Baker Steel Resources Trust Ltd Net Asset Value(s) (5095G)

TIDMBSRT

RNS Number : 5095G

Baker Steel Resources Trust Ltd

07 June 2013

BAKER STEEL RESOURCES TRUST LIMITED

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

7 June 2013

31 May 2013 Unaudited NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share as at 31 May 2013:

Net asset value per Ordinary Share: 92.5 pence

During the month, the NAV per share decreased by 2.0% primarily as a result in the fall of Ivanplats on the Toronto Stock Exchange.

At 31 May 2013, the Company had a total of 66,142,533 Ordinary Shares in issue.

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

 
 Ivanplats Limited                            24.0% 
 Gobi Coal & Energy Limited                   18.3% 
 Bilboes Gold Limited                          9.8% 
 Ironstone Resources Limited                   9.5% 
 Black Pearl Limited Partnership               9.1% 
 China Polymetallic Mining Limited             7.9% 
 Ferrous Resources Limited                     7.7% 
 Polar Silver Resources Ltd                    6.4% 
 Metals Exploration plc                        5.6% 
 South American Ferro Metals Limited           1.2% 
 Other Investments                             2.3% 
 Net Cash, Equivalents and Accruals           -1.8%

Investment Update

Ferrous Resources Limited ("Ferrous")

During the past few months the Investment Manager has taken the opportunity to visit a number of the mining projects held by the Company's investments, including a recent trip to Ferrous. It was observed that Ferrous is making good progress on the ground under its new management, is generating positive EBITDA and is well on course to achieving its short term goal of 5 million tonnes of iron ore in 2013. Ferrous is currently finalising a feasibility study into the expansion of its Viga Mine from the current 4 million tonnes per annum to 15 million tonnes per annum. Given that Viga is the only development project which currently is fully licenced for installation in Brazil, Ferrous is well placed to take advantage of the licensing delays to other projects and the excess rail and port infrastructure available as a result. The next hurdle for the project will be financing but, with the support of local banks, Ferrous' management appears confident that this can be achieved.

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

The Net Asset Value ("NAV") figure stated is based on unaudited estimated valuations of the underlying investments and not necessarily based on observable inputs. Such estimates are not subject to any independent verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. In addition, some estimated valuations are based on the latest available information which may relate to some time before the date set out above.

Accordingly, no reliance should be placed on such estimated valuations and they should only be taken as an indicative guide. Other risk factors which may be relevant to the NAV figure is set out in the Company's Prospectus dated 31 March 2010.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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