Wednesday 18 December 2013

Net asset value update at 17 December 2013

In preparation for the Company's Annual General Meeting to be held at 3.00 pm today as previously announced, the following is a brief update of the Company's performance and portfolio value as at the close of business on 17 December 2013.

All valuations are based on the closing market bid prices or lower directors' valuation as described in the 2013 annual report.

Investee company values have continued to fall, albeit by much less than in 2012, continuing the steady decline since the end of 2010 and consistent with the natural resources sector in which we are predominantly focussed.  Although there are now some early signs of recovery, not least amongst a few of our investee companies, it remains our belief that the troubled state of the world economy will continue to dominate markets for some time to come. 

On a brighter note, in no particular order, investee companies have made announcements since 30 September 2013 or others have commented as follows:

·     Ariana Resources plc, www.arianaresources.com(AIM:AAU) has announced repeated director buying of stock and a new exploration strategy at Kizeltepe, Turkey.

·     Beowulf Mining plc, www.beowulfmining.com  (AIM:BEM) has announced that drilling has been recommenced at its copper-gold prospect in northern Sweden.

·     Greatland Gold plc, www.greatlandgold.com  (AIM:GGP) has announced further drilling at its gold prospect at Derby North.

·     International Mining & Infrastructure Corporation plc, www.imicplc.com(AIM:IMIC) has announced having received shareholder approval of its takeover of Afferro Mining Inc. 

·     KEFI Minerals plc, www.kefi-minerals.com  (AIM: KEFI) has announced having raised £4.5m to facilitate the purchase of a 75% interest in Ethiopian gold explorer, Nyota Minerals (Ethiopia) Limited.

·     Nordic Energy plc, www.nordicenergyplc.com (ISDX:NORP)  First Columbus has issued a broker note indicating a target price of 20p per share based on only a small part of the exploration ground available to Nordic.

·     Oracle Coalfields plc, www.oraclecoalfields.com (AIM:ORCP) has announced arrangements for funding the proposed coal mine and associated power plant in Pakistan.

·     Regency Mines plc, www.regency-mines.com (AIM: RGM)  Beaufort Securities has issued a broker note indicating a target price of 1.5p and featuring the game changing  DNi nickel laterite extraction process in which it has an equity stake.

·     Red Rock Resources plc, www.rrrplc.com (AIM:RRR) has issued an update on gold targets at Migori, SW Kenya and a further investment in Jupiter Mines Limited which has itself announced the successful launch of its manganese mine at Tshipi Borwa, www.tshipi.co.za.

During the quarter, we sold our holding in Centamin so as to strengthen our cash resources.

Disclosures for the Annual General Meeting 18 December 2013

In accordance with the Disclosure and Transparency Rules, the Company advises that for the purpose of the Annual General Meeting today, the Chairman, Ronald Bruce Rowan, will hold discretionary proxies for each resolution in addition to 10,170,000 Ordinary shares in a personal capacity.  Therefore, the Chairman's total interest to be disclosed is as follows:

At the conclusion of the meeting, the Chairman's personal interest will revert to 27.40%

Enquiries to:

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

Colin Aaronson or Edward Thomas - Grant Thornton UK LLP:  020 7383 5100

END