The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES COM 008474108 1,323 49,963 SH   SOLE 0 49,963 0 0
ARGONAUT GOLD INC COM 04016A101 3,264 559,007 SH   SOLE 0 559,007 0 0
B2GOLD COM 11777Q209 4,032 1,617,348 SH   SOLE 0 1,617,348 0 0
BANRO CORPORATION COM 066800103 1,314 2,022,480 SH   SOLE 0 2,022,480 0 0
BELO SUN MINING CORP COM 080558109 1,536 3,518,107 SH   SOLE 0 3,518,107 0 0
DETOUR GOLD CORP COM 250669108 3,037 358,660 SH   SOLE 0 358,660 0 0
DUNDEE PREC MTLS INC COM 265269209 5,328 963,656 SH   SOLE 0 963,656 0 0
ELDORADO GOLD CORP COM 284902103 3,018 449,813 SH   SOLE 0 449,813 0 0
IVANHOE MINES LTD COM 46579R104 1,012 469,820 SH   SOLE 0 469,820 0 0
MKT VECTORS JR MINER ETF 57061R544 4,478 109,920 SH   SOLE 0 109,920 0 0
NEW GOLD INC COM 644535106 3,288 549,787 SH   SOLE 0 549,787 0 0
NORTHERN DYNASTY COM 66510M204 2,718 1,861,953 SH   SOLE 0 1,861,953 0 0
OSISKO EXPLORATION COM 688278100 2,021 399,918 SH   SOLE 0 399,918 0 0
PRETIUM RESOURCES COM 74139C102 4,313 625,420 SH   SOLE 0 625,420 0 0
RANDGOLD RESOURCES ADRS 752344309 4,289 59,956 SH   SOLE 0 59,956 0 0
RIO ALTO MINING COM 76689T104 1,428 714,868 SH   SOLE 0 714,868 0 0
SANDSTORM GOLD LTD COM 80013R206 1,621 300,050 SH   SOLE 0 300,050 0 0
SEABRIDGE GOLD INC COM 811916105 941 89,935 SH   SOLE 0 89,935 0 0
SILVER WHEATON CORP COM 828336104 3,465 139,898 SH   SOLE 0 139,898 0 0
SPDR GOLD TRUST ETF 78463V107 14,448 112,713 SH   SOLE 0 112,713 0 0
TAHOE RESOURCES INC COM 873868103 2,067 114,943 SH   SOLE 0 114,943 0 0
TOREX GOLD RESOURCES COM 891054108 2,567 1,989,700 SH   SOLE 0 1,989,700 0 0
YAMANA GOLD INC COM 98462Y100 3,639 349,889 SH   SOLE 0 349,889 0 0