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Starvest plc (SVE)

  Print      Mail a friend       Annual reports

Friday 30 October, 2009

Starvest plc

Final Results





Friday 30 October 2009

Starvest plc

Results for the year ended 30 September 2009

Chairman's statement

I am pleased to  present my eighth  annual statement to  Shareholders
for the year ended 30 September 2009.

Results for the year
I am pleased to report that your Company's results for the past  year
show that conditions in our  chosen investment field have  stabilised
after the  shocks  of the  latter  half  of 2008.   The  values  have
recovered sufficiently hence  this year we  have reinstated  £295,884
net to the book value of our investments as required by the Companies
Act.  After deducting administration costs, this results in a  profit
before tax of £44,692.

A further positive result was the receipt earlier in 2009 of a refund
of taxation amounting to £1.1m thus enabling your company to repay  a
£1m loan in full.

Trading portfolio valuation
In view of the  economic challenges expected, last  year we took  the
opportunity to critically examine the valuations we place on all  our
trading investments which  were stated at  the lower of  cost or  bid
price or lower where  we believed those facts  of which we are  aware
cast doubt on the market prices  or where the Company's interest  was
of such a size as to  inhibit selling into a depressed market.   This
approach resulted in a  trading portfolio valuation  of £3.94m and  a
loss of £3.73m before taxation for the year ended 30 September 2008.

Given the events  of the past  twelve months it  is abundantly  clear
that our cautious approach  was warranted.  Although some  valuations
have improved,  conditions for  small mineral  exploration  companies
continue to be very tough; some require additional funds to  continue
exploration or to advance their projects and although some have  been
successful in  this regard,  it  is by  no  means universal  as  many
excellent and potentially  profitable projects languish  for lack  of
cash.  Accordingly, we have continued  with the same cautious  policy
adopted last year, namely to value investments at bid value or, where
we are aware of specific  factors, at a lower Directors'  valuation.
As a result, the closing portfolio  value was £4.72m, a 21%  increase
in the year.

Review of the current market
A year ago, we took a long hard look at the values attributed to  our
investment portfolio as  a result  of which  we wrote  down the  book
values of many, but not all, of our investments by a total of £3.5m.
We  believed  this   to  be  appropriate;   subsequent  events   have
demonstrated this to be so.

As is  shown  in the  table  on  the following  page,  the  portfolio
valuation has recovered during the year by 21%, a welcome  increase.
Within the portfolio we have some  investments which we expect to  be
real winners  so anticipate  further  improvement during  the  coming
year.  The  state  of  the  world economy  and  markets  for  natural
resources  will  continue  to  overshadow  us,  but  we  believe  the
prospects in the  medium to long  term to be  encouraging.  Over  the
next year or  so, we will  continue to contain  our overheads to  the
minimum, seek to use our limited cash resources to best advantage and
otherwise be patient as we await a full recovery.

It is encouraging to note that since the 30 September 2009 year  end,
the Company has raised over £300,000 through the sale of  investments
yielding a gross profit in excess of £150,000.

Trading activity
In furtherance  of the  stated trading  objectives, during  the  year
Starvest has made modest additions to its investments in Alba Mineral
Resources plc, Greatland Gold plc, Red Rock Resources plc and Regency
Mines plc by subscriptions to new issue placings.

Company statistics

                                     30 September 30 September Change
                                             2009         2008      %
                                           at BID       at BID
                                        values as    values as
                                         adjusted     adjusted

  * Trading portfolio value                £4.72m       £3.94m   +20%

  * Company asset value net of debt        £4.02m       £3.43m   +17%

  * Net asset value - fully diluted        10.72p        9.06p   +18%
    per share
  * Closing share price                    11.75p       12.25p    -4%

  * Share price premium to net asset           9%          35%
    value
  * Market capitalisation                  £4.10m       £4.28m   - 4%



The net asset values at 30 September  2008 and 2009 are based on  bid
prices 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 it is not our intention  to
pay a dividend this year.  For  the future, your Board will keep  the
matter under review.

Investment policy
As required by AIM, your Company has established an investment policy
reproduced on page 3 of the report and financial statements and  made
available on its website, www.starvest.co.uk.

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 Monday  14
December 2009 when we look forward to meeting those Shareholders able
to attend.

