Net Asset Value(s)

RNS Number : 7785L

Baker Steel Resources Trust Ltd

04 August 2011

BAKER STEEL RESOURCES TRUST LIMITED

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

4 August 2011

29 July 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 29 July 2011:

Net asset value per Ordinary share: 120.7 pence

Diluted net asset value per Ordinary share: 117.2 pence

During the month, the undiluted NAV per share rose by 3.2%, largely due to an increase in the carrying value of First Coal following its takeover offer by Xstrata.

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

Portfolio update

First Coal Corporation ("First Coal")

During July 2011, shareholders of First Coal received a cash offer from Xstrata Coal Canada Limited ("Xstrata") to acquire 100% of First Coal. The offer had limited conditions, was unanimously recommended by the Board of First Coal and Xstrata had agreements with over 50% of shareholders to accept the offer. It is therefore considered highly likely that the offer will complete during August 2011, and accordingly the Company has increased its carrying value of First Coal to the offer price.

The offer values the Company's interest in First Coal at C$13 million compared to a cost of C$5.22 million, representing a 149% return on investment for the Company assuming the transaction completes.

Metals Exploration plc ("Metals Exploration")

During July 2011, the Company invested £3.75 million in Metals Exploration, an AIM listed company which owns the Runruno gold project in the Philippines. This was part of a larger strategic interest totalling approximately 25% of Metals Exploration acquired by the Company and other funds managed by Baker Steel Capital Managers LLP.

A feasibility study has been completed into a mine producing approximately 100,000 ounces of gold per annum at Runruno and following a period of significant corporate uncertainty, Metals Exploration is now well positioned to finalise the financing of the mine and commence development.

Gobi Coal & Energy Limited ("Gobi Coal")

Following the recent uplift in carrying value of Gobi Coal, the Company has sold 19% of its position, representing a 111% return on investment for the Company. Although Gobi Coal remains a core holding of the Company as it moves towards an anticipated listing later this year, increased investor interest provided an opportunity to realise some profits and invest into other opportunities.

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

Ivanplats Limited	26.1%
Ferrous Resources Limited	13.1%
Gobi Coal & Energy Limited	12.9%
First Coal Corporation	10.4%
Ironstone Resources Limited	6.7%
Metals Exploration plc	6.5%
Silver China	5.3%
Bilboes Holdings	4.6%
Copperbelt Minerals Limited	4.1%
Polar Silver	3.9%
Other Investments	8.5%
Net Cash and Equivalents	-2.1%