Tuesday 2 October 2012



Net asset value at 30 September 2012

At   30 September  2012 the  nine  core  investee  companies  in  our  portfolio
represented 75% by value of the total.  We have no debt and we continue to value
our investee companies on a conservative basis.

However,  2012 has been  a tough  year in  which the  share prices of our chosen
investee companies have steadily fallen.

We  will set  out our  thoughts in  the annual  report which  is to be mailed to
shareholders  in early November.   In the meantime,  there can be  no doubt that
small-cap  mineral exploration ventures, in which we are predominantly invested,
have  been particularly badly  hit by current  worldwide uncertainties; many are
finding it hard to raise new cash to continue with their early stage exploration
and other activities so huge patience is required.



                                             30          30 30  September 2011
                                      September        June
                                           2012        2012

Company asset value net of tax           £3.66m      £3.87m             £6.62m

Net asset value - fully diluted per  9.86 pence 10.43 pence        17.57 pence
share

Share price - mid                     6.5 pence  6.38 pence        13.00 pence

Share price discount to net asset           34%         39%                26%
value

Market capitalisation                    £2.41m      £2.37m             £4.77m




All  valuations are based on  the closing market bid  prices or lower directors'
valuation  as described in the 2011 annual report  and are net of a 10% discount
totalling £354,000 applied to substantial holdings.

The  Board expects to announce  the full audited results  for the year ended 30
September 2012 and to provide an investment commentary by 26 October 2012.

 R Bruce Rowan

 Chairman & Chief Executive

 2 October 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 Hignell, Grant Thornton Corporate Finance
020 7383 5100

END




This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Starvest plc via Thomson Reuters ONE
[HUG#1645725]