Final Results

Thursday 30 October 2008


Results for the year ended 30 September 2008

Chairman's statement

I am pleased to present  my seventh annual statement to  Shareholders
for the year ended 30 September 2008.

Review of the current market

After six years of steady progress, this year my annual report  shows
that your Company is not immune from the turmoil we have all seen  in
world markets during  the past  year.  By any  measure, the  declared
trading loss is high and the net asset value has fallen by 78%  since
September 2007.  This is not pleasant for you, our Shareholders,  nor
for your Board.

Whilst we must face the  past, we must also  look to the future.   In
spite of the recent  gloom in world markets,  it continues to be  the
belief of  the  Board  that  your Company  is  well  placed  to  take
advantage of the  improvement in world  commodity markets which  must
follow a  necessary  period  of  turmoil as  true  asset  values  are
re-established in  the  financial  markets.   Also,  we  continue  to
believe that millions of people  in the fast developing countries  of
China, India, Pakistan and elsewhere will demand many of the everyday
products which  we  in  the West  take  for  granted:  refrigerators,
washing machines, motor cars, mobile  telephones are but a few.   The
manufacture of  such products  demands iron  ore, nickel,  manganese,
tantalum and many  other natural resources  which these countries  do
not have in sufficient quantities if at all; Starvest is in  business
to support those  exploring for  such essential  minerals; some  have
found them in commercial quantities  and are actively engaged in  the
long process of  realising value.  Whilst  there are often  temporary
setbacks, it remains our belief that many of the trading companies we
support  will  repay  our  faith  in  the  days  ahead.   We  have  a
fundamental belief in a future for these companies, some of which  we
believe to have great projects and promise.

Where we have diversified away from mineral exploration, we have  not
covered ourselves in glory.  In particular, we are most  disappointed
by the demise of Myhome International plc, a company we were  pleased
to support five years ago and which became a significant  contributor
to the value of our portfolio  during 2007.  Since the balance  sheet
date, DTT plc has announced the appointment of a receiver.  The total
loss on these companies was £236,787.  Others are struggling; we have
provided a detailed commentary in the following pages.

Over the  next year  or so,  we  will contain  our overheads  to  the
minimum, seek to use the limited cash resources to best advantage and
otherwise be patient as we await a recovery.

Trading activity

In furtherance  of the  stated trading  objectives, during  the  year
Starvest has supported three new mineral exploration companies,  Alba
Mineral Resources  plc,  CAP Energy  Limited  and Lisungwe  plc.   In
addition, follow-on  support has  been  given to  fifteen  companies,
either through  market purchases  or by  subscriptions to  new  issue
placings.

Trading portfolio valuation

In view of the current economic  challenges, this year we have  taken
the opportunity to critically examine the valuations we place on  all
our trading investments.  Accordingly, we have taken a cautious  view
and valued them  all at  bid price or  lower where  we believe  those
facts of which we are aware cast doubt on the market prices or  where
the Company's interest is of such a size as to inhibit selling into a
depressed market.  This explains  the trading portfolio valuation  of
£3.9m and the greater part of the loss of £3.7m before taxation,  see
note 8 to the financial statements.

To some extent  we expect that  the latter will  be ameliorated by  a
partial recovery of the tax paid on the exceptional profits of 2007.

Since making the quarterly net asset value announcement of £6.44m  on
1 October 2008,  the Board  has reassessed the  values attributed  to
some holdings as a result of  which a further provision of £2.5m  has
been made.  The adjusted values are included in the following table.

Company statistics

                                    30 September  30 September Change
                                            2008          2007      %
                                          at BID at MID values
                                       values as
                                        adjusted

  * Trading portfolio value                £3.9m        £17.6m    -78

  * Company asset value net of debt        £3.4m        £15.1m    -78

  * Net asset value - fully diluted        9.06p        38.45p    -77
    per share
  * Closing share price                   12.25p        29.75p   - 59

  * Premium/(discount) to net asset          35%      (22.63%)
    value
  * Market capitalisation                 £4.28m       £10.46m   - 59


The net asset values at 30 September 2008 are based on bid prices  or
the Directors' valuation, if lower.  The values at 30 September  2007
are based  on  mid market  values  or the  Directors'  valuation,  if
lower.  These  values include  unrealised gains  on elements  of  the
trading portfolio that are not reflected in the financial statements.

Dividends

Owing to the depletion of cash  resources and the overall result,  it
is not our intention  to pay a dividend  this year.  For the  future,
your Board will keep the matter under review.

Shareholder information

The Company's shares are traded on AIM and PLUS.
Announcements made to the London Stock Exchange are sent to those who
register at the  Company website,  www.starvest.co.uk where  historic
reports and announcements are also available.

Annual general meeting
We plan to hold our annual general meeting at 3.00 pm on Wednesday 10
December 2008 when we look forward to meeting those Shareholders able
to attend.