R Bruce Rowan
Chairman & Chief Executive
29 October 2009

Investing policy statement

About us
The Chairman,  Bruce Rowan,  has managed  the Company  since  January
2002.
Bruce has  a  wealth  of  experience over  many  years  of  investing
primarily in small  company new issues  and pre-IPO opportunities  in
the natural resources and mineral exploration sectors.

Company objective
The Company is  established as  a source  of early  stage finance  to
fledgling businesses, to  maximise the capital  value of the  Company
and to  generate benefits  for Shareholders  in the  form of  capital
growth and modest dividends.

Investing strategy
Whilst the  Company  has  no  exclusive  commitment  to  the  natural
resources sector, the Board sees  this as having considerable  growth
potential for the foreseeable future.  Investments are generally made
immediately prior to an IPO on the AIM or PLUS markets, at IPO and in
the aftermarket. Investments are for  varying amounts but usually  in
the range £100,000  - £300,000,  although sometimes  larger with  the
addition of later market purchases or fundings.

The business  is  inherently  high  risk and  of  a  cyclical  nature
dependent upon fluctuations in world economic activity which  impacts
on the demand for minerals.

The investee  companies, being  small, almost  invariably lack  share
market liquidity, even if they are quoted on AIM or PLUS.  Therefore,
it is rarely possible to  sell an investment at anything  approaching
the quoted  market price  with the  result that  extreme patience  is
required whilst  the  investee  company develops.   If  and  when  an
explorer finds a large exploitable resource, it may become the object
of a  third party  bid, or  otherwise become  a much  larger  entity;
either way an opportunity to realise cash is expected to follow.

Of the thirty or so investments held at any one time, it is  expected
that no more than five will prove to be 'winners'; the remainder will
either become total losses or may generate modest returns.   Overall,
the expectation is that Shareholder returns will be acceptable if not
substantial.
Accordingly, the Board is unable to give any estimate of the  quantum
of returns.  That stated when profits have been realised and adequate
cash is available, it is the intention of the Board to recommend  the
payment of a modest dividend.

A limited number of  investments have been  made outside the  natural
resources sector.  In each case, this arose by virtue of the personal
contacts of Bruce Rowan  and the opportunity  to support early  stage
businesses being established  by people competent  in their field  of
expertise.
The Company  currently has  investments  in the  following  companies
which themselves are investment  companies: Addworth plc, India  Star
Energy plc, Equity Resources plc and Guild Acquisitions plc.

The Company  takes  no part  in  the active  management  of  investee
companies, although directors of  the Company are also  non-executive
directors on the boards  of seven such  companies, with one  director
being the executive chairman of an eighth.

Review of trading portfolio

As at 30  September 2009,  the portfolio comprised  interests in  the
following companies:

Mineral exploration ventures

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

Agricola Resources was previously focused on mineral exploration  and
development in  the Baltic  Region with  required levels  of  funding
which  rapidly  became   unobtainable  for  essentially   longer-term
projects in  the  prevailing  capital  markets.   Agricola  therefore
decided to sell off its Swedish licences, repay its outstanding loan,
and redirect  its  activities  towards  purely  gold  exploration  by
applying for prospective  licences being offered  in Morocco.   These
are  currently   being  negotiated   and   Agricola  sees   its   new
concentration on becoming a gold producer as more likely to  generate
earlier returns to shareholders.  Australian Energy Ventures  Limited
continues to hold a 29.9% strategic equity stake.

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  July 2009  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  100%-owned  flagship  project is  the  Western  Turkey
Sindirgi encompassing three main prospects: Kiziltepe with a  current
JORC resource of  186,000 oz gold  equivalent; Kepez, and  Karakavak,
over all  of which  Ariana  holds two  ten year  renewable  operating
licences.  Also in Western  Turkey, Ariana owns  100% at Ivrindi  and
Demirci which have undergone initial drilling and of the Tavsan  gold
project  with  an  initial  JORC  resource  of  215,000  oz  of  gold
equivalent and the longer term Muratdag project.
Ariana is a  49% joint  venture partner with  European Goldfields  on
designated properties  in North  East Turkey  with the  latter  fully
funding an  exploration programme  with  significant projects  to  be
advanced to bankable feasibility, while also taking a near 20% equity
interest in Ariana.  The joint venture company is targeting  deposits
containing in  excess  of  1  million  oz.  of  gold.   Turkey  is  a
politically stable country  with an established  mining industry  and
2.5% of the world's industrial mineral resources.

