Net Asset Value(s)

Tuesday 4 January 2011



Net asset value update

Since  the Company  issued a  net asset  value statement  for the Annual General
Meeting  held on  13 December 2010, the  portfolio value  has risen by over £1m,
thus consolidating the gains then reported.

Overall,  the  portfolio  value  has  risen by 125% since 30 September 2010 with
investments  in nine companies  now accounting for  85% of the portfolio value:
Ariana   Resources,  Beowulf  Mining,  Greatland  Gold,  Kefi  Minerals,  Oracle
Coalfields,  Red Rock  Resources, Regency  Mines, Sheba  Exploration and Sunrise
Diamonds.

The Company has taken advantage of the opportunity to sell its remaining holding
in  Franconia  Minerals  Corporation,  the  subject  of a takeover approach, and
consequently now holds cash in excess of £600,000.

During  the  three  month  period,  investment  sales  have  realised £1,129,000
delivering a gross profit of £904,000.

A full corporation tax provision is included in the portfolio valuation.

                                      31 December 2010 30  September 2010 Change
                                                                               %

Trading portfolio value                        £10.32m             £4.57m   125%

Company asset value net of debt                £10.44m             £4.19m   149%

Net asset value - fully diluted per        25.89 pence        11.28 pence   129%
share

Share price - mid                          17.00 pence         7.75 pence   119%

Share price discount to fully diluted            34.3%              31.3%
net asset value

Market capitalisation                           £6.24m             £2.84m   119%



All  valuations are based on  the closing market bid  prices or lower directors'
valuation as described in the 2010 annual report.

Inasmuch  as the  closing mid  price of  the Company's  shares was 17 pence, all
share  options are  now in  the money  and included  in the  net asset per share
calculation.

The  overall  result  for  the  period  is  excellent  and demonstrates that our
patience is being rewarded.  We look forward to 2011 with interest!



 R Bruce Rowan

 Chairman & Chief Executive

 4 January 2010




Enquiries to:

Bruce   Rowan,   Chairman   020 7486 3997 or   John  Watkins,  Finance  Director
07768 512404; [e-mail]

Gerry Beaney or Colin Aaronson Grant Thornton Corporate Finance 020 7383 5100
                                                                                                                 of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
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     originality of the information contained therein. 
    
Source: Starvest plc via Thomson Reuters ONE

[HUG#1476909]