R Bruce Rowan
Chairman & Chief Executive
29 October 2008

Review of trading portfolio

As at 30  September 2008,  the portfolio comprised  interests in  the
following companies:

Addworth plc - AIM ticker: ADW - quotation suspended
Website: www.addworth.co.uk

Addworth is an active capital investment company specialising in  the
financing,     promotion     and     launching     of     early-stage
entrepreneurially-managed companies,  seeking eventual  admission  to
the AIM  or Plus  markets.  Addworth  provides strategic  consultancy
services for  their further  development while  retaining key  equity
interests  for  its  own  investment  portfolio.   Difficult   market
conditions this year have seriously impacted on the flow of  suitable
opportunities for new quoted introductions, and in turn have  reduced
current  income  generation  from  these  activities.   In  addition,
Addworth's core investment portfolio has inevitably declined in value
along with the general depression in junior market share values,  and
thus   restricted   its   fund-raising   possibilities.    Therefore,
management has  reduced its  activity  in identifying  new  flotation
projects as part of a provisional cost-cutting exercise and requested
the suspension of its  share listing while  it re-defines its  future
strategy.

Agricola Resources plc - PLUS ticker: AGRI
Website: www.agricolaresources.com

Agricola Resources is focused on mineral exploration and  development
in the Baltic Region.  Its  principal interests are in Sweden,  where
it has  six  areas under  exploration  licences covering  171  square
kilometers, considered prospective for uranium or for nickel, copper,
and platinum  group  elements; also,  it  is in  joint  venture  with
Beowulf Mining plc over four licences covering 110 square  kilometers
in the Ballek area which  are considered prospective for iron  oxide,
copper, gold and  uranium deposits.  The  Australian concern,  Energy
Ventures Limited, holds  a 29.9% strategic  equity stake in  Agricola
Resources which has enabled the considerable broadening of Agricola's
exploration endeavours and its technical resources.

Alba Mineral Resources plc - AIM ticker: ALBA
Website: www.albamineralresources.com

Alba Mineral  Resources is  a mineral  explorer focusing  on  nickel,
uranium and  gold  prospects  in Scotland,  Mauritania,  Sweden,  and
Ireland.  Additional fund-raising in late  2007 and in July 2008  has
been primarily  expended on  ground  exploration work  in  Mauritania
where Alba has established a jointly-owned company and acquired seven
uranium exploration licences  covering 13,500 sq.  km of  prospective
ground, while still negotiating for five further permits in  Southern
Mauritania for iron oxide-copper-gold style mineralisation.   Several
companies have  approached Alba  towards establishing  joint  venture
operations in Mauritania and discussions are in progress.

Ariana Resources plc - AIM ticker: AAU
Website: www.arianaresources.co.uk

Ariana Resources is exploring for, acquiring and developing  economic
gold deposits in  Turkey, concentrating on  the Tethyan  metallogenic
belt, which is  believed to  host a  multi-million ounce  world-class
deposit.  Its flagship project  is the 235  sq. km. Sindirgi  project
acquired from  Newmont  in 2005,  with  a current  JORC  resource  of
160,000  oz  gold  equivalent.    Ariana  has  since  acquired   from
TSX-listed Odyssey Resources the  contiguous Tavsan gold project  and
has recently announced an initial JORC resource of 215,000 oz of gold
equivalent which  it  expects  to be  able  to  expand  significantly
through  a   scheduled  programme   of  additional   drilling,   with
preparations now underway  for a  scoping study  on a  30,000 oz  per
annum heap-leach operation. Ariana also has a joint venture agreement
covering its north-eastern Turkey  projects with European  Goldfields
Limited, now a 20% Ariana  shareholder.  Meanwhile the impact of  the
global credit crisis, the weakening  US Dollar, and rising levels  of
inflation are expected to continue to sustain and enhance the  record
gold price  levels seen  over the  past year  and thus  Ariana's  own
potential.

Belmore Resources (Holdings) plc - PLUS ticker: BEL
Website: www.belmoreresources.com

Belmore Resources is a  minerals exploration company focusing  solely
on projects in the Republic of  Ireland, priority being given to  its
zinc exploration  properties in  County  Clare, where  it has  a  50%
interest (with an extra 20%  option for Euro 600,000 expenditure)  in
six prospecting  licences  and  a  100%  interest  in  three  further
prospecting licences.   Previous exploration  had identified  a  high
grade  resource   of  zinc   and  lead-rich   massive  sulphides   of
approximately 400,000 tonnes @12% zinc  plus lead and 75 g/t  silver.
 April  brought  an  announcement  of  a  new  high  grade  zinc/lead
mineralization discovery from diamond drilling of 10 metres of 13.84%
zinc plus 5.52%  lead and  63 g/t  silver which  management rated  as
highly significant.  Further  diamond drilling will  be necessary  to
determine the extent of the mineralisation while management evaluates
these results and determines future strategy.

Beowulf Mining plc - AIM ticker: BEM
Website: www.beowulfmining.com

Beowulf Mining's  focus  is on  the  exploration and  development  of
mineral deposits  in  Northern Sweden,  where  it has  five  separate
projects covering iron,  gold, copper and  uranium.  With its  shares
now quoted  on  both the  AIM  and Stockholm's  AktieTorget  markets,
Beowulf's most  advanced  project  is the  iron  titanium  Ruoutevare
deposit, with  a  JORC  compliant resource  of  140  million  tonnes,
grading 39.1% iron, 5.7% titanium dioxide, and 0.2% vanadium  oxide.
The capital cost  of bringing a  mine to production  is estimated  at
US$300 million,  and an  annual mined  production is  targeted at  23
million tonnes, or 10 million tones of ore.

