Seems Oversold. Director digs deep into his pocket

16-10-1999 Extract from W.Miller
"Other second tier stocks with room to run include Western Metals, heavily discounted because of low zinc and copper prices, as well as commissioning problems at the Mount Gordon mine. Both sets of problems are being fixed. Western Metals has also restructured its debt, sold down non-core assets and set sail for a strong financial performance in the year ahead. Profit is tipped to rise from $6.2 million to $23.4 million, dividend should increase from 1 cent a share to 2.5 cents and the PER drop from 16 to 11."
What has happened since this statement to push it so low?
1-8-2000 Director purchases 6000000 at 3.7c(approx.). Unless he is blindly throwing $222000, the best part of a quarter of a million down the gurgler one would hazard a guess that all isnt as bad as the share price reflects.

I dont have a financial interest in this, YET. Any added knowledge or information would be appreciated.