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  current
100% interest in eleven prospecting licences covering 393 sq km.
Exploration  activities  have  been  accelerated  following  a  joint
venture agreement with Lundin Mining in February 2009 whereby  Lundin
has a right to earn  a 70% interest in  the County Clare licences  if
some £14.7  million  is expended  over  the coming  years,  of  which
£700,000 had  been spent  as  at end  June:  a very  active  drilling
programme is currently  being carried out,  while further tests  will
also be run on targets identified on Belmore's other licences.

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

Beowulf'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  AIM  and  Stockholm's  AktieTorget  market,  Beowulf's  most
advanced project is its 100%-owned Ruoutevare iron titanium  deposit,
with a  JORC  compliant  inferred resource  of  140  million  tonnes,
grading 39.1% iron, 5.7% titanium dioxide, and 0.2% vanadium  oxide.
Production is targeted at 10 million tonnes of ore, for which Beowulf
has obtained a letter  of intent from  the Chinese resource  importer
Hua Dong Corporation for shipment of eventual production.

Beowulf also owns the nearby Kallak magnetite project which has total
target iron mineralisation of more than 120 million tonnes across two
deposits  at  grades  varying  between   35-42%  iron,  as  well   as
copper-gold-uranium interests  at Ballek  and Jokkmokk,  and gold  at
Grundtrask.  It  has  newly  acquired the  various  Swedish  licences
previously held  by Agricola  Resources  which included  the  Geddaur
uranium-gold-silver licences adjacent to Ballek as well as  regaining
full control  of the  Ballek joint  venture rights.   Beowulf is  now
negotiating more favourable  terms with its  new partner,  Australian
Energy Ventures Limited.

Brazilian Diamonds plc - Toronto TSX ticker: BZD
Website: www.braziliandiamonds.com

Brazilian Diamonds  is  a leading  Brazil-based  exploration  company
focusing on  the  discovery of  kimberlites  in its  190,000  hectare
properties in the States of Minas Gerais and Bahia, with the goal  of
becoming a significant  producer of diamonds.   The Company has  been
suffering from a net working capital deficiency that has forced it to
consider the sale  or disposal of  certain assets, relinquishment  of
exploration licences,  and  the  suspension and  termination  of  its
exploration  activities,  while   actively  pursuing  joint   venture
partnering opportunities.   This  has  led to  the  disposal  of  its
laboratory facilities so as  to raise cash to  advance its Canasta  1
kimberlite project, planned to become one of the first kimberlites in
Brazil to  be mined  economically.   However the  issue of  a  mining
licence for this project is delayed by a long-standing National  Park
boundary issue  with  the  Brazilian  Congress.   Meanwhile  all  the
Company's projects have been placed  on a care and maintenance  basis
so  as  to  conserve  its  cash   reserves;  a  one  for  ten   share
consolidation was recently undertaken along with the cancellation  of
its AIM listing as a further cash conservation measure.

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

CAP Energy seeks  to invest in  smaller oil and  gas exploration  and
production companies operating in North America. Initial  investments
were in producing properties in Oklahoma and Texas requiring remedial
work to restore profitability, but this strategy was later  abandoned
for cash conservation  reasons.  In  late 2008  the Company  acquired
from CSV  Holdings interests  in  the Starks  Dome Oilfield  and  the
Iberia Dome Prospect in  Southern Louisiana, which offered  potential
for  many  years'   drilling  and   re-completion  activity,   albeit
necessitating further funding in  the short term,  and when this  was
recently undertaken with a convertible  loan note issue, the  minimum
sought was not attained.   The shares had  already been suspended  in
May pending clarification of the Company's financial position.

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 and Slovakia, but which has recently undergone  considerable
management change  and  announced  a  broadening  of  its  investment
policies  to   take   in   start-up  and   second   stage   financing
opportunities.

This diversification  has been  applied to  projects covering  retail
fuel outlets, convenience stores, satellite and cable television, and
outdoor mobile advertising, and  involved investments approaching  $2
million, which on  an annualised  basis is  already generating  sales
revenues approaching the level being  earned from its main  producing
asset, the Janovice gas field in Northern Moravia.  The OMV discovery
of an estimated 140 billion cubic feet gas field in the Vienna Basin,
only some 75 km from the Company's Morava permit (90% interest),  has
clear  exploration   implications   for  Carpathian   Resources   for
developing a comprehensive  exploration plan and  budget and  thereby
revitalising the Company's oil and gas sector activities.