Beowulf has other  interests in copper-gold  at Balleck and  Jokmokk,
gold at  Grundtrask where  drilling  continues towards  an  estimated
deposit of 500,000  oz, and magnetite  at Kallak, all  of which  have
seen  progress  in  the  past  year.   In  addition,  its  Lulepotten
copper-gold deposit has a JORC inferred resource of 43,000 tonnes  of
copper and 52,000 oz of gold.

Black Rock Oil & Gas plc - AIM ticker: BLR
Website: www.blackrockoilandgasplc.co.uk

Black Rock Oil &  Gas is an exploration  and production company.   In
addition to licences in the Southern  Gas Basin of the UK North  Sea,
its principal interest is a 50/50 joint venture with Kappa  Resources
Colombia, a  subsidiary  of Kappa  Energy  Holdings Limited  and  the
operator of the Las Quinchas Association Contract and the Alhucema  E
& P Contract, both situated in the prolific hydrocarbon basin of  the
Middle Magdalena Valley.   In July  2008 the entire  Kappa Group  was
acquired by the  Canadian Pacific  Rubiales Group, which  led to  the
issue of  an independent  Petrotech Report  assessing the  underlying
value of the Colombian interests as significantly in excess of  Black
Rock's full  market capitalisation  of  £0.6 million  at a  2p  share
price.  The Colombian  interests have a  net book asset  value of  £3
million.  Close  attention to  financing  needs has  seen  management
changes, wide-ranging  operational  cost  reductions,  lower  working
capital requirements and led to an active search for potential merger
opportunities or new partners, as yet without success.  Meanwhile the
funding of the  Colombian interests  has been met  through a  private
Canadian company,  Prospero Hydrocarbons.   Black Rock  has sold  its
remaining Australian  interests and  is seeking  a buyer  or  farm-in
partner for all its UK Southern North Sea gas interests which include
a 15% interest in the Monterey field.

Brazilian Diamonds plc - AIM ticker: BDY
Website: www.braziliandiamonds.com

Brazilian Diamonds  is  a leading  Brazil-based  exploration  company
focusing on the discovery of kimberlites in its 100% owned properties
in the States  of Minas  Gerais and Bahia.   Its diamond  exploration
databases were largely acquired from De Beers.  The Company has  been
awaiting the approval of the Brazilian Congress to the boundaries set
for the Sierra da Canastra National Park, and the exclusion therefrom
of the Company's development area  of the Canastra 1 kimberlite,  for
which mine  feasibility work  has  been completed,  Mines  Department
approval granted,  and commencement  of  trial mining  only  withheld
pending this approval.  Recoveries from  the Salvador 1 Project  have
established that the kimberlite is diamondiferous and would feed  the
important  alluvial  deposits  of  Central  Bahia,  which  has  clear
beneficial  implications  for   further  exploration   work  in   the
neighbouring downstream areas acquired by the Company.

CAP Energy Limited - PLUS  ticker: CAPP
Website: www.capenergy.co.uk

CAP Energy started its investment operations by acquiring smaller oil
and gas exploration and production assets focusing on North  America,
where opportunities for acquiring projects abandoned or  uneconomical
for  major  producers  to  which  they  apply  remediation  processes
combined with low  overhead levels offer  the prospect of  attractive
returns in  the  face of  rising  oil and  gas  prices.   Intensified
competition for such opportunities  and increasing remediation  costs
led to  CAP  Energy  selling  some  of  its  first  acquisitions  and
confining subsequent purchases  to more  economic projects  requiring
less working capital.  Its latest and most significant acquisition is
a 25% interest in ten recently drilled oil wells, seven already being
producers, in the  Louisiana Starks  Dome oilfield,  bought for  US$1
million consideration  from CSV  Holdings  Inc. CSV's  interest  will
remain under 30%.

Carpathian  Resources   Ltd   -   AIM  ticker:   CPNR,   and   Sydney
ASX
Website: www.carpathian.com.au

Carpathian Resources  is  an  Australian oil  and  gas  explorer  and
producer focusing on projects in Central Europe, especially the Czech
Republic.  Its  main producing  asset is  the Janovice  gas field  in
Northern  Moravia  (60%  interest)  but  declining  production  rates
coupled with the shutting-in of the adjacent Krasna oil field  caused
an overall 40% decrease  in production over  the year,  impacting  on
Company  revenues  and  resulting  in  increased  losses.    Janovice
produced at an average  daily rate of 34,000  cubic metres of gas  in
the year to end June, but this was reduced to 20,000 cubic metres  in
order to stabilise  a small  amount of  water overflow.   Exploration
activities covered  the  Mosnov,  Roznov,  and  Morava  permits  (90%
interests, contributing 100%) and the Raskovice -Moravka permit  (60%
interest); the Morava project is located in the northern part of  the
Vienna Basin, an area of prolific  oil and gas production, and  while
oil is the principal target, gas is seen as a possibility.  Following
last year's Board restructuring, a  new corporate growth strategy  is
expected of evaluating and acquiring interests in Russian,  European,
Middle Eastern, and Kazakhstan oil and gas fields and infrastructure,
with further fund-raising highly likely.

