TIDMBSRT 
 
RNS Number : 6326Q 
Baker Steel Resources Trust Ltd 
06 August 2010 
 

 
 
 
BAKER STEEL RESOURCES TRUST LIMITED 
(Incorporated in Guernsey with registered number 51576 under the provisions of 
The Companies (Guernsey) Law, 2008 as amended) 
 
 
30 July 2010 NAV Statement 
Net Asset Values 
Baker Steel Resources Trust Limited ("the Company") announces its net asset 
value per share as at 30 July 2010: 
Net asset value per Ordinary share:                   92.9 pence 
During the month the NAV fell by 2.7% primarily as a result of a strengthening 
in the value of the pound against the US dollar and Canadian dollar in which the 
majority of the portfolio's assets are denominated. 
The Company has a total of 66,023,089 Ordinary Shares and 13,204,594 
Subscription Shares in issue. 
Portfolio update 
During the month the Company invested C$3.1 million in Forbes 
& Manhattan (Coal) Inc. ("Forbes Coal"). Forbes Coal is a private coal producer 
whose mines are located in the Klipriver coalfield, near Dundee, in the KwaZulu 
Natal Province of South Africa. It currently has two mines: the Magdelena 
bituminous mine and the Aviemore anthracite mine with reported resources 
respectively of 54 and 52 million tonnes of coal. Forbes Coal is planning to 
achieve a stock exchange listing within the next three months through the 
reverse takeover of TSX Venture Exchange listed Nyah Resources Corp. 
In addition the company agreed to invest a further C$500,000 in BacTech Mining 
Corporation ("BacTech") as part of a placing by BacTech which has also included 
a C$1 million commitment by Yamana Gold Inc. ("Yamana"). Yamana has conducted 
studies on BacTech's proprietary bioleach processing technology. It is one of a 
number of processing technologies being considered for Yamana's majority-owned 
Jeronimo gold project in Chile. 
As a result of the above, the Company is 64.7% invested with the top 5 
shareholdings as follows as a percentage of NAV: 
+-------------------------------------+------------+ 
| Ferrous Resources Limited           |      19.1% | 
+-------------------------------------+------------+ 
| Ivanhoe Nickel and Platinum Limited |      17.8% | 
|                                     |            | 
+-------------------------------------+------------+ 
| Gobi Coal & Energy Limited          |      10.7% | 
+-------------------------------------+------------+ 
| Copperbelt Minerals Limited         |       5.6% | 
+-------------------------------------+------------+ 
| First Coal Corporation              |       3.5% | 
+-------------------------------------+------------+ 
| Other Investments                   |       8.0% | 
+-------------------------------------+------------+ 
| Net Cash and cash equivalents       |      35.3% | 
+-------------------------------------+------------+ 
Update on Investments 
MBAC Fertilizer Corp. ("MBAC") 
 
One of the Company's smaller investments, TSX listed MBAC (0.7% NAV), announced 
an increased National Instrument 43-101 ("NI 43-101") compliant Mineral 
Resources Estimate on its Itafós Phosphate Project in Brazil.  It indicates 
measured and indicated resources total 58.8 million tonnes at an average 5.01% 
P2O5 and an additional inferred resource of 24 million tonnes at an average 5.3% 
P2O5. This new resource estimate represents an increase of approximately 113% in 
measured and indicated resources since the previous estimate in April 2010 and a 
grade increase of over ten per cent. MBAC is believed to be on track to release 
the Definitive Feasibility Study for the Itafós Project within the next month 
which will incorporate this resource estimate and upgraded mine plan. 
 
A quarterly report to 30 June 2010 with further information on the Company's 
investments is available on the Company's website 
www.bakersteelresourcestrust.com 
Enquiries: 
 
Baker Steel Resources Trust Limited +44 20 7389 8290 
Francis Johnstone 
 Trevor Steel 
 
Winterflood Investment Trusts +44 20 3100 0291/0250 
Robert Peel 
James Moseley 
 
RBC Capital Markets +44 20 7653 4000 
Martin Eales 
 
Pelham Bell Pottinger 
Damian Beeley +44 20 7861 3139 
Charles Vivian +44 20 7861 3126 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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