Concorde Oil & Gas plc - PLUS quotation suspended

Concorde's focus is concentrated on exploring and developing oil  and
gas properties  and projects  in the  Komi Republic  of Russia.   Its
acquisition of Pechora Energy, ongoing exploration and production for
the Luzhkoye oilfield  and the new  Chikshinskoe exploration  licence
was largely funded through substantial equity and loan injections  by
both Altima Partners and Kuwait  Energy giving them equity  interests
of 47%  and 37%  respectively.   Eight wells  are now  producing  750
barrels a day with over  1000 barrels a day  targeted for the end  of
this year,  while  plans  envisage these  rates  being  significantly
increased next year; capital expenditure  this year and next of  some
$20 million is expected to be met out of current cashflows.
Concorde's share listing was suspended in May 2006 and remains so  to
this  day;  the  original  shareholders  have  suffered   substantial
dilution over the years, but should eventually have an investment  in
a much larger company if and when a market quote is restored

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

Franconia Minerals, an Alberta-formed corporation, is focused on  the
development  of  the   Birch  Lake   copper-nickel-platinum-palladium
project in  the  highly  prospective  Duluth  complex  in  north-east
Minnesota, positioned  to  be  one of  the  world's  largest  copper,
nickel, PGM resources.  The project consists of three deposits (Birch
Lake, Maturi,  and  Spruce Road),  with  latest estimates  giving  an
indicated resource of 131 million tonnes plus an inferred 37  million
tonnes for Birch Lake, Maturi 120 million tonnes inferred and  Spruce
Road 376 million tonnes  indicated open pit  resource or 124  million
tonnes inferred underground resources.

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 West  Africa, along with  the
development of  a  number of  diversified  mineral properties  and  a
high-grade limestone deposit in New Brunswick.  In West Africa, Fundy
holds a minerals  exploration licence over  1000 sq. km.  of land  in
Liberia, having received  a licence  permit for  its Sehnkweh  Cestos
claim.  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  its  alluvial
diamond discovery in the southern area of its permit, and considering
the significant quantities of gem quality alluvial diamonds that have
been previously  extracted by  artisan miners,  Fundy's main  efforts
have been concentrated on locating the related kimberlitic source  of
its discovery.   Diamond discoveries  have been  made other  than  in
alluvial  watercourses  and  wetland  depressions,  so  an  extensive
geophysical survey has been undertaken, successfully yielding 12  new
targets of interest for Kimberlitic intrusions and new gold targets.

Gippsland Limited - Sydney ASX ticker: GIP
Website:  www.gippslandltd.com.au
Gippsland is an Australian-based international resource company  that
focuses on projects  that have  been overlooked  by major  producers,
having undergone  detailed exploration  and  offer the  potential  of
early production.   Its Egyptian  ventures are  held 50:50  with  the
Egyptian government but with its Board having a casting vote.

Its prime assets  are tantalum-tin  projects in  the Central  Eastern
desert of Egypt adjacent to the  Red Sea, and notably include the  40
million tonne Abu Dabbab and the 98 million tonne Nuweibi  projects.
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, a likely 20 year mine-life, and a resource base in  excess
of 140 million  tonnes, will  rank Gippsland as  the world's  largest
producer of tantalum.  Negotiations on the forecast project financing
need of US$173 million  based on 80% debt  and 20% equity have  taken
longer than planned to complete.  A 10 year off-take has been  agreed
with the  German HC  Starck group  for the  future annual  supply  of
600,000 lbs.  Gippsland  has undertaken  exploration drilling  within
the Wadi Allaqi region where it has obtained highly encouraging  gold
results, and  a  copper-nickel deposit.   Gippsland  also has  a  40%
free-carried interest in the Tasmanian  Queen Hill tin deposit,  with
an indicated and  inferred resource  of 7.3 million  tonnes, and  its
wholly-owned subsidiary  Nubian  Resources  has  been  granted  three
prospecting licences covering 300 sq. km in North Eritrea, in an area
that has had minimal  previous exploration but  has the potential  to
host high-grade gold and base metal deposits.

In March 2009 Gippsland withdrew  from AIM following the  resignation
of its Nomad and its  joint brokers, and to  be solely listed on  the
Sydney ASX, thereby enabling clear cost savings.