Concorde Oil & Gas plc - PLUS quotation suspended

Concorde  was  incorporated  in  August  2005  to  locate,  evaluate,
acquire, explore,  develop and  operate oil  and gas  properties  and
projects  primarily  in  the   Russian  Federation.   After   initial
difficulties in  raising  finance  for its  first  major  acquisition
target, Pechora Energy, Concorde's shares were suspended in May  2006
and remain  so to  this day.   We await  news as  to when  and  where
re-listing will  be  undertaken  for  what is  now  a  much  enlarged
entity.  Pechora holds  an exclusive production  licence valid  until
2014 for the Luzkoye oil field  in the Komi Republic of Russia.   The
US$33 million acquisition of Pechora,  was funded by investment  fund
managers Altima  Partners  and Kuwait  Energy  Limited with  a  US$41
million injection  through  the issue  of  113 million  new  Concorde
shares at 0.9p a share  and convertible loan notes.  Ongoing  Pechora
development  plans  costing  US$125  million  will  require   further
funding, and a loan of up to US$50 million is currently being  sought
from the European Bank for Reconstruction and Development.   Original
shareholders have faced  a substantial dilution,  but should have  an
investment in a much larger company when a market quote is restored.
Kuwait Energy now has a 37% interest and Altima funds 44%.  A  report
due soon is expected to show increased production levels as a  result
of wells in production increasing from two to seven.

The Core Business plc - AIM ticker: CORE
Website: www.thecorebusiness.co.uk

The Core Business  focuses primarily on  the distribution of  branded
cosmetics  to  major  retailers.  As  a  personal  care  and   beauty
management group, it also provides consultancy services to  companies
and individuals  in  the  development  of  existing  brands  and  the
creating  of  new  ones.   It  has  attracted  considerable  retailer
interest through dynamic presentation of its brands which range  from
colour cosmetics,  beauty  and  hair accessories,  sun  and  skincare
products, to fragrances, the latter having been launched this year in
Superdrug stores  throughout the  UK.   Significant  growth has  been
achieved since last year's reverse take-over of Amirose International
with first break-even results anticipated for the current year.

DTT plc, in receivership - PLUS quotation suspended

Despite having  become  the UK's  largest  specialist group  for  the
training  and  supply  of  vocational  drivers  to  the  freight  and
passenger transport sectors, it is regrettable that in early  October
2008 the DTT management were forced  to call in a receiver.  This  is
especially sad given the enormous progress made by the new management
team which  took over  in  the third  quarter 2007;  significant  new
business was being won, costs were cut, and cash flow was improving.
However, against the background of a deteriorating economic  climate,
the directors failed  in their repeated  attempts to raise  necessary
fresh capital to see the business through to profitability.

Equity Resources  plc (formerly  Franchise Investment  Strategies)  -
PLUS ticker: EQRP

With Equity Resources suffering  severely from presumed total  losses
to be incurred on its two investments in DTT and Myhome International
as a result of their recently entering receivership, Equity Resources
has had to consider  how it should refocus  operations away from  its
past objective  of  locating  and investing  in  promising  franchise
businesses.   Shareholders  and  the   market  will  be  advised   of
developments in the coming weeks.

Franconia Minerals Corporation - Toronto TSX-V: FRA
Website:  www.franconiaminerals.com

Franconia Minerals, an Alberta-formed corporation, is focused on  the
exploration and development of platinum  group metals (PGM) and  base
metals in  the continental  United States,  with its  corporate  head
office located in Spokane, Washington.  Its most advanced project  is
at  Birch  Lake  located  in  the  Duluth  Complex  in  north-eastern
Minnesota,  positioned   to   be   one   of   the   world's   largest
copper-nickel-PGM resources.  Reflecting a recent independent scoping
study, the project  now includes three  indicated Cu-Ni-PGM open  pit
resources, the 108  million tonnes (plus  87 million tones  inferred)
Birch Lake resource, the 120 million tonnes Maturi resource, and  the
124 million tonnes  Spruce Road  open pit resource.   The company  is
also actively  exploring for  base  metals at  its Red  Knoll  copper
property in Arizona.  Franconia has exploration agreements with  Teck
Cominco American  Inc. to  advance zinc  and copper  projects in  the
western United States.

