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Well time for some facts (I will leave it for the children to make toot toot comments and talk about potato's) on why I have bought into IND recently (did not hold stock previously)

1) At 1c per share its trading under cash backing - very few shells (that's what IND is) offer that with basically no debt and only 150m shares on issue.

2) 6 months spend year to date is $258k as of December - hardly over the odds. Directors/management are getting 47k per quarter (again hardy over the odds). In fact these costs have been cut as the company moves to its next stage.

3) $1.6m cash in the bank - more than enough for DD and acquisitions.

I don't care about its past. I'm buying it now simply because its cheap. I see it hitting 2c very easily and cant see it dropping much below 1c (simple risk vs reward).

I also note that managements attention to detail may not be all that great. I had to point out to them that they had not updated their quarterly to reflect the correct INDO exercise price post consolidation. This is not ideal, but I believe all this is correctly priced in at 1c per share.

For those who like to play the shell game, very little out their can offer the upside of IND at 1c per share.

Good luck to all.