Tuesday 3 July 2012



Net asset value update at 29 June 2012

The steady decline in valuations since early 2011 has again continued during the
quarter,  although this time it  has been a more  dramatic 22% fall against just
8% during the March quarter.

Undoubtedly,  the reasons behind this  have little to do  with the operations of
the  companies  we  continue  to  support,  but  are much more reflective of the
general  economic uncertainty prevailing  in Europe and  the reported slowing of
increase  in  activity  in  China,  although notwithstanding the Chinese economy
continues to grow apace.

The  challenge for the  junior companies we  support is to  raise sufficient new
capital  to continue  their exploration  and development  plans and  to do so at
prices that do not excessively dilute the existing shareholders.  This challenge
has  become tougher  with the  steady eroding  of share  prices during  the past
eighteen months since the high point in late 2010, a period in which the Company
price discount to net asset value has also widened, perhaps excessively.

Against  this background, the Company  announces the net asset  values as at 29
June 2012 as follows:

                           29 June    31 March 31 December 2011    30  September
                              2012        2012                              2011

Trading portfolio           £3.41m      £4.31m           £4.75m           £5.47m
value

Company asset value         £3.87m      £4.98m           £5.42m           £6.62m
net of debt

Net asset value per    10.43 pence 13.33 pence       14.6 pence      17.57 pence
share - fully diluted

Share price - mid       6.38 pence 10.00 pence      12.00 pence      13.00 pence

Share price discount           39%         25%              17%              26%
to fully diluted net
asset value

Market capitalisation       £2.37m      £3.71m           £4.41m           £4.77m

                                                                All  valuations
are based on  the closing market bid  prices or lower directors'
valuation as described in the 2011 annual report.

The Company expects to announce its 30 September 2012 valuation in early October
and its full year results to 30 September 2012 towards the end of October 2012.

 R Bruce Rowan

 Chairman & Chief Executive

 3 July 2012



Enquiries to:

Bruce   Rowan,   Chairman   020 7486 3997 or   John  Watkins,  Finance  Director
07768 512404; john@starvest.co.uk

Gerry Beaney, Colin Aaronson or David Higell - Grant Thornton Corporate Finance
020 7383 5100

END




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Source: Starvest plc via Thomson Reuters ONE
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