29 February 2012 NAV Statement (7244Y)

TIDMBSRT

RNS Number : 7244Y

Baker Steel Resources Trust Ltd

06 March 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 March 2012

29 February 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 29 February 2012:

Net asset value per Ordinary Share: 130.2 pence

Diluted net asset value per Ordinary Share: 125.2 pence

During the month, the undiluted NAV per share rose by 0.5% largely due to a recovery in the market share prices of the listed portion of the portfolio.

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              25.0% 
 Gobi Coal & Energy Limited     20.1% 
 Ferrous Resources Limited      12.5% 
 China Polymetallic Mining 
  Limited                        9.6% 
 Ironstone Resources Limited     6.1% 
 Black Pearl                     5.1% 
 Bilboes Holdings                4.4% 
 Polar Silver                    4.2% 
 Metals Exploration plc          4.1% 
 South American Ferro Metals 
  Limited                        3.9% 
 Other Investments               6.3% 
 Net Cash, Equivalents and 
  Accruals                      -1.3%

Update on Investments

The fund continues to assess new investment opportunities, but whilst the fund is fully invested, the analysis of new investments is not the main focus. The Investment Manager has recently taken this opportunity to revisit the operational sites of the following of its core holdings:

Ivanplats Limited ("Ivanplats")

Ivanplats' Chairman, Robert Friedland, used the Indaba Conference in Cape Town to announce publicly, for the first time, details of Ivanplats' Kamoa copper project in Democratic Republic of Congo ("DRC") and its Platreef platinum group metal/nickel project in South Africa. He also revealed the addition of a third "tier one" project for Ivanplats with the acquisition of the Kipushi zinc mine in DRC where grades of up to 40% zinc have been found historically. The recent field trip to the Platreef project highlighted the extraordinary progress that had been made during 2011 with 173,000 metres drilled in the second half of the year alone taking total drilling on the project to around 500,000 metres. Revised resource estimates are in the process of being prepared.

China Polymetallic Mining Limited ("CPM")

CPM is currently ramping up production at its Shizishan mine in Yunnan province, China. The ramp-up appeared at the time of the site visit to be on or ahead of schedule with 25,200 tonnes of ore mined in December 2011. This represents an annualised rate of 297,000 per annum, relative to a full targeted rate of 660,000 tonnes of ore per annum by 2013.

Bilboes Holdings (Private) Limited ("Bilboes")

Bilboes is currently undertaking its Phase 1 resource drilling on its Sulphide Project underlying its previously producing oxide mines on the Bubi greenstone belt in Matabeleland, Zimbabwe. Assays from the initial drill holes have been very promising and supportive of Bilboes' target resource of in excess of 3 million ounces of gold. The Phase 1 drilling campaign is due to complete in April 2012 with a revised JORC mineral resource expected to be estimated mid 2012.

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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