January 30, 2012 - ASA Financial Results for the Fiscal Year Ended November 30, 2011

San Mateo, CA, January 30, 2012 – ASA Gold and Precious Metals Limited (NYSE:ASA) today reported that total return for the fiscal year ended November 30, 2011, based on ASA’s net asset value (NAV), was a negative 4.6%, including the reinvestment of dividends.  The performance of gold mining shares during the last fiscal year can be attributed to a number of factors, including a prevalent risk-averse attitude towards the higher growth gold mining companies, slowing economic growth rates, and rising operating costs throughout the industry.   After several years of outperformance as compared to the FTSE Gold Mines Index, ASA's NAV underperformed the Index’s
return of 2.9% during the 2011 fiscal year.  ASA’s portfolio is more broadly diversified than the FTSE Gold Mines Index and includes several diversified and platinum mining companies that were negatively affected by slow economic growth.

Based on its share price, ASA reported a total return of negative 13.7% during the fiscal year.  The NAV of the Company was $32.46 per share at the fiscal year-end.  The closing price of ASA’s shares on the New York Stock Exchange (NYSE) on November 30, 2011 was $28.85, representing a share price discount to NAV of 11.1%.   The share price of closed-end funds, like ASA, is determined by trading activity in the open market and consequently may reflect a premium to (higher than) or discount to (lower than) its underlying NAV.
  2011 2010
  Amount Per Share Amount Per Share
Net assets $626,080,025 $32.46 $669,632,863 $34.45
Net investment (loss) (1) $2,038,636 $0.11 $(192,131) $(0.01)
Ending shares outstanding 19,289,905   19,440,000  
Weighted average shares outstanding 19,402,476   19,440,000  
(1) Excludes the following items:        
Net realized gain from investments (including realized loss on investments from foreign currency transactions) $22,782,459 $1.17 $41,303,801 $2.12
Other net realized gain (loss) $21,839 $ - $(5,731) $ - 
Net increase (decrease) in unrealized appreciation on investments $(56,827,355) $(2.93) $54,781,283 $2.82
Established in 1958, ASA Gold and Precious Metals Limited is a closed-end fund (NYSE: ASA) that invests in the securities of mining companies engaged in the exploration, mining or processing of gold, silver, platinum, diamonds or other precious minerals. The Company’s wholly-owned investment adviser designs and manages precious metals investment portfolios for foundations, endowments and other institutional investors.

Investors are encouraged to visit ASA’s website for additional information, including historical and current share prices and metals prices, news releases, financial statements, tax and supplemental information. The site may be found at  www.asaltd.com or you may contact ASA directly at (800) 432-3378.

Certain Tax Information
ASA Gold and Precious Metals Limited is a “passive foreign investment company” for United States federal income tax purposes. As a result, United States shareholders holding shares in taxable accounts are encouraged to consult their tax advisors regarding the tax consequences of their investment in the common shares of ASA Gold and Precious Metals Limited.

Document Download: 01.06.11-FYE-Financial-Results.pdf

« Back to News