UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 13F

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:      September 30, 2005

Check here if Amendment [ ];       Amendment Number:

This Amendment (Check only one):   [ ] is a restatement.
                                   [ ] adds new holdings entries.


Institutional Investment Manager Filing this Report:

Name:     ASA (Bermuda) Limited
Address:  11 Summer Street, 4th Floor, Buffalo, NY 14209-2256


Form 13F File Number: 28-11034

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager

Name:   Robert J.A. Irwin
Title:  Chairman, President & Treasurer
Phone:  716-883-2428


Signature, Place, and Date of Signing:

/s/ Robert J.A. Irwin          Buffalo, NY 14209-2256           November 3, 2005
---------------------          ----------------------           ----------------
     [Signature]                   [City, State]                     [Date]

Report Type (Check only one):

[X]      13F HOLDINGS REPORT. (Check here if all holdings of this
         reporting manager are reported in this report.)

[ ]      13F NOTICE. (Check here if no holdings reported in this report, and
         all holdings are reported by other reporting manager(s).)

[ ]      13F COMBINATION REPORT. (Check here if a portion of the holdings for
         this reporting manager are reported in this report and a portion are
         reported by other reporting manager(s).)


 

                              Form 13F SUMMARY PAGE

Report Summary:



Number of Other Included Managers:       0

Form 13F Information Table Entry Total:  7

Form 13F Information Table Value Total:  $119,371  (thousands)


List of Other Included Managers:


Provide a numbered list of the name(s) and Form 13f file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

None





FORM 13F INFORMATION TABLE




                                                                                                              VOTING AUTHORITY
                      TITLE                      VALUE     SHARES/   SH/   PUT/   INVESTMENT    OTHER    --------------------------
NAME OF ISSUER        OF CLASS         CUSIP    (x$1000)   PRN AMT   PRN   CALL   DISCRETION   MANAGERS     SOLE    SHARED   NONE
--------------        --------       ---------  --------  ---------  ---   ----   ----------  ---------     ----    ------   ----
                                                                                            
Barrick Gold          Common Stock   067901108   18,272     730,000  SH           Sole                      730,000
   Corporation

Compania de Minas     Sponsored ADR  204448104   20,691     900,000  SH           Sole                      900,000
    Buenaventura

Goldcorp Inc.         Common Stock   380956409   12,024     600,000  SH           Sole                      600,000

Harmony Gold          Sponsored ADR  413216300   18,544   2,166,400  SH           Sole                    2,166,400
    Mining Limited

Meridian Gold         Common Stock   589975101   13,146     600,000  SH           Sole                      600,000

Newmont Mining        Common Stock   651639106   20,310     520,368  SH           Sole                      520,368
    Corporation

Placer Dome, Inc.     Common Stock   725906101   16,384   1,065,312  SH           Sole                    1,065,312