End of Quarter Update

We are still in an unfavourable investment environment holding us 95% in cash and 5% in gold securities. We have been in this position for quite a while now and have avoided the recent volatility in the market. At this juncture, there are some interesting investment opportunities appearing in our radar screen. Following our disciplined approach, we will start slowly taking position in them when the market environment turns positive. That is not yet the case. The market environment for precious metal is definitively still positive despite the recent volatility. We continue to hold Gold securities and look forward increasing our position if we find the right candidate.