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ASA Limited Reports Financial Results for the Three Months Ended February 28, 2010
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SAN MATEO, Calif.--(BUSINESS WIRE)--ASA Limited (NYSE:ASA), a closed-end fund specializing in gold and other
precious mineral investments worldwide, today reported financial results
for the three months ended February 28, 2010. Total return for the first
quarter was a negative 12.1% based on ASA’s net asset value per share
and a negative 9.7% based on its share price. During the same period,
the FTSE Gold Mines Index return was a negative 13.5%.
ASA President and Chief Executive Officer David Christensen said, “We
had an exceptional fiscal year during 2009, the lower performance in the
first quarter of fiscal 2010 is not surprising given the 5.7% decline in
the gold price during this period. After peaking at over $1,200 per
ounce during the first week of December 2009, the gold price has tended
to consolidate in a narrow range of $1,050 to $1,150 per ounce. The
combination of investor concerns over government spending, the global
recession and concerns of rising inflation have continued to support the
gold price, whilst relatively low levels of jewelry consumption and an
announcement regarding sales of gold by the IMF have acted as
suppressants. We continue to believe the long-term direction of the gold
price will be determined by the supply/demand fundamentals, which look
positive. We continue to focus our efforts on identifying those
companies with the strongest management, growth potential and lowest
operating costs, and actively adjust our portfolio to changes in market
conditions.”
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Three Months Ended February 28
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2010
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2009
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Amount
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Per Share
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Amount
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Per Share
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Net assets
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$510,174,083
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$78.73
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$384,344,081
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$53.38
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Net investment income (loss)(1)
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($466,334)
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($.07)
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($669,670)
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($.09)
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Shares outstanding
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6,480,000
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7,200,000
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(1) Excludes the following items:
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Net realized gain from investments
(including realized (loss)
on
investments from foreign currency
transactions)
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$9,115,234
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$1.41
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$1,316,897
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$.18
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Other net realized gain (loss)
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---
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---
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($2,628)
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---
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Net increase (decrease) in
unrealized appreciation on
investments
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($78,830,148)
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($12.17)
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$42,605,159
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$5.92
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During the first quarter of ASA’s 2010 fiscal year, ASA had a net
investment loss of $0.07 per share versus a loss of $0.09 per share
during the same period of 2009. The slight improvement is due to an
improvement in dividend income and a reduction in operating costs during
the first quarter of 2010 as compared to the first quarter of 2009.
Investors are encouraged to visit ASA’s website for additional
information, including historical and current stock and metals prices,
news releases, financial statements and supplemental information. The
site may be found at www.asaltd.com
or you may contact ASA directly at (800) 432-3378.
|
Certain Tax Information
|
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ASA Limited is a “passive foreign investment company” for United
States federal income tax purposes. As a result, United States
shareholders holding shares in taxable accounts are encouraged to
consult their tax advisors regarding the tax consequences of their
investment in the common shares of ASA Limited.
|
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Forward-Looking Statements
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Certain statements in this press release are “forward-looking
statements” within the meaning of U.S. federal securities laws and
are intended to be covered by the safe harbors created thereby. By
their nature, all forward-looking statements involve risks,
uncertainties and other factors which may cause actual results,
performance or achievements of management’s plans to be materially
different from those contemplated by the forward-looking statements.
Such factors include, but are not limited to, the performance of
companies whose securities comprise the Company’s portfolio; the
conditions in the United States, South African, and other
international securities and foreign exchange markets; the prices of
gold, platinum and other precious minerals, which in turn, are
affected by a variety of global, economic, financial and political
factors and may fluctuate substantially over short periods of time;
and changes in tax law.
|
| MetalsNews News |
Phase Three Drill Program Commences at El Creston Molybdenum Deposit
Vancouver, BC - (MetalsNews.com, July 28, 2010) - Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) today announced that a Phase Three 15 hole diamond drill program totaling 2,000 metres in length has commenced at its El Creston molybdenum deposit located in the state of Sonora, Mexico. |
Romarco Encounters 38.1 Meters of 11.8 g/t Au
Toronto, ON - (MetalsNews.com,July 21, 2010) -ROMARCO MINERALS INC. (TSXV: R) (the “Company”) announced drilling results from the Ledbetter area. The encouraging results are from step-out holes that identify mineralization beyond the currently proposed Ledbetter pit. |
AFRICAN QUEEN MINES COMMENCES FIELD EXPLORATION AT RONGO GOLD FIELD PROJECT IN KENYA’S LAKE VICTORIA GREENSTONE BELT
Vancouver, BC - (MetalsNews.com, July 19, 2010) - AFRICAN QUEEN MINES LTD. (the “Company”) has now commenced its Phase 1 Exploration Program on the Rongo Gold Field Project in the Kanango gold mining area of the Migori District of Nyanza Province in Southwest Kenya near Lake Victoria.
|
Golden Predator Acquires High Priority Drill Project: The Cynthia Gold Property, Yukon Territory
Vancouver, BC - (MetalsNews.com, July 19, 2010) - Golden Predator Corp. (TSX:GPD) (the "Company")has signed an option agreement to acquire a 100% interest in 219 quartz mineral claims known as the Cynthia Property, located in east central Yukon, Canada |
Candente Copper appoints Mr. Michael Thicke as Vice President Exploration
Vancouver, BC - (MetalsNews.com, July 19, 2010) - Candente Copper Corp.(TSX:DNT) ("Candente Copper") appoints Mr. Michael Thicke, M.Sc., P.Geo. as Vice President Exploration. |
Premier Completes $18 Million Flow-Through Financing
Thunder Bay, Ontario - (MetalsNews.com, July 15, 2010) - PREMIER GOLD MINES LIMITED ("Premier" or the "Company") (TSX: PG) announced that it has completed its previously announced private placement (the "Offering") of flow-through common shares of Premier ("Flow-Through Common Shares"). Including Flow-Through Common Shares issued on the exercise of the underwriters' over-allotment option, Premier issued 3,000,000 Flow-Through Common Shares at a price of Cdn$6.00 per Flow-Through Common Share for aggregate gross proceeds of Cdn$18,000,000. |
THOMPSON CREEK METALS COMPANY INC. ENTERS INTO AGREEMENT TO ACQUIRE TERRANE METALS CORP.
Denver, CO and Vancouver, BC – (MetalsNews.com, July 15, 2010) - Thompson Creek Metals Company Inc. (“Thompson Creek”) (NYSE:TC and TSX:TCM) and Terrane Metals Corp. (“Terrane”) (TSX Venture:TRX) jointly announce that they have entered into a definitive agreement pursuant to which Thompson Creek will acquire all of the issued and outstanding equity of Terrane. |
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When you talk to junior mining companies who are trying to drum up money to fund their exploration, you'll frequently hear about how rosy the future looks: Prices can only go up, opportunity will only increase, and the economy can only get better.
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Building a Hard Assets Conference That’s Hard to Beat
by Allen Alper
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Rare Element Resources, Working in a Jurisdiction Ranked Number Two in the World for Developing a Mine
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Gold Royalty and Shale Oil Companies, Bullion Monarch Mining and EnShale Inc.: A Winning Combination
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Investors love investment stories about mining companies being in the right place at the right time. They also love investment stories about mining companies that build on past successes to create brilliant opportunities for the future.
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