All information is at 31 October 2013 and unaudited. 
Performance at month end with net income reinvested 
                            One    Three      One    Three     Five 
                          Month   Months     Year    Years    Years
Net asset value (undiluted)    2.7%     5.5%   -18.7%   -30.0%    84.1%
Net asset value (diluted)      2.7%     5.5%   -18.7%   -30.0%    83.4%
Share price                   -2.3%     2.3%   -15.7%   -23.4%   107.5%
HSBC Global Mining Index*      4.0%     5.6%   -18.0%   -32.9%    65.2%
*Total return 
Sources: BlackRock, HSBC Global Mining Index, DataStream 
At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 530.17p*                515.97p
*Includes net revenue of 14.20p 
Share price:                       472.10p
Discount to NAV**:                   11.0%
Total assets:                   £1,043.89m
Net yield***:                         4.4%
Gearing:                             11.1% 
Ordinary shares in issue:          177,287,242
Ordinary shares held in Treasury:   15,724,600 
** Discount to NAV including Income.
*** Based on prior year final dividend of 14.00p and current year interim
dividend of 7.00p per share. 
Sector                   % Total    Country Analysis          % Total 

                          Assets                               Assets

Diversified                 43.9    Global                       49.1
Base Metals                 22.9    Other Africa                 22.5
Industrial Minerals         16.7    Latin America                13.5
Gold                         8.0    Australasia                   4.6
Silver & Diamonds            6.9    South Africa                  3.7
Other                        1.2    Democratic Republic of Congo  3.4
Platinum                     1.1    Canada                        1.9
Energy Minerals              0.2    Emerging Europe               1.0
Net current liabilities     (0.9)   USA                           0.9
                           -----    Indonesia                     0.3
                           100.0    Net current liabilities      (0.9)
                           =====                                -----

Ten Largest Investments                      % Total

Glencore Xstrata                                 11.1
Rio Tinto                                        11.1
BHP Billiton                                     10.7
First Quantum Minerals                            8.4
London Mining Marampa Contract                    6.6
Freeport McMoRan                                  6.1
Vale                                              4.1
Fresnillo                                         2.7
Iluka Resources                                   2.5
Banro                                             2.5

Commenting on the markets, Evy Hambro, representing the Investment Manager 

In October markets focused on the US Government shutdown, its resolution and
the impact it may have on the timeline for the tapering of the US Federal
Reserve's Quantitative Easing programme. Chinese data continued to show
improvements with notably better than expected PMI readings although some
concerns around liquidity crept into the market mid-month. China's third plenum
at which the government will announce its new reform objectives will take place
in early November. These reforms aim to transform the Chinese economy by 2020.

Recently we have been seeing more appetite globally for the mining sector as
commodity prices have held up better than expected, in particular copper and
iron ore prices which investors expected to be significantly weaker. Over the
month nickel, zinc and copper returned 4.8%, 2.0% and -0.7% respectively while 
iron ore prices added approximately 1.9%, ending the month at $135/t.

The gold price took much of its direction from Washington. Gold drifted below
$1,300/oz early in the month as the US dollar strengthened in response to
promising signs of a resolution on Capitol Hill. An 11th hour deal was struck
and attention soon turned to the likelihood of tapering being pushed back,
which was aided by a disappointing non-farm payroll release, and bullion
regained almost all of its losses. A significant volume of gold has migrated
eastwards this year: while US investors' appetite for gold has waned, investors
and consumers in Asia, particularly China, have been on the bid, enticed by the
lower prices. China is the largest single country producer of gold, but the
amount it imports has risen dramatically in recent years and may well overstep
India this year as the largest country consumer of gold.

The mining sector and other economically sensitive areas have struggled over
the last two years as the market has downgraded global growth expectations.

In the medium term, commodity prices are likely to remain range-bound as supply
and demand have come closer into balance. We expect constructive price pressure
to return for certain commodities, but for now mining companies need to be
focused on capital discipline, operational efficiency and growing margins
through cost control. In such an environment, well-managed mining businesses
should be able to generate free cash flow, be in a strong position to return
cash to shareholders and should see their share prices rewarded as a result. In
the Company, we are looking to identify the winners and the stock specific
stories that have been neglected in the risk averse markets of the last two

All data in USD terms unless otherwise stated.

14 November 2013 


Latest information is available by typing on the internet,
"BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.

-0- Nov/14/2013 16:10 GMT

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