Fundy Minerals Limited - PLUS ticker: FUND
Website: www.fundyminerals.com

Fundy Minerals  is  actively involved  in  the exploration  of  gold,
diamonds and base metals  in Canada and  Africa, and the  exploration
and development  of  mineral properties  including  a number  in  New
Brunswick, all  prospects having  shown encouraging  confirmation  of
mineralized  zones  based  on  work  conducted,  while  also  has   a
high-grade limestone deposit which it  aims to bring into  production
in due course.  In  West Africa, Fundy  holds a minerals  exploration
licence over  1000 sq.  km.  of  land   in Liberia,  having  recently
received a licence permit for its  Sehnkweh Cestos claim, one of  the
first such licence permits  to be issued  by the Liberian  Government
since its  imposed moratorium.   The  Company's initial  interest  in
Liberia was in gold discoveries along the Cestos shear and Todi shear
belts  where  exploration  work  is  continuing.   However  following
Fundy's alluvial  diamond  discovery  in the  southern  area  of  its
permit, and significant quantities  of gem quality alluvial  diamonds
having been  previously extracted  by  artisan miners,  Fundy's  main
efforts remain concentrated on locating the Kimberlitic source of its
discovery.  Diamond discoveries have been made other than in alluvial
watercourses and  wetland depressions,  so an  extensive  geophysical
survey over the new discovery area is now also being planned.

Gippsland Limited - AIM ticker: GIP and Sydney ASX
Website:  www.gippslandltd.com.au

Gippsland is an Australian-based international resource company  with
its prime assets being tantalum-tin  projects in the Central  Eastern
desert of Egypt adjacent to the  Red Sea, and notably include the  44
million tonne  (73% measured  and indicated)  Abu Dabbab  and the  98
million tonne Nuweibi projects, where its 50% interest is matched  by
an Egyptian State partner.   The Abu Dabbab  project, with an  annual
mill-feed rate of 2 million tonnes  for a production level in  excess
of 650,000  lbs of  tantalum pentoxide,  will rank  Gippsland as  the
world's second largest producer.  Capital cost is estimated at US$125
million, with funding planned on an 80% debt and 20% equity basis.  A
10 year off-take has been agreed with the German HC Starck group  for
a  major  part  of  the  production;  negotiations  on  both  project
financing  with  the  German  State-owned  KfW  Group,  and  on   the
engineering, procurement  and  construction management  contract  are
both nearing conclusion.  Also, Gippsland has undertaken  exploration
drilling within the Wadi Allaqi  region where it has obtained  highly
encouraging gold results  in three of  its eight separate  tenements,
together  with  a  copper-nickel  deposit.   Gippsland  controls  its
Egyptian 50:50  joint  ventures  through its  Board's  casting  vote.
 Gippsland also  has  a 50%  interest  in the  Tasmanian  Zeehan  tin
deposit, with  an  indicated and  inferred  resource of  7.3  million
tones.

Goliath Resources Inc - Toronto TSX
Website: www.goliathresources.com

Goliath Resources is a  Vancouver-based minerals exploration  company
with interests in copper,  gold and molybdenum  in Canada and  Zambia
acquired from the BellMin Group in late 2006, the main focus being on
the Phelps Dodge-owned  Mazenod Lake largely  unexplored property  in
the North-West  Territories, where  under a  joint venture  agreement
Goliath will ultimately earn a  75% interest.  Previous drilling  and
geophysics identified project areas of mineralisation prospective for
large-scale copper, gold and possibly uranium.  The second project is
the Flume Licence in the Yukon, again owned by Phelps Dodge, in which
Goliath  has  the  right  to  earn  a  100%  interest  under  earn-in
expenditure commitments and where drilling commenced in August; large
areas of this project are as yet unexplored, but earlier  geochemical
studies indicated  a high  potential  for gold  mineralisation.   The
third  project  is   the  Java  property   in  British  Columbia,   a
copper-molybdenum porphyry prospect formerly owned by Kennecott.  The
Zambia project  involves 40%  interest  in a  Goliath-led  consortium
which has been issued a 25 year mining licence covering main  tailing
dumps of 150 million tons in the Zambian Copper Belt; their treatment
is  seen   to  have   substantial  near-term   cash-flow   potential;
discussions continue on metallurgical test-work and possible  process
routes.

Greatland Gold plc - AIM ticker: GGP
Website: www.greatlandgold.com

Greatland Gold has gold  projects covering a total  area of some  300
sq.km. in Tasmania, consisting of the Firetower project in the  North
with an initial  inferred JORC-compliant  resource of  90,000 oz.  of
gold and  three  historic  gold fields,  Warrentinna,  Forrester  and
Waterhouse, which were mined  some 100 years ago  and had produced  a
substantial amount of  high grade  gold at surface.   In addition  to
these Tasmanian interests, all 100% owned, the company has the 40  km
long Lackman Rock  site in  Western Australia where  gold and  nickel
sulphide have  been  ear-marked  as targets  for  future  exploration
drilling.  The  main focus  of  the company  until  now has  been  on
Firetower, and  deciding  whether to  mine  an existing  resource  of
50,000 oz or whether to establish first a larger resource and then to
build its own  mine; only  400 metres  of its  suggested 6  kilometre
mineralisation have so far  been investigated.  Meanwhile while  rock
chip  sampling  at  Warrentinna  had  yielded  encouraging   results,
subsequent  drilling   results   rather  disappointed   the   market.
 Greatland's aim to become a stand-alone producer nonetheless remains
on course but will require  the raising of significant extra  capital
to bring Firetower into production.

