ASA Limited Reports Results for Six Months Ended May 31, 2009

BUFFALO, N.Y.--(Business Wire)--
ASA Limited (NYSE:ASA), a closed-end fund specializing in gold and other
precious mineral investments worldwide, today reported the release of the
following information with respect to the Company`s operations for the six
months ended May 31, 2009:

Net assets $552,514,699

Shares outstanding 7,200,000

Net asset value per share $76.74

Net investment income(loss) (1) ($255,818)

Net investment income (loss) per share (1) ($.04)

(1) Excludes the following items-
Amount Per share

Net realized gain from $4,056,751 $.56
investments (including realized
(loss) on investments from
foreign currency transactions)

Net realized gain from other $9,904 --
foreign currency transactions

Net increase in unrealized $208,329,193 $28.93
appreciation on investments

Gold mining shares and gold bullion performed well over the last six months
despite the negative news regarding the global economic environment. Since the
end of November 2008, gold prices have risen from $814.50 to $975.50 per ounce
at the end of May 2009. During this same period, the Company`s total return,
including reinvested dividends, was 70.2% based on the NAV per share and 71.5%
based on the market price per share, including reinvested dividends. The
discount to the NAV at which the Company`s shares have traded in the market
decreased slightly from 10.8% at the end of November 2008 to 10.1% at the end of
May 2009. Overall, gold has performed well due to slowing global gold
production, rising investor demand for the precious metals and growing investor
concern, related to global economic crisis which has prompted many investors to
seek the perceived safety of gold. The slowing production of gold globally,
combined with the increased demand for gold as an investment has provided upward
stimulus to gold prices during the last six months.

Net investment income (loss) for the six months ended May 31, reflects, a
significant decrease in dividend income due to the effect of the diversification
on the portfolio away from South African gold producers, a decrease in assets
under management, and reduced dividend payouts from many of the Company`s
investments as a consequence of the global recession. As highlighted in the
November 2008 shareholders report, the Company is projecting substantially lower
dividend income during the current year than was received during the last
several years.

Investors are encouraged to visit the Company`s website for additional
information regarding historical and currents prices, news releases, financial
statements and supplemental information. The Company`s site may be reached at
www.asaltd.com or you may contact the Company directly at 1-800-432-3378.

Certain Tax Information

The Company 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 the Company.

Forward-Looking Statement

Certain statements in this press release are "forward-looking statements" within
the meaning of U.S. federal securities laws and are intended to be covered by
the safe harbors created thereby. By their nature all forward-looking statements
involve risks, uncertainties and other factors which may cause actual results,
performance or achievements of management`s plans to be materially different
from those contemplated by the forward-looking statements. Such factors include,
but are not limited to, the performance of companies whose securities comprise
the Company`s portfolio, the conditions in the United States, South Africa, and
other international securities and foreign exchange markets, the price of gold,
platinum and other precious metals and changes in tax law.

Additional information regarding the Company may be found at www.asaltd.com.

ASA Limited
David J. Christensen, 716-883-2428
President and Chief Executive Officer

Copyright Business Wire 2009