Lesson 1: If you want to take a position in a Gold company dont...

Lesson 1: If you want to take a position in a Gold company dont look for a bargain with a whole lot of "stories" Buy Newcrest and watch your holding value double when gold kicks.

Lesson 2: Dont assume everythings OK when every major deadline is missed.

Lesson 3: From first principles ask yourself "is this the best vehicle possible for my capital" and review your investment on a regular basis.

Lesson 4: The board is critical. SLR has Peter Johnstone. People like PJ dont involve themselves with "dreamers". Another winner is Regis with Nick Gergetta who has made a fortune from both Samantha Gold and then Equigold. Directors need "form"

Lesson 5: Avoid looking for reasons to support your assumptions and ignore your instincts. JW spoke like a "kangeroo in the spotlights" and acted like the same. The obvious conclusion was that he was a" Kangeroo caught in the spotlights". Best to avoid the "Roadkill"

Lesson 6: Dont rely on information gained from "handmaidens" who may speak for the company but lack a background in mining. Minings a very tough game and unfortunately you need to know exactly what youre talking about.