Edgar Filing: ASA BERMUDA LTD

                            SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

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[ ]   Definitive Proxy Statement

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[X]   Soliciting Material Pursuant to Section 240.14a-12

                              ASA (Bermuda) Limited
                ------------------------------------------------
                (Name of Registrant as Specified In Its Charter)


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      1) Amount Previously Paid: __________________________________

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      4) Date Filed: ____________________________



                              ASA (BERMUDA) LIMITED

                                11 SUMMER STREET
                                    4TH FLOOR
                                BUFFALO, NY 14209

                                                                   April 8, 2005

                              IMPORTANT INFORMATION
                           YOUR ATTENTION IS REQUESTED

DEAR SHAREHOLDER:

        I am writing to keep you informed of some important developments
regarding your Company.

        As you may know, the Company is subject to a number of fundamental
investment policies relating to the diversification of its portfolio and the
concentration of its investments inside and outside of South Africa. Because of
structural changes in the gold mining industry, certain of these policies make
it difficult for the Company to implement its investment strategy. Accordingly,
the Company intends to seek shareholder approval of certain changes to the
Company's investment policies at an upcoming meeting of shareholders. If the
changes are approved, the Company will invest primarily in companies involved in
the mining of gold around the world.

        We are not requesting your proxy in this letter and you should not sign
or send in a proxy card today. Definitive proxy materials will be sent to you in
our next mailing which will include a proxy statement and proxy card providing
the information you will need to consider to cast an informed vote on the
proposed policy changes. At that time, we will ask for your vote. The vote of
shareholders, large and small, will be important to ensure sufficient votes are
received to approve the proposed policy changes which we believe are important
to the Company's future.

         YOU SHOULD READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE
IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED POLICY CHANGES. In
addition, the Company files annual and semi-annual reports and other information
with the Securities and Exchange Commission. The definitive proxy statement to
be filed in connection with the proposed changes to the Company's investment
policies (when it becomes available) and any other documents filed with the SEC
by the Company are available without charge at the SEC's website at
http://www.sec.gov. You may also obtain the Company's most recent annual report,
without charge, on the Company's website at http://www.asaltd.com, by calling
D.F. King & Co., Inc. at 1-800-901-0068 (toll-free) or by writing to the Company
c/o LGN Associates, P.O. Box 269, Florham Park, NJ 07932. The Company and its
Board of Directors may be considered participants in the upcoming solicitation
of proxies. Information on the directors' ownership of shares in the Company
will be available in the definitive proxy materials to be filed with the SEC.



        If you wish to be on our special mailing list for the definitive proxy
statement, once available, please call D. F. King & Co., Inc., who is assisting
us, at 1-800-901-0068 (toll-free) or (212) 269-5550 (call collect). You may also
email your request to us at asabermuda@dfking.com.

        We are always interested in hearing from you. You may reach the Company
by telephone at 1-800-432-3378.

        On behalf of your Board of Directors, thank you for your continued
support. Please give the proxy materials your careful attention upon receipt,
and remember that your vote will be important.

                                                      Sincerely,

                                                      /s/ Robert J.A. Irwin
                                                      --------------------------
                                                      Robert J.A. Irwin
                                                      Chairman of the Board



                              ASA (BERMUDA) LIMITED

                                11 SUMMER STREET
                                    4TH FLOOR
                                BUFFALO, NY 14209

                                                                   April 8, 2005

                              IMPORTANT INFORMATION
                           YOUR ATTENTION IS REQUESTED

DEAR SHAREHOLDER:

        I am writing to keep you informed of some important developments
regarding your Company.

        As you may know, the Company is subject to a number of fundamental
investment policies relating to the diversification of its portfolio and the
concentration of its investments inside and outside of South Africa. Because of
structural changes in the gold mining industry, certain of these policies make
it difficult for the Company to implement its investment strategy. Accordingly,
the Company intends to seek shareholder approval of certain changes to the
Company's investment policies at an upcoming meeting of shareholders. If the
changes are approved, the Company will invest primarily in companies involved in
the mining of gold around the world.

        We are not requesting your proxy in this letter and you should not sign
or send in a proxy card today. Definitive proxy materials will be sent to you in
our next mailing which will include a proxy statement and proxy card providing
the information you will need to consider to cast an informed vote on the
proposed policy changes. At that time, we will ask for your vote. The vote of
shareholders, large and small, will be important to ensure sufficient votes are
received to approve the proposed policy changes which we believe are important
to the Company's future.

        YOU SHOULD READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE
IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED POLICY CHANGES. In
addition, the Company files annual and semi-annual reports and other information
with the Securities and Exchange Commission. The definitive proxy statement to
be filed in connection with the proposed changes to the Company's investment
policies (when it becomes available) and any other documents filed with the SEC
by the Company are available without charge at the SEC's website at
http://www.sec.gov. You may also obtain the Company's most recent annual report,
without charge, on the Company's website at http://www.asaltd.com, by calling
D.F. King & Co., Inc. at 1-800-901-0068 (toll-free) or by writing to the Company
c/o LGN Associates, P.O. Box 269, Florham Park, NJ 07932. The Company and its
Board of Directors may be considered participants in the upcoming solicitation
of proxies. Information on the directors' ownership of shares in the Company
will be available in the definitive proxy materials to be filed with the SEC.



        On behalf of your Board of Directors, thank you for your continued
support. Please give the proxy materials your careful attention upon receipt,
and remember that your vote will be important.

                                                      Sincerely,

                                                      /s/ Robert J.A. Irwin
                                                      --------------------------
                                                      Robert J.A. Irwin
                                                      Chairman of the Board