My thoughts also. Looks like the MD is doing a "blue steel" from...

My thoughts also. Looks like the MD is doing a "blue steel" from Zoolander.

http://www.google.com.au/search?q=blue+steel+zoolander

Similarly the Christmas cards to shareholders freaked me out - I recall it was something like "the future belongs to those who believe in the beauty of their dreams."

It may sound an odd way to judge investments, but shareholders have little to go on, so are forced to read between the lines.

The fellow on the right is Willstead, he is no longer on the board.

So why do I hold? Because I believe Towsey's resource report is sufficiently correct such that gold will go to a price high enough to make the whole resource economic beyond a shadow of a doubt. ie To da moon. Yay.

For the time being the senior-most management fulfills two roles:

a) Maintains blocking stake to prevent takeover at low prices.

b) Scares investors away, enabling believers to accumulate cheaply. Not sure if that is their intention though.