Final Results

Embargoed: 0700hrs, 19 May 2011

Crosby Asset Management Inc.

("CAM" or the "Company")

Preliminary Results for the Year Ended 31 December 2010

Crosby Asset Management Inc. (AIM:CSB.L), the natural resources focused investment company, is pleased to announce its preliminary results, for the year ended 31 December 2010.

Highlights

·; Disposed of its previous operating businesses, cleaned up its balance sheet, and has been reconstituted as an investing company;

·; Adopted a new strategy to invest in natural resources opportunities with the support of major shareholders;

·; Welcomed Arkadiy Abramovich as a new substantial (circa 26 per cent) shareholder in April 2011;

·; Proposed name change to Zoltav Resources Inc.; and

·; Cash reserves bolstered by £2.25 million (before expenses) fundraising post year-end.

Robert Owen, Chairman, commented:

"The Company has focused its investment activities on the natural resources sector, leveraging the experience and relationships of the Board of CAM (the "Board") and the Company's strategic investors, in order to focus on creating maximum value for shareholders."

For further information please contact:

Crosby Asset Management Inc.

Trevor Wells / Peter Moss

Tel. +44 (0)20 7399 4384

Strand Hanson Limited

Stuart Faulkner / James Spinney / Rory Chichester

Tel. +44 (0) 207 409 3494

Renaissance Capital Limited

Ed Johnson / Simon Matthews

Tel. +44 (0) 20 7367-8257

M: Communications

Ben Simons / Maria Souvorov

Tel. +44 (0)20 7920 2340/2327

Chairman's and Chief Executive's Report

During the year significant steps were taken to transform the direction and strategy of the Company:

In October 2010, the Company disposed of its operating businesses, allowing the Company to use the proceeds to clear outstanding loans and to clean up its balance sheet. CAM subsequently re-designated itself as an investing company, as defined in the AIM Rules, and adopted an investment strategy to acquire holdings in the natural resources sector, which, the Board believes, are undervalued and where one or more such transactions have the potential to create value for shareholders. Under the investing strategy there is no limit to the number of projects in which the Company may invest and the Board will consider possible opportunities anywhere in the world with a particular focus on Africa, South America, Australasia and central and eastern Europe.

The Board is confident that CAM has obtained a number of influential shareholders during, and after, the period under review, who are supportive of the Company's new strategy:

·; In December 2010, ECK Partners Holdings Limited ("ECK") acquired the 89.35 per cent shareholding in the Company held by our previous parent company. ECK is an investment holding company owned as to 88.86 per cent by TW Indus Limited ("TW Indus"), a company wholly-owned by Ilyas Khan, and 11.14 per cent by CAM's Chairman, Robert Owen, at the date of the transaction.

·; In January 2011, Old Church Street Holdings Limited acquired a c.54 per cent shareholding in CAM via a strategic sale of shares to it by ECK. Old Church Street Holdings Limited is a privately owned investment holding company, which predominately invests in the natural resources sector and counts John McKeon as its primary discretionary beneficiary.

·; In April 2011, ECK and Old Church Street Holdings Limited each sold part of their stakes to ARA Capital Limited ("ARA"), a company beneficially owned by Arkadiy Abramovich, who, as a result has become the Company's largest shareholder with 25.4 per cent. Old Church Street Holdings Limited and ECK remain 24.4 per cent and 17.8 per cent shareholders today respectively.

In January and February 2011, the Company raised gross funds £2.25 million, in support of its new strategy, from institutional and professional investors. The Board believes that these funds have provided CAM with sufficient resources to meet its working capital requirements and pursue the investment strategy.

The Board has proposed a name change to Zoltav Resources Inc. more appropriately to reflect the new direction of the Company. The necessary resolutions to implement this name change will be proposed for shareholder approval at the upcoming general meeting of the Company to be held on 21 June 2011 at Le Meridien Beach Plaza Hotel, 22 Avenue Princesse Grace, 98000 Monte Carlo, Monaco at 2.00 p.m. (local time).

