I was asking the same question. I assume the reason they're not buying more is because they already spent over $1 million out of their own pockets buying shares on the open market. Like many investors in mining shares, they probably went "all in" too early.
The good news is that they are heavily incentivized to see a higher share price. It's one thing to have an option be worthless but it's something entirely different to lose money spent out of pocket. That's why any talk of bankruptcy is silly, IMO. The insiders who bought would lose everything. They'll do everything they can to make sure that doesn't happen.
I dont think it matter all that much. The chairman of the board of JAG bought a whole bunch of shares in the mid $6's.. Since he controls the CEO he should have known everything. I bet he is kicking himself for losing many millions on his baby. He also turned down an offer to sell for $9 a share as well and was looking around for another buyer, one that would keep him on or something. Then again, there are people who bought millions of shares of GSS around $3... But I dont feel too bad for him since he is one of the main causes for the current share price.