Goliath   Resources    Inc   -    Pink    Sheets   OTC    ticker    -
GHRI
Website: www.goliathresources.com

Goliath Resources is  a Vancouver-based  mineral exploration  company
with interests in copper, gold  and molybdenum in Western Canada  and
Zambia. Its main focus is  centred on the Phelps Dodge-owned  Mazenod
Lake, a 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.  Its  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.  A  third  project is  the  Java
property in British Columbia,  a copper-molybdenum porphyry  prospect
formerly owned by  Kennecott.  In Zambia  Goliath leads a  consortium
which has been issued a 25 year mining licence covering tailing dumps
of 150 million tons  in the Zambian Copper  Belt; their treatment  is
seen to have substantial near-term cash-flow potential.

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

Greatland Gold has three gold projects in Tasmania, consisting of the
Firetower  project   in   the   north  with   an   initial   inferred
JORC-compliant resource of 90,000 oz. of gold, where surface sampling
has yielded encouraging  results and  test drilling  is currently  in
progress: the  Warrentinna, Forester  and Waterhouse  field  complex,
first mined early last  century and which  has yielded a  substantial
amount of high  grade gold at  surface but where  a current  drilling
programme has been delayed due to heavy rainfall: and lastly the East
Lisle project where the  Company will seek  to determine the  bedrock
source of the 250,000 oz of gold reputedly produced in the past  from
alluvial workings in the area.  In addition the Company has two  gold
projects in Western Australia, the 200  sq km Lackman Rock site,  and
its latest  acquisition,  the  Ernest Giles  project  comprising  two
unexplored contiguous tenements covering a 686 sq km area in a remote
desert region.  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.  Greatland's aim to become a stand-alone producer
remains on course but will  require the raising of significant  extra
capital to bring Firetower into production.


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

Hidefield has been  focusing on  the acquisition  and development  of
highly prospective  gold projects  in Argentina,  Brazil, and  Alaska
(held directly), and on projects  in Canada, Nevada and Arizona  held
in independent self-funded associate companies.

Because Hidefield has been unable  to secure further finance for  its
widely spread exploration work, it  has reviewed its strategy to  the
extent of seeking to sell off  certain properties or projects and  to
consolidate its  exploration activities  in  Argentina, where  it  is
actively exploring the  advanced stage  Don Nicolas  gold project  in
Santa Cruz Province and working in joint venture with Minera Sud S.A.
in three Patagonia  provinces.  The  Don Nicolas project  has a  JORC
compliant indicated resource  of 200,700  ozs of  gold with  inferred
158,400 ozs using a high grade cut of 90 gpt gold.  In Brazil, a sale
of the advanced stage Cata Preta  gold project in Minas Gerais  State
is being negotiated, while in  Alaska Hidefield's 60/40% Golden  Zone
project venture with Mines Trust  Inc. has received notice from  Fire
River Gold  Corp. of  its intention  to acquire  a full  100% of  the
project for completion by end May 2013.  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.

On 20 October 2009, a recommended  all share offer was announced  for
Hidefield by Minera IRL Limited.

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

Kefi Minerals, a spin-off from 29% holder EMED plc, is an early stage
gold and  copper exploration  company operating  a joint  venture  in
Turkey with TSX-listed Centerra Gold and in Saudi Arabia where it  is
operator of the 60:40 joint  venture (GEMCO) with local  conglomerate
ANTAR and  enjoys a  first-mover advantage  into the  field of  Saudi
exploration, seeking to identify and develop local million ounce plus
gold deposits.

Kefi's two most advanced exploration projects are Artvin in the north
east and Derinin Tepe in the west of
Turkey, but  it  has  already  identified  several  other  attractive
prospects to evaluate in  other regions of  the country.  The  Artvin
Project comprises  fifteen contiguous  exploration licences  covering
253 sq. km.   A gold discovery  at its Yanikli  Prospect has  already
been announced.  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 quality tenure.

