LIMITED POWER OF ATTORNEY

         Know all by these presents, that the undersigned hereby constitutes and
appoints each of Lawrence G. Nardolillo and Paul K. Wustrack, Jr., signing
singly, the undersigned's true and lawful attorney-in-fact to:

         (1)    execute for and on behalf of the undersigned, in the
                undersigned's capacity as an officer and/or director of ASA
                Limited (the "Company"), Forms 4 and 5 in accordance with
                Section 16(a) of the Securities Exchange Act of 1934 and the
                rules there under;

         (2)    do and perform any and all acts for and on behalf of the
                undersigned which may be necessary or desirable to complete and
                execute any such Form 4 or 5, complete and execute any amendment
                or amendments thereto, and timely file such form with the United
                States Securities and Exchange Commission and any stock exchange
                or similar authority; and

         (3)    take any other action of any type whatsoever in connection with
                the foregoing which, in the opinion of such attorney-in-fact,
                may be of benefit to, in the best interest of, or legally
                required by, the undersigned, it being understood that the
                documents executed by such attorney-in-fact on behalf of the
                undersigned pursuant to this Limited Power of Attorney shall be
                in such form and shall contain such terms and conditions as such
                attorney-in-fact may approve in such attorney-in-fact's
                discretion.

         The undersigned hereby grants to each such attorney-in-fact full power
and authority to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the rights
and powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall
lawfully do or cause to be done by virtue of this power of attorney and the
rights and powers herein granted. The undersigned acknowledges that the
foregoing attorneys-in-fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any of the
undersigned's responsibilities to comply with Section 16 of the Securities
Exchange Act of 1934.

         This Limited Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 4 and 5 with respect
to the undersigned's holdings of and transactions in securities issued by the
Company, unless earlier revoked by the undersigned in a signed writing delivered
to the foregoing attorneys-in-fact. This Limited Power of Attorney may be filed
with the Securities and Exchange Commission as a confirming statement of the
authority granted herein.

         IN WITNESS WHEREOF, the undersigned has caused this Limited Power of
Attorney to be executed as of this 23rd day of July, 2003.

                                       MALCOLM W. MAC NAUGHT
                                       ---------------------
                                       Name of Reporting Person



                                       /s/ MALCOLM W. MAC NAUGHT
                                       -------------------------
                                       Signature