Outlook

The Company is focusing its investment activities on the natural resources sector, leveraging the experience and relationships of the Board and the Company's strategic investors, in order to focus on creating maximum value for shareholders and look forward to reporting progress on these activities.

Robert Owen, Chairman

Johnny Chan, Chief Executive Officer

19 May 2011

Consolidated Income Statement

For the year ended 31 December 2010

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2010

Consolidated Statement of Financial Position

As at 31 December 2010

Consolidated Statement of Changes in Equity

For the year ended 31 December 2010

Consolidated Statement of Cash Flows

For the year ended 31 December 2010

Consolidated Statement of Cash Flows (Continued)

For the year ended 31 December 2010

Notes to the Consolidated Financial Information

1. Basis of preparation

The Company was incorporated in the Cayman Islands, which does not prescribe the adoption of any particular accounting framework. The Board has therefore adopted International Financial Reporting Standards ("IFRSs") issued by the International Accounting Standards Board. The Company's shares are listed on the AIM of London Stock Exchange.

The consolidated financial statements are prepared under historical cost convention except for financial instruments classified as available-for-sale and at fair value through profit or loss, which are measured at fair value. The measurement bases are fully described in the accounting policies detailed in the Group's 2010 annual report and consolidated financial statements.

It should be noted that accounting estimates and assumptions are used in preparation of the consolidated financial statements. Although these estimates are based on management's best knowledge and judgement of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are set out in the Group's 2010 annual report and consolidated financial statements.

The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries(together referred to as "the Group") made up to 31 December each year. Material intra-group balances and transactions, and any unrealised gains arising from intra-group transactions, are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The principal accounting policies are detailed in the Group's 2010annual report and consolidated financial statements.

2. Segmental Information

In identifying the Group's operating segments, the management generally followed the Group's service lines which represented the main service lines provided by the Group.

The Group identified the following reportable operating segments:

i) Asset Management - provision of fund management, asset management and wealth management services.

ii) Direct Investment - the remaining investments held which arose from the discontinued merchant banking segment which was disposed of in 2008 and were managed on a passive basis.

Upon the disposal of all the subsidiaries to its holding company, both the Asset Management and Direct Investment businesses have been shown as discontinued operations.

The revenues generated, losses incurred from operations and total assets by each of the Group's operating segments are summarised as follows:

Segment (loss)/profit from operations can be reconciled to consolidated loss from operations as follows:

Segment total assets can be reconciled to consolidated total assets as follows:

The Group definedgeographical locations with reference to those revenue producing assets and transactions that arise from customers domiciled worldwide. Due to the nature of the business, precise segregation of geographical activities would be arbitrary and therefore considered not appropriate.

3. Taxation

United Kingdom and overseas income tax for the year have been calculated at the rates prevailing in the relevant jurisdictions.

A reconciliation of the tax credit applicable to the profit/(loss)before taxation using the statutory rates for the countries in which the Company and its subsidiaries are domiciled to the tax credit at the effective tax rates, and a reconciliation of the statutory tax rates to the effective tax rates, are as follows :

No recognition of potential deferred tax assets of the Group has been made as the recoverability of the potential assets is uncertain.

4. Discontinued operations

Notes:

(i) The amounts include the additional provision for onerous contract of US$106,000 (2009: US$2,685,000) representing the discounted net present value of the future property operating lease rental payments under the operating lease on the basis that no sublet of the property is achieved for the remaining term of the lease. As at 31 December 2010, the provision for the onerous contract was US$Nil (2009: US$2,963,000) following the disposal of subsidiaries.

(ii) For the purpose of presenting discontinued operations, the comparative consolidated income statement and consolidated statement of comprehensive income, the consolidated statement of cash flowsand the related notes have been re-presented as if the operations discontinued during the year had been discontinued at the beginning of the comparative period.

5. Profit/(Loss) per Share

(a) Basic

Basic profit/(loss) per share is calculated by dividing consolidated loss attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year.