Guild Acquisitions plc - PLUS ticker:  GACQ

Guild  Acquisitions  is  a   fledgling  investment  trading   company
established to grow  early-stage small to  medium-sized companies  by
injecting seed  capital, management  support, and  access to  further
funds from  capital markets  for their  development.  A  shortage  of
available funds  and  the  ongoing  financial  uncertainties  of  the
current market have restricted the opportunities in recent months for
seed capital investments.

Hidefield Gold plc - AIM ticker: HIF
Website: www.hidefieldgold.com

Hidefield focuses  on  the  acquisition  and  development  of  highly
prospective gold projects in South America and Alaska held  directly,
while others in Canada,  Nevada and Arizona  are held in  independent
self-funded  associate   companies.    Its   direct   interests   are
principally in Argentina where it is actively exploring the  advanced
stage Don Nicolas gold  project in Santa Cruz  Province and in  joint
venture with Minera Sud S.A.  in three Patagonia provinces.   Further
impressive gold mineralisation  results have been  announced for  the
ongoing drilling  programme  in Santa  Cruz  where a  JORC  compliant
resource of  1.2 million  tones has  been established,  with  301,000
ounces of gold using a high grade cut of 90 gpt gold.  Joint  venture
negotiations are nearing completion on the advanced stage Cata  Preta
gold project in  Brazil's Minas Gerais  state.  In Alaska,  Hidefield
has a 60% interest in the Golden Zone and South Estelle projects with
an option to earn up to 100% subject to its expenditures.  The Golden
Zone property has a measured and indicated resource of 253,000 oz  of
gold, 1.2 million oz  of silver, and 6.1  million pounds of  copper.
Hidefield has warned that if it  is unable to secure further  finance
to continue exploration, it  may have to  sell certain properties  or
projects which it would very much prefer to explore itself.

India Star Energy plc - AIM ticker: INDY
Website: www.indiastarenergy.co.uk

India Star Energy is an investment company focused on gold,  platinum
group metals and uranium interests in Canada.  Investments include  a
15% stake in Canadian Golden Dragon with interests in two high  grade
platinum and palladium properties in Ontario; an interest in Canadian
explorer East West  Resources Corporation with  a portfolio of  early
stage properties for  platinum, palladium,  gold and  base metals,  a
copper-molybdenum deposit  in Thunder  Bay, and  a 50%  share in  the
Magotte joint venture with East West Resources in Ontario,  targeting
uranium.

Kefi Minerals plc  - AIM ticker: KEFI
Website:  www.kefi-minerals.com

Kefi Minerals, a spin-off from EMED  plc, is an early stage gold  and
copper exploration company with  six 100%-owned projects in  Turkey.
It owns an extensive exploration database which contains  information
regarding one  hundred further  prospective  sites in  Turkey,  where
recent changes  to the  mining law  and the  progressive  development
attitude  of  the  Turkish  Government  have  generated  a   positive
environment for exploration and mining companies: the absence of  any
national public exploration  archiving system in  Turkey adds to  the
value of  Kefi's high  quality prospecting  reconnaissance  database.
 Kefi's two  most advanced  exploration projects  are Artvin  in  the
North East  and  Derinin  Tepe  in  the  West.   The  Artvin  Project
comprises fifteen exploration licences covering  253 sq. km.  A  gold
discovery at its  Yanikli Prospect has  already been announced.   The
Derinin Tepe gold prospect was mined in Roman times and Kefi  carried
out a nine  hole diamond  drilling programme there  last year.   Kefi
should be  producing  by  2013  and  its  strategy  already  includes
building a shareholder base in  Turkey and actively participating  in
the Government tender process so  as to acquire further high  quality
tenure.  Kefi has relinquished its  Lehovo interest but continues  to
evaluate other opportunities in Bulgaria.

Lisungwe plc -PLUS ticker: LIS
Website: www.lisungwe.com

Lisungwe, one of our  new investments during  the year, explores  for
minerals over various tenements in  Malawi, a small southern  African
country, where using  local labour and  having dug over  800 pits  at
Chimimbe  Hill  it  has  identified  nickel  in  quantities  and   of
sufficient grade as to justify extensive drilling, the development of
nickel extraction techniques through leaching and the preparation  of
an initial scoping study  for a mine, all  of which are currently  in
process.  Procedures  and  quality  controls  are  in  place  towards
establishing a  JORC compliant  resource.   Lisungwe also  has  other
nickel prospects as well as in gold and uranium

Lotus Resources plc - PLUS ticker: LOTP
Website: www.lotus-resources.com

Lotus Resources  is a  UK  holding company  seeking to  identify  and
acquire mining and  exploration companies in  China whose  operations
are not currently realising their  full potential.  Its objective  is
to build a medium scale  mining and exploration company within  three
years  with   a  balanced   portfolio  of   properties  and   product
commodities.    Several    potential    opportunities    have    been
investigated.

Matisse Holdings plc - AIM quotation suspended

Matisse  Holdings  was  originally  established  for  investment   in
publishing businesses.   It  has been  strategically  seeking  either
reverse take-overs or key acquisitions, but presently has its  shares
suspended  through  the  application  of  AIM  regulations  governing
inactive cash shells.