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

Lisungwe explores for minerals over various tenements in Malawi where
it  has  established  a   JORC  compliant  nickel  resource,   nickel
extraction techniques through leaching  and an initial scoping  study
for a mine.  As a consequence and given the necessity of acquiring  a
local source of sulphuric acid,  during 2008 Lisungwe identified  and
eventually acquired a  source of  pyrite used  to manufacture  acid.
However, before a  JORC compliant resource  could be established  the
Company's cash resources became exhausted; it has struggled for  most
of the past year to raise new funds, so far without success.  In  the
meantime, a draft  study has demonstrated  that the proposed  project
would be  profitable given  the  shortage of  acid in  south  eastern
Africa.

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  assets in or  close to production  in
Mongolia, with particular focus  on building an integrated  fluorspar
business from the exploration stage through to mining, processing and
ultimate  trading.   Lotus   sees  Mongolia   as  offering   exciting
possibilities for building profitable business in a sector ready  for
consolidation with many  small operators  who are  lacking access  to
finance.    The   country   is   found   to   have   a    democratic,
business-friendly environment with foreign  investment in its  mining
sector suitably encouraged by  the Government: the country's  geology
is exciting  with  over  6,000 known  showings/deposits  covering  80
different minerals, and as a result of good quality exploration  work
by the  Russians  in  the  past,  extensive  data  is  available  and
accessible from the  Geofund central library.   Fluorspar is used  as
flux in  steel-making with  Russia and  Ukraine seen  as likely  main
markets,  and  as  acid  in  the  chemicals  industry  with  eventual
world-wide clientele  potential.   The Company  has  commenced  joint
venture open mining operations  on a 170,000  tonnes resource, has  a
second  exploration  licence  covering  a  290,000  tonnes   resource
awaiting mining  licence  approval,  and has  a  further  exploration
licence area covering 1066  hectares; it has a  51% interest in  each
related joint  venture.  Meanwhile  Lotus is  continuing to  evaluate
other opportunities in Mongolia and in China.

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 JORC  compliant measured resource  of 1.4  billion
tonnes (371 million tonnes  proven reserves) located  in Block V1  of
the Thar Desert project in the Sindh province, 380 km east of Karachi
and further distant from the insecurity of the north western frontier
region.  It  benefits  from  past and  ongoing  major  infrastructure
investment by  the Pakistan  Government, eager  to open  up the  Thar
Desert region with its estimated lignite coal resource of 175 billion
tonnes.  Work on a bankable feasibility study is already underway for
completion early next year and  the mine development project will  be
linked to  the  construction  of a  mine-mouth  300MWe  power  plant.
Initial mine production is planned for late 2010, and while the  mine
design will allow  for an  annual production of  2.5 million  tonnes,
this will only be achieved by 2014, by when the completed power plant
will be  in operation.   Oracle is  in preliminary  discussions  with
potential power plant  developers and operators.   The power  plant's
annual intake from the mine will  be 1.75 million tonnes, any  supply
balance being readily sold to local industry unless and until further
capacity is added to the power plant.  Pakistan suffers from critical
shortages of  electricity  supply  resulting in  a  proliferation  of
disruptive  power  cuts  and  stunting  the  growth  of  the  vibrant
economy.  With such a major indigenous yet unexploited coal  resource
to hand, the Pakistan Government sees Oracle as a key contributor  to
the future development of the country's economy.  Oracle is currently
assessing the benefits of a near-term admission to the AIM market.

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

Red Rock, in which Regency Mines holds a 30% interest, operates as  a
mineral exploration and development  company, focusing on  manganese,
iron ore  and gold  properties in  Australia, Kenya  and Zambia.   In
addition, it has a 27% interest in Resource Star Ltd, expected to  be
re-admitted to ASX soon,  to which it sold  its uranium portfolio  in
exchange for shares and effective management control

The hugely significant  event of  the last  year has  been the  joint
venture with  Pallinghurst  which has  taken  control of  ASX  quoted
Jupiter Mines Limited to which Red Rock has disposed of its iron  ore
property interests consisting of the highly prospective Mt Alfred  in
Western Australia.  In turn, POSCO of  South Korea has taken a  stake
in Jupiter where Red Rock is the largest shareholder with 25%  having
a current market value of A$18m.

More recently Red Rock has again shown its deal making expertise with
the acquisition of  interests in  the greenstone belt  of south  west
Kenya where it is expecting to develop a gold extraction project.

