Hi Ivan, It is a bit of long story but in the day (early 1990s)...

Hi Ivan,

It is a bit of long story but in the day (early 1990s) I was sent across to Kalgoorlie by a famous 1980's entrepreneur (shonky bastard now deceased RIP) and came into the sphere of the management of the company.

At the time they (TBR/RND(Tern)) were a penny stocks surviving on private placements of $50,000 per shot but I soon figured out that their ground surrounded the mine at Kundana (Bakers Find run at the time by Pancontinental Mining) also straddled a major crustal shear system from which they were getting some good gold hits. I knew the management were tenacious and weren't the type to roll over. Just kept following and believing in the story and buying and trading a few on the margins. A bit of luck also involved but today they are strong and still have a bright future.

That's why I always keep a good smattering of explorers in my portfolio and have learnt the hard way that you should never sell them on early success. I sold out of Avoca between $1 and $2 after taking placements at 20cents and they ended up topping out at over $11 after they merged with that Canadian mob.

The other trick I learnt but not very well I'm afraid is follow the successful management. Rohan Williams drove Avoca to its heights and is recently back with Dacian Gold. If I hadn't tried to get tricky with the market and had have paid my 47cents instead of getting cute over a few cents I'd have a lot more shares than the amount I hold now (lesson: if you're well convinced don't get cute over a few percentage points).

I put a mate into a big parcel of RND at around 60cents and he cursed me for a long time when it traded down at 30cents. I kept telling him not to worry the value is there. He is not so upset anymore.

Good luck.

Eshmun