Myhome  International  plc,   in  administration   -  AIM   quotation
suspended
Website: www.myhomeplc.com

Myhome International  was  a leading  residential  homecare  services
franchise business seeking rapid expansion throughout the UK, Ireland
and Australia.  After a  series of  attractive and  successful  minor
acquisitions  made  essentially  out  of  equity  and  existing  cash
resources, management elected to finance half of a major £16  million
acquisition by bank debt, with attendant tough covenants which  later
could not be  respected.  This  led the  lending bank  to appoint  an
administrator to the Group  followed by an  almost immediate sale  of
the assets by the administrator.  Changes in the management team  and
acquisition integration  complications seem  to have  caused  serious
concurrent distractions  in  the  overall management  of  the  Group.
 Myhome was always  rather more a  long-term investment  proposition,
but suffered from the instability of being the object of  significant
short-term market speculation, resulting in a somewhat volatile share
performance.  Regrettably shareholders should not expect any  pay-out
from the receiver, as asset realisations will be insufficient to meet
creditor claims.

Oracle Coalfields plc - PLUS ticker: ORCP
Website:  www.oraclecoalfields.com

Oracle Coalfields is an emerging  coal developer in Pakistan with  an
80% interest  in a  1.4 billion  tonnes resource  project located  in
Block V1 of the  Thar Desert in  the Sindh province,  380 km east  of
Karachi and further  away from  the insecurity of  the north  western
frontier  region.   It  benefits   from  past  major   infrastructure
investment by the Pakistan Government.  The mine development  project
will be integrated with the construction of a mine-mouth 300MWe power
plant.  Initial production is planned  for early 2010, and while  the
mine design  will  allow for  an  annual production  of  2.5  million
tonnes, this will only be achieved by 2014, when the completed  power
plant will be in operation.  The power plant's annual intake from the
mine will be  1.75 million tonnes,  any balance being  sold to  local
industry unless  further  capacity  is added  to  the  power  plant.
Pakistan  suffers  from  critical  shortages  of  electricity  supply
expected to  continue  for  the  next 20  years,  but  with  a  major
indigenous but unexploited coal resource.  Oracle is seen as a  vital
participant in the development of Pakistan's economy especially as no
rival coal mining  projects have  materialised or  are in  prospect.
Current plans are for further drilling to achieve a JORC resource and
to complete a bankable feasibility study by end 2009.

Red Rock Resources plc - AIM ticker: RRR
Website: www.rrrplc.com

Red Rock, in which Regency Mines holds a 37.7% interest, operates  as
a mineral exploration and development company, focusing on manganese,
iron ore and gold properties  in Australia and Zambia.  During  2007,
its uranium  portfolio was  sold to  Retail Star  Ltd, since  renamed
Resource Star Limited (RSL), in exchange for shares, a deal that gave
it an initial 15% interest in RSL and effective management control of
the RSL board, as  well as access to  RSL's cash resources to  enable
continuing exploration  work on  its former  properties.  Red  Rock's
principal  manganese  interests  are  centred  on  its  695  sq.  km.
tenements in the East  Pilbara province in  Western Australia and  on
Chiwefwe in Zambia, where the first phase of an exploration programme
has established an indicated  resource of 2.3  million tones of  high
grade manganese and where further drilling and exploration are  under
way.   The  iron  ore  property  interests  consist  of  the   highly
prospective Mt Alfred in Western Australia and others in the Northern
Territory and  Tasmania.  Uranium  licences are  held in  Australia's
Northern Territories, while  gold prospects are  held in Oakover  and
Tasmania.  Red Rock's portfolio and its readiness to exchange  assets
for equity interests  at the  right price  seems likely  to see  more
deals in the offing.

Regency Mines plc - AIM ticker: RGM
Website: www.regency-mines.com

Regency Mines,  apart  from  its controlling  interest  in  Red  Rock
Resources, is  primarily focused  on exploring  areas of  copper  and
nickel potential  at  Bundarra  in  Queensland,  Yilgarn  in  Western
Australia and Mambare Plateau in Papua New Guinea, for gold at  Mount
Stone in Queensland  and, where  appropriate, on  the development  of
these assets by joint venture, acquisition or disposal.  Regency  has
built up  a sound  investment portfolio  in a  host of  small  mining
companies,  evidencing  its  well  executed  strategy  of  converting
licence interests into equity stakes.

Sheba Exploration (UK) plc - PLUS ticker: SHE
Website: www.shebagold.com

Sheba is a mineral exploration company operating in the Tigray  State
of Ethiopia within the Northern  Ethiopia gold fields area, which  it
specifically chose for its numerous  gold occurrences, most of  which
have not been explored.  Sheba's  100% interest in the two  exclusive
exploration licences for  Mereto and Shehagne,  has been awarded  new
concession licences for Una Deriam, Finarwa, and Winibo, all situated
south or  west of  Moreto, and  having specific  exploration  targets
including gold, and for the first  time base metals copper and  zinc.
 As most  of  these new  areas  have not  been  explored  previously,
initial results  will be  of special  interest.  Joint  venturing  of
mature properties, to raise capital  for resource estimation and  new
property acquisitions, and the  initiation of feasibility studies  of
small-scale opportunities  for  mining  gold,  remain  the  strategic
objectives for this operation.

