Ann: Quarterly Report March 2013 , page-67

A VERY rough ride!!!! I've been creamed by MML and SLR. Am hanging-in as I feel so many unprofitable mines around the world are facing closure and supply of gold will drop for 1st time in about 15 yrs. Once a mine closes (esp if a very deep UG outfit as in S.Africa) it is many months of work and substantial cash to get it back to production. I suspect many will never re-open. Only the best will survive this rout and fortunately MML will get through. But it certainly is a 'rough ride'. My nerves are very stretched along with finances.