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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 2,022 76,649 SH   SOLE 0 76,649 0 0
ARGONAUT GOLD INC COM 04016A101 2,895 578,087 SH   SOLE 0 578,087 0 0
B2GOLD COM 11777Q209 3,447 1,679,712 SH   SOLE 0 1,679,712 0 0
BELO SUN MINING CORP COM 080558109 618 1,958,107 SH   SOLE 0 1,958,107 0 0
DETOUR GOLD CORP COM 250669108 1,831 474,530 SH   SOLE 0 474,530 0 0
DUNDEE PREC MTLS INC COM 265269209 3,605 1,247,542 SH   SOLE 0 1,247,542 0 0
ELDORADO GOLD CORP COM 284902103 2,647 465,115 SH   SOLE 0 465,115 0 0
IVANHOE MINES LTD COM 46579R104 850 482,834 SH   SOLE 0 482,834 0 0
MKT VECTORS JR MINER ETF 57061R544 3,528 113,624 SH   SOLE 0 113,624 0 0
NEW GOLD INC COM 644535106 2,979 568,593 SH   SOLE 0 568,593 0 0
NORTHERN DYNASTY COM 66510M204 1,551 1,211,453 SH   SOLE 0 1,211,453 0 0
OSISKO EXPLORATION COM 688278100 1,849 417,030 SH   SOLE 0 417,030 0 0
PRETIUM RESOURCES COM 74139C102 4,374 847,850 SH   SOLE 0 847,850 0 0
RANDGOLD RESOURCES ADRS 752344309 4,521 71,974 SH   SOLE 0 71,974 0 0
SPDR GOLD TRUST ETF 78463V107 13,088 112,713 SH   SOLE 0 112,713 0 0
TAHOE RESOURCES INC COM 873868103 1,984 119,271 SH   SOLE 0 119,271 0 0
TOREX GOLD RESOURCES COM 891054108 1,824 2,061,676 SH   SOLE 0 2,061,676 0 0
YAMANA GOLD INC COM 98462Y100 3,123 362,337 SH   SOLE 0 362,337 0 0