ASA Limited Announces Expiration and Preliminary Results of Tender Offer

BUFFALO, N.Y.--(Business Wire)--
ASA Limited (NYSE: ASA), a closed-end fund specializing in gold and other
precious mineral investments worldwide, today announced the preliminary results
of its tender offer to purchase up to 720,000 of its common shares, par value
U.S. $1.00 per share, representing 10% of its issued and outstanding shares. The
tender offer expired at 12:00 midnight, Eastern Time, on October 2, 2009.

Based on current information from Computershare Trust Company, N.A., the
depositary for the tender offer, approximately 2,695,998 of the Company`s common
shares, or approximately 37% of its issued and outstanding shares, were tendered
through the expiration date. This total includes 132,914 shares tendered
pursuant to Notices of Guaranteed Delivery. These numbers are subject to
adjustment and should not be regarded as final. Because the number of shares
tendered exceeded 720,000 shares, the Company will purchase shares duly tendered
on a pro rata basis in accordance with the number of shares duly tendered by
each shareholder.

No more than a total of 720,000 duly tendered shares will be accepted for
payment at a price of $76.11 per share, the amount equal to 98% of $77.66, the
net asset value per share as determined by the Company at the close of regular
trading on the New York Stock Exchange on October 2, 2009. The Company will
announce the final number of shares duly tendered and accepted pursuant to the
tender offer as soon as such information is available.

D. F. King & Co., Inc. has been retained as information agent for the tender
offer. Shareholders who have questions about the tender offer may call the
information agent collect at (212) 269-5550 (for banks and brokers) or toll-free
at (800) 290-6431.

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

ASA Limited
David J. Christensen, 800-432-3378 or 716-883-2428
President and Chief Executive Officer
or
Julian Reid, +44-7768 068 200
Chairman of the Board

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