31 January 2012 NAV Statement (8236W)

TIDMBSRT

RNS Number : 8236W

Baker Steel Resources Trust Ltd

06 February 2012

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

6 February 2012

31 January 2012 NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value and diluted net asset value per share as at 31 January 2012:

   Net asset value per Ordinary share:       129.6 pence 
   Diluted net asset value per Ordinary share:   124.7 pence

During the month, the undiluted NAV per share fell by 0.54% largely due to the strength of Sterling against US Dollars, in which the majority of the portfolio's investments are denominated. A strong market performance in China Polymetallic Mining Limited, in which the Company has a 10.2% portfolio investment, has offset some of these losses.

The Company has a total of 66,033,061 Ordinary Shares and 13,194,622 Subscription Shares in issue.

The Company is fully invested with top 10 investments as follows as a percentage of NAV:

 
 Ivanplats Limited              25.4% 
 Gobi Coal & Energy Limited     20.4% 
 Ferrous Resources Limited      12.7% 
 China Polymetallic Mining 
  Limited                       10.2% 
 Ironstone Resources Limited     6.1% 
 Black Pearl                     5.2% 
 Bilboes Holdings                4.4% 
 Polar Silver                    4.1% 
 Metals Exploration plc          3.5% 
 South American Ferro Metals 
  Limited                        2.9% 
 Other Investments               6.2% 
 Net Cash, Equivalents and 
  Accruals                      -1.1%

Update on Investments

Ironstone Resources Limited ("Ironstone")

Towards the end of 2011, Ironstone received a revised NI 43-101 resource report from independent mining consultants, SRK Consulting (Canada) Inc., covering its Rambling Creek and North Whitemud River deposits in Alberta, Canada. This followed 12,000 metres of drilling earlier in the year. The revised total compliant resource rose to 556.5Mt indicated Fe at 33.3% and 86.9Mt inferred Fe at 34.1%, an increase of more than 200% over the previous NI 43-101 resource report completed in October 2010. In addition, the indicated resource graded 0.2% vanadium, containing 1.1 million tonnes of vanadium. These results were ahead of our expectations.

The next key milestone for Ironstone is the demonstration of the metallurgical process to refine the ore into direct reduced iron and a demonstration of the recoverability of the vanadium. During 2011, Ironstone extracted a 10,000 tonne bulk sample and this has been the subject of extensive pilot plant work in conjunction with a leading process engineer. The metallurgical work is due to be completed mid-2012, following which options for the development of Ironstone will be considered, including an IPO.

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com

Enquiries:

   Baker Steel Resources Trust Limited                +44 20 7389 8237

Francis Johnstone Trevor Steel

   RBC Capital Markets                                       +44 20 7653 4000

Martin Eales

   Winterflood Investment Trusts                           +44 20 3100 0250

James Moseley

Pelham Bell Pottinger

   Lorna Spears                                                    +44 20 7861 3883 
   Joanna Boon                                                     +44 20 7861 3867

This information is provided by RNS

The company news service from the London Stock Exchange

END

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