Last checked at 
6 Aug 2014 07:00
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
6 August 2014
31 July 2014 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 July 2014:
Net asset value per Ordinary Share: 54.9 pence
During the month, the NAV per share increased by 3.6% largely due to increases in the listed share prices of Ivanhoe Mines, Metals Exploration and China Polymetallic Mining.
At 31 July 2014, the Company had a total of 71,703,776 Ordinary Shares in issue.
The Company is fully invested with top 10 investments as follows as a percentage of NAV:
Black Pearl Limited Partnership | 14.5% | |
Ivanhoe Mines Limited | 14.2% | |
Polar Silver Resources Ltd | 12.9% | |
Ironstone Resources Limited | 12.7% | |
Bilboes Gold Limited | 10.3% | |
Metals Exploration plc | 9.2% | |
Ferrous Resources Limited | 6.4% | |
Gobi Coal & Energy Limited | 6.4% | |
China Polymetallic Mining Limited | 4.9% | |
Global Oil Shale Group plc | 4.4% | |
Other Investments | 3.4% | |
Net Cash, Equivalents and Accruals | 0.7% | |
Investment Update
Global Oil Shale Group plc ("GOS")
During the month the Company made its first new investment for some time acquiring a 5.8% interest in Global Oil Shale Group plc ("GOS") with the consideration satisfied through the issue of 3,301,886 new Ordinary Shares of the Company. GOS is a private oil shale explorer and developer which has projects in Australia and Morocco.
GOS's key asset is the Julia Creek oil shale project in Queensland, Australia, which contains JORC defined Indicated and Inferred Resources of 2.18 billion barrels of shale oil at grades of 40 - 90 litres per tonne and average of 61 litres per tonne at zero moisture.
Oil shale is a fine-grained sedimentary rock containing organic matter that yields substantial amounts of oil and combustible gas upon destructive distillation. As opposed to the better known hydraulic fracturing or "fracking" technique, where a high-pressure fluid is injected into a wellbore in order to create small fractures in the deep-rock formations in order to allow hydrocarbons to be pumped to surface, GOS's projects will be mined in conventional open pits and then the mined ore will be treated through a processing plant to extract the hydrocarbons.
GOS represents the Company's first investment in the energy part of the mining sector through this rapidly expanding company.
Ivanhoe Mines Limited ("Ivanhoe")
During July 2014, Ivanhoe announced the start of construction on the box cut for the initial portal to planned decline ramps that will provide underground access to its proposed Kamoa copper mine in the Democratic Republic of Congo's Katanga province. Construction of the box cut is expected take approximately five months, after which development of the first set of twin declines can commence.
The declines have been designed to intersect the high-grade copper mineralisation in the Kansoko Sud area, approximately 150 metres below surface. Ivanhoe's drilling programme in this area has defined a thick, near-surface zone of high-grade copper mineralisation in Kansoko Sud, where a recent drill hole intercepted 15.7 metres (true width) of 7.04% copper, at a 1.5% total copper cut-off.
During the month Ivanhoe announced initial results from its drilling programme at the Kipushi zinc/copper mine, also in the DRC. Although the down-plunge geometry of the holes does not allow for estimation of true widths, the assays received of 40.9% zinc over 348.5 metres, 44.8% zinc over 339.4 metres, and 33.3% zinc over 305.8 metres support the historic estimates of the "Big Zinc" zone of the deposit with a non-compliant "resource" of over 40% zinc.
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 JohnstoneTrevor Steel
Numis Securities Limited +44 20 7260 1000
David Benda (corporate)
James Glass (sales)
The Net Asset Value ("NAV") figure stated is based on unaudited estimated valuations of the underlying investments and not necessarily based on observable inputs. Such estimates are not subject to any independent verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. In addition, some estimated valuations are based on the latest available information which may relate to some time before the date set out above.
Accordingly, no reliance should be placed on such estimated valuations and they should only be taken as an indicative guide. Other risk factors which may be relevant to the NAV figure is set out in the Company's Prospectus dated 31 March 2010.