St Helen's Capital plc - AIM ticker: SHCP
Website:  www.sthelenscapital.com

St Helen's  Capital is  an  institutional stockbroker  and  corporate
finance adviser to smaller  companies, primarily in the  early-stage,
and fast-growing  category.   It  is currently  corporate  broker  to
twelve AIM-quoted companies and thirty-four more listed on PLUS.  Its
services  on  offer  include  corporate  finance,  fund-raising   and
flotations, institutional  sales,  research, corporate  broking,  and
dealing/trading services.

Sunrise Diamonds plc - AIM ticker: SDS
Website:  www.sunrisediamonds.com

Sunrise Diamonds  is  focused  on  the  identification,  acquisition,
exploration, and  development  of  diamond projects  in  its  present
Finland operations in the Karelian Craton, a prospective block which,
over  the  border   in  Russia,   hosts  a   number  of   world-class
diamondiferous kimberlites, and where it  is also exploring in  Crib,
Linomonosova in  the Arkhangelsk  region.  Sunrise  enjoys  exclusive
access to the valuable BHP Billiton data base from its former Finnish
diamond exploration activities.

Treslow Limited

Treslow has a  copper-nickel prospect  near Armstrong  in North  West
Ontario, Canada.   Following its conversion to a plc and an  expected
introduction to PLUS, it will  be seeking further funding to  advance
the project.  Commercial  quantities of uranium  and rare earths  are
also a possibility, but its initial focus is on nickel.


Profit and loss account
for the year ended 30 September 2008


                                       Year ended 30    Year ended 30
                                      September 2008   September 2007

Operating income                              16,700        5,494,067
Direct costs                                (15,430)        (104,658)
Gross profit                                   1,270        5,389,409
Administrative expenses                    (271,640)        (272,076)
Amounts written off trade                (3,461,919)         (73,266)
investments
Operating (loss)/profit                  (3,732,289)        5,044,067
Interest receivable                          105,054           71,114
Interest payable                            (98,430)         (84,413)
(Loss)/profit on ordinary                (3,725,665)        5,030,768
activities before taxation
Tax on profit on ordinary                  1,118,201      (1,505,236)
activities
(Loss)/profit on ordinary                (2,607,464)        3,525,532
activities after taxation

Loss/earnings per share - basic          (7.5) pence        9.6 pence
Loss/earnings per  share -  fully        (7.5) pence        8.8 pence
diluted


There are no recognised  gains and losses in  either year other  than
the result for the year.

All operations are continuing.

Balance sheet
As at 30 September 2008


                                30 September 2008   30 September 2007
                                        £                   £
Current assets
Debtors                                 1,126,908              10,257
Trade investments                       2,855,237           4,750,185
Cash at bank                                    -           3,006,588
                                        3,982,145           7,767,030
Creditors - amounts falling           (1,619,615)         (2,548,969)
due within one year
Net current assets                      2,362,530           5,218,061

Share capital and reserves
Called-up share capital                   372,173             372,173
Share premium account                   2,026,396           2,026,396
Profit and loss account                  (36,039)           2,819,492
Equity shareholders' funds              2,362,530           5,218,061



Cash flow statement
for the year ended 30 September 2008


                                            Year ended     Year ended
                                     30 September 2008   30 September
                                                     £           2007
                                                                    £

Net cash (outflow)/inflow from             (1,815,809)      3,484,305
operating activities
Returns on investment and
servicing of finance:
Interest receivable                            105,054         71,114
Interest payable                              (98,430)       (84,413)
                                                 6,624       (13,299)

Taxation paid                              (1,509,413)      (395,880)
Equity dividends paid                        (174,587)      (367,172)
Financing:
Company shares repurchased                    (73,480)      (577,732)
New short term loan                                  -      1,000,000
                                              (73,480)        422,268

(Decrease)/increase in cash in             (3,566,665)      3,130,222
the year


The financial information set out above does not constitute statutory
accounts as defined in section 240 of the Companies Act 1985.

The balance sheet at 30 September 2008, the profit and loss account,
and the cash flow statement for the year then ended have been
extracted from the Company's statutory financial statements upon
which the auditor's opinion is unqualified and does not include any
statement under Section 237 of the Companies Act 1985.
Copies of  the report  and  financial statements  will be  posted  to
Shareholders no later than  14 November and will  be available for  a
period of  one month  thereafter from  the Company  Secretary at  the
registered office.

123 Goldsworth Road, Woking, Surrey, GU21 6LR
email:  [e-mail]

Alternatively, the  report  may  be  downloaded  from  the  Company's
website, www.starvest.co.uk.

Enquiries to:

  * Bruce Rowan, telephone [phone]
  * John Watkins, telephone [phone], or to [e-mail]
  * Gerry Beaney or Colin Aaronson, Grant Thornton Corporate Finance,
    telephone [phone]