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

For Regency Mines, apart from its 30% interest in Red Rock Resources,
the significant development during the past year has been the results
of its exploration at the Mambare  Plateau in Papua New Guinea  where
all the indications are that a  world class nickel resource has  been
identified.  More  recently, the  company  has announced  a  possible
joint venture deal with  Direct Nickel Limited for  the use of  their
patented extraction  technology.   Otherwise Regency  is  focused  on
exploring areas  of  copper  and  nickel  potential  at  Bundarra  in
Queensland, Yilgarn in Western Australia and, for gold at Mount Stone
in Queensland.  As  with its  sister company, Red  Rock, Regency  has
demonstrated skill  in  the  development of  these  assets  by  joint
venture, acquisition  or  disposal  as well  as  a  sound  investment
portfolio in  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  and fully owns  in
Northern Ethiopia  five exclusive  mineral licences  covering 203  sq
km:  at Mereto  Sheba is exploring  a 3km long  gold soil anomaly  in
detail; at Shehagne  the Company  has discovered and  traced a  2.3km
long gold soil anomaly and  has started detailed exploration; at  Una
Deriam search  is  underway  for  an extension  to  the  Mereto  gold
anomaly; Finarwa and Winibo are both being explored for gold and base
metals.  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 its operations.  Sheba has  newly
signed a joint venture letter  of intent with Stratex  International,
granting the latter  an option to  earn a 60%  share in Shehagne  for
£350,000 of exploration expenditures, and an option for the former to
earn a 50% share in a further joint exploration project with  Stratex
in Northern Ethiopia.  Stratex  will take a  5.6% equity interest  in
Sheba for a £40,000 cash injection.

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 Finland.   Its
exploration activities  are focused  on two  geographically  distinct
areas in  the Karelian  Craton, which  extends over  the border  into
Russia where it notably yields a number of world-class diamondiferous
kimberlites: the first Sunrise  area is at  Kuusamo in north  central
Finland where it controls 100% of its claims in a recently discovered
kimberlite cluster, the  second is at  at Kaavi-Kuopio which  Sunrise
has newly acquired by  earn-in under a  joint venture agreement  with
Canadian Nordic Diamonds Ltd.  Sunrise has no debt, but is not as yet
in profit; its exploration field  activities have been put on  hold.
It continues to enjoy exclusive  access to the valuable BHP  Billiton
data base from its former Finnish diamond exploration activities.

Woburn Energy plc (formerly Black Rock  Oil & Gas plc) - AIM  ticker:
WBN
Website: www.woburnenergy.com

The new Woburn Energy remains focused on being active in oil and  gas
exploration and seeking new acquisition opportunities. It inherited a
chequered past from Black Rock with cash-hungry projects in  Colombia
and the UK, while facing a critical funding shortage.  The  take-over
of the  original venture  partner/operator Kappa  Energy Colombia  by
Canadian Pacific Rubiates led to improved relations for its Colombian
interests, and to the arrival of a Canadian private company, Prospero
Hydrocarbures, and a US$5  million purchase of  49% of its  Colombian
interests.  Its funding  difficulties led to  an abortive attempt  to
sell its interest in North Sea block 49/8c.  However by early 2009  a
rescue funding was made by Cetus Investment which injected £2 million
for an  effective 86%  stake  in the  Company  with a  commitment  to
further funding in the range of £5-10 million.  This recapitalisation
signified a 97%  dilution for the  original Black Rock  shareholders,
and resulted in the decisions  to cease further exploration work  and
to relinquish remaining licences in Colombia, while assuming that the
development of the UK  Monterey gas field would  be unlikely, all  of
which leaves Woburn in need of new acquisition prospects.


Investment companies with mineral exploration interests

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

Following the total  loss on its  two investments in  DTT and  Myhome
International,  Equity   Resources  has   abandoned  its   investment
activities in franchise businesses in favour of the natural  resource
sector.   It was fortunate  to have available cash  to invest at  the
bottom of the market in Red Rock Resources plc and Regency Mines plc,
see above.  The company's recently  announced 2009 results show  that
this change of strategy was well timed.

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

India Star Energy is  focused on investing  in companies involved  in
mining  or   alternative  sources   of  fuel,   with  three   current
investments.  Firstly, New Fuels International Ltd (100% option) is a
Seychelles-based specialised  development  company  involved  in  the
creation of renewable bio-fuels  and bio-energy products, seeking  to
replicate the Brazilian bio-fuel model in carefully selected  African
countries.  Secondly, Trillium  North Minerals (11.5%)  is a  Toronto
TVX quoted  company  (formerly  known  as  Canadian  Dragon  Company)
holding interests in  resource properties  as yet  only in  Ontario.
Lastly, East West Resource Corporation (1.9%) is a Toronto TVX quoted
company, exploring for copper, zinc,  nickel, and precious metals  in
northwest  Ontario,  with  three  flagship  assets  plus  an   active
portfolio of early stage projects.


