Business & Finance
Tue, January 31, 2012 
SAN MATEO, Calif.--([ BUSINESS WIRE ])--[ ASA Gold and Precious Metals Limited ] (NYSE:ASA) today reported that total return for the fiscal year ended November 30, 2011, based on ASAas 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 Indexas return of 2.9% during the 2011 fiscal year. ASAas 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 ASAas 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 income (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 Companyas wholly-owned investment adviser designs and manages precious metals investment portfolios for foundations, endowments and other institutional investors.
Investors are encouraged to visit ASAas 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 apassive foreign investment companya 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.
