Can someone please explain the 2012 drop!?

Without delving too much into it, i had bought into KNL about this time 2 years ago (just above 35c?).
It too rose to 60c+, but released disastrous RC drilling results. Many cut their losses and i sold out at sub 20c (didnt reset my stop dammit!!).
Many were blaming geologist sampling methods etc.. is this what actually happened>??
I have still had KNL on my watchlist ever since because i have preferred KNL over all the other graphite plays as a long term hold, but havent been keeping the closest eye on the ASX releases. Have they explained what had happened? Off the top of my head, these latest results are in the thick of the 2012 results?
Despite the "graphite bubble", the need for graphite is there and if the results are solid.. KNL will be the one walking away as one of the only producers IMO