Are you aware that was another ANAL-cysts made up rumor essayed during the FUD season leading up to the Financial Conference Call . . . a rumor that has no basis in fact except for the Bally-button lint the Anal-cyst based his conclusions on? Apple does not reveal its future product plans. . . and considering that the iPad mini is one of their better selling products, I kind of doubt it will be one they will drop.
His argument was that since the $399 iPad mini is more expensive than the 9.7 inch new iPad at $329, customers were inevitably going to opt for the lower priced but bigger regular iPad. He could not conceive that perhaps Apple would reprice the iPad mini when they refresh it.
Time will tell.
Incidentally, Apple's is selling refurb iPad Mini's for as low as $279 with same as new warranties.