Companies with other interests

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 however restricted opportunities for seed capital
investments over  recent months.   Its  investments include  a  7.33%
interest in Equity Resources plc, see above.

The Core Business plc, in administration - 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, distributing  selected products through  the
likes of Superdrug and Tesco.   Funding concerns arose in the  summer
as a result  of retailer de-stocking,  declining consumer demand  and
the weakness of sterling impacting  on gross margins: the shares  are
currently  suspended   pending  clarification   of  past   accounting
discrepancies.  An administrator was appointed on 12 October 2009.

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

St Helen's  Capital has  received shareholder  approval to  sell  its
operating  business   to  Whim   Gully   plc,  comprising   all   its
institutional stockbroking, corporate finance, and PLUS advisory work
activities. In the past year the general global economic downturn led
to St Helen's Capital being  unable to complete any fundraisings  for
its clients which reflects on the lack of confidence pervading in the
junior markets.  St  Helen's  Capital has  therefore  now  become  an
Investing Company for the purposes of the AIM rules and its name will
be shortly changed accordingly.

In addition to  the above,  Starvest has interests  in the  following
unquoted companies, neither of which  are deemed to have  significant
value at this present time:

  * Addworth plc - general investment holding company
  * Treslow Limited - a copper-nickel prospect near Armstrong in
    North West Ontario, Canada.


Profit and loss account
for the year ended 30 September 2009


                                       Year ended 30    Year ended 30
                                      September 2009   September 2008
                                                   £                £

Operating income                                   -           16,700
Direct costs                                       -         (15,430)
Gross profit                                       -            1,270
Administrative expenses                    (189,398)        (271,640)
Amounts written back to/(written             295,884      (3,461,919)
off) trade investments
Operating profit/(loss)                      106,486      (3,732,289)
Interest receivable                           29,933          105,054
Interest payable                            (91,727)         (98,430)
Profit/(loss) on ordinary                     44,692      (3,725,665)
activities before taxation
Tax on profit/(loss) on ordinary             (8,600)        1,118,201
activities
Profit/(loss) on ordinary                     36,092      (2,607,464)
activities after taxation

Earnings/(loss) per share - basic          0.1 pence      (7.5) pence
Earnings/(loss) per share - fully          0.1 pence      (7.5) 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 2009


                                30 September 2009   30 September 2008
                                                £                   £
Current assets
Debtors                                    34,720           1,126,908
Trade investments                       3,215,671           2,855,237
Cash at bank                                    -                   -
                                        3,250,391           3,982,145
Creditors - amounts falling             (851,769)         (1,619,615)
due within one year
Net current assets                      2,398,622           2,362,530

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                        53            (36,039)
Equity shareholders' funds              2,398,622           2,362,530




Cash flow statement
for the year ended 30 September 2009


                                            Year ended     Year ended
                                     30 September 2009   30 September
                                                     £           2008
                                                                    £

Net cash outflow from operating              (244,420)    (1,815,809)
activities
Returns on investment and
servicing of finance:
Interest receivable                             29,933        105,054
Interest payable                              (91,727)       (98,430)
                                              (61,794)          6,624

Taxation recovered/(paid)                    1,118,401    (1,509,413)

Equity dividends paid                                -      (174,587)

Financing:
Company shares repurchased                           -       (73,480)
Loan advanced                                  100,000              -
Short term loan repaid                     (1,000,000)              -
                                             (900,000)       (73,480)

Decrease in cash in the year                  (87,813)    (3,566,665)


The financial information set out above does not constitute statutory
accounts as defined in the Companies Act 2006.

The balance sheet at 30 September 2009, 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 498 of the Companies Act 2006.

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:  email@starvest.co.uk

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

Enquiries to:

  * Bruce Rowan, telephone 020 7486 3997
  * John Watkins, telephone 01483 771992, or to john@starvest.co.uk
  * Gerry Beaney or Colin Aaronson, Grant Thornton Corporate Finance,
    telephone 020 7383 5100

                                          cement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.