
governmental authorities and has begun enlisting the support of other
interested parties in seeking to have the tariff increase rescinded. AMR
believes that the tariff increase fails to take into account the
realities of the nickel industry, including the cost of downstream
concentrate processing. As this increase is unilateral across the metal
groups, it will be counterproductive to the minerals industry throughout
Vietnam.

Funding required for completion of construction at Ban Phuc is US$38.5
million, taking into account cash on hand, including the proceeds of the
recent Jinchuan financing (see press release dated July 11, 2008). This
amount reflects a revised project capital cost estimate of US$81.5
million to take account of increased construction and mining costs,
exchange rates and other factors. AMR is continuing financing
negotiations in parallel with alternative financing mechanisms for a
total of US$45 million, which includes budgeted exploration and other
costs.

"We were very surprised and disappointed by the sudden large and
unexpected increase in the Vietnamese export tariff on nickel
concentrates coming as it did at a critical stage of project
development", commented Jim Askew, AMR's Chairman. "While we fully intend
to engage in discussions with the Vietnamese government authorities with
the objective of rolling back the tariff increase, we must deal
immediately with completing financing of the Ban Phuc project that has
been in a "full steam ahead" mode since receiving our mining license last
December. The project continues to be on schedule for concentrate
production in the second quarter of 2009 and, financing issues aside,
management expects this production date to be met."

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 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 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.

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

Asian Mineral Resources Limited
Paula Kember
CFO
(416) 360-3412
(416) 367-1954 (FAX)
Email: info@asianminres.com
Website: www.asianminres.com

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