30 June 2011 NAV Statement

RNS Number : 8348J

Baker Steel Resources Trust Ltd

06 July 2011

BAKER STEEL RESOURCES TRUST LIMITED

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

06 July 2011

30 June 2011 NAV Statement

Net Asset Values

Baker Steel Resources Trust Limited (the "Company") announces its net asset value and diluted net asset value per share as at 30 June 2011:

Net asset value per Ordinary share: 117.0 pence

Diluted net asset value per Ordinary share: 114.1 pence

During the month, the undiluted NAV per share rose by 0.5%, with an increase in the value of the US Dollar in which the majority of the investments are denominated against Sterling outweighing a fall in the market price of some of the listed stocks in the portfolio.

The Company has a total of 66,033,061 Ordinary Shares and 13,194,622 Subscription Shares in issue.

Portfolio update

Bilboes Holdings (Pvt) Limited ("Bilboes")

During June 2011, the Company completed a US$6 million investment in Bilboes, a private Zimbabwean gold mining company which owns four previously producing oxide mines in Zimbabwe and is run by Victor Gapare, the former President of the Chamber of Mines of Zimbabwe. Current JORC compliant resources signed off by international consultant, SRK, total 778,000 ounces and SRK also highlighted in its report the opportunity for Bilboes to expand the current resource base significantly, through drilling of the underlying sulphide mineralisation. Bilboes plans to use the proceeds of the investment on drilling and the commencement of a bankable feasibility study. The Company has acquired a 27.4% interest in Bilboes through this investment and will be represented on its Board.

The key recent concern for investment into Zimbabwe has been the Government's requirement for projects to be owned 51% by indigenous Zimbabweans. Bilboes was 100% locally owned prior to the Company's investment, and following the investment it will continue to comply with the 51% ownership threshold. Furthermore, the investment has received the approval of the Reserve Bank of Zimbabwe, the Zimbabwe Investment Authority and the Ministry of Youth Development Indigenisation and Empowerment.

Ivanplats Limited ("Ivanplats")

Following shareholder approval in May 2011 for a reorganisation of Ivanplats in anticipation of an IPO on a major international stock exchange, Ivanplats has stated that the reorganisation will not be put into effect until shortly before it files a preliminary prospectus. Ivanplats has suggested that, subject to market conditions, it will look at initiating the IPO later this year or early in 2012.

On 3 June 2011, ITOCHU Corporation of Japan, acquired an 8% interest in Ivanplats' Platreef Project in South Africa for 22.4 billion Japanese Yen, valuing the Platreef Project at approximately US$3.5 billion. In early June, Ivanplats was granted a three-year renewal of its prospecting permits for the Platreef Project. Using the cash provided by the ITOCHU transaction, Ivanplats plans to complete pre-feasibility and feasibility studies, headed by principal contractor AMEC, which will support an application for a mining licence and underground development. Accordingly, drilling and related activities have been increased and a total of 21 drill rigs are operational and more are scheduled to be added.

Ivanplats has publicly stated that its Kamoa copper deposit now ranks as the most significant copper discovery in the Democratic Republic of Congo since Belgian colonial-era exploration more than 100 years ago. Its drilling campaign has been stepped up with the diamond drill fleet increased from five to seven rigs, and two additional rigs presently in transit. A NI 43-101-compliant resource update was completed by AMEC's Technical Director, Dr. Harry Parker, effective 31 March, 2011, and it is reported by Ivanplats that the resource update substantially increased Indicated Resources and overall resource grade, although the details of this report have not yet been made public.

Ivanplats has decided to apply for conversion of the Kamoa Project to a Mining Licence to secure formal mining title for the project in conjunction with intensive exploration and development activities planned during the next several years. A full range of studies is underway, including scoping/pre-feasibility (AMEC), metallurgy (Xstrata Process Support), geotechnical (SRK Consulting), hydrogeology (Golder) and socio-economic and environmental (African Mining Consultants).

The Company is 99.5% invested with top 10 shareholdings as follows as a percentage of NAV:

Ivanplats Limited	27.6%
Gobi Coal & Energy Limited	16.9%
Ferrous Resources Limited	13.8%
First Coal Corporation	7.6%
Ironstone Resources Limited	7.0%
Silver China	5.6%
Bilboes Holdings	4.8%
Copperbelt Minerals Limited	4.3%
Polar Silver	4.1%
Forbes & Manhattan Coal Corporation	2.7%
Other Investments	5.1%
Net Cash and Equivalents	0.5%

Update on Investments

Ferrous Resources Limited ("Ferrous")

During June 2011, Ferrous announced it had been awarded the Preliminary Licence (PL) for its 400km slurry pipeline. The pipeline will connect its Viga mine in Congonhas, Minas Gerais, to its Port Terminal in Presidente Kennedy, Espírito Santo State. The pipeline is expected to transport 25Mtpa of iron ore from 2014. The PL marks the approval of the Environmental Impact Study for the slurry pipeline by the Brazilian Institute of Environment and Natural Resources, and follows a period of extensive engagement with local authorities and communities, including seventy public hearings. Ferrous will now begin to apply for an Installation Licence (IL) which, once awarded, would permit construction of the pipeline to start. Ferrous expects the IL to be awarded in the second half of 2011.

The licence for the pipeline is the last key regulatory milestone in the development of Ferrous' fully integrated iron ore project in Brazil following earlier approvals for the mining and port licences. Ferrous also announced that over the last year it has successfully acquired 90% of land through which the pipeline will pass and remains confident of securing the remaining 10% of land.

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

Winterflood Investment Trusts +44 20 3100 0291/0250

Robert Peel

James Moseley

RBC Capital Markets +44 20 7653 4000

Martin Eales

Pelham Bell Pottinger

Lorna Spears +44 20 7861 3883