Sounds like I have the exact same results as everyone else. The M-40 is just an awesomely fun and accurate rifle to shoot. I talked my buddy into getting one, as I was getting one myself, back in March 2007, for $274 each. We mounted Nikon Buckmasters 4.5-14's on them, with Warne rings. The first load combo we tried was, Winchester cases, Lil Gun powder, Hornady 40gr V-Max's, and Federal small rifle primers. We loaded these to an COAL of 1.835" just long enough to clear the ejection/loading port, but way short to engage the lands (1.910" to lands). I was a little disappointed that I had to load them so far off the lands, but it is, what it is. Anyway, using the Wilson dies, with a .241" neck bushing to neck size only, I loaded test rounds starting at 11.0gr and worked up to 13.0gr in .2gr increments.
Proof was in the shooting, of two 5 shot groups of each test load, per rifle. The very first groups were right around an inch in both rifles. The higher the charges we shot, the tighter the groups got, not much tighter but, tighter none the less. By the time we got to the 12.8gr loads, we were getting groups either at or barley above the .5" mark. At 13.0gr, the results were my buddies was at the low .4" and mine was at the very low .5" mark. His shot about .070" tighter groups than mine at first, but after about 200+ rounds, mine has caught his in accuracy, as the barrel on mine is starting to break in good. I haven't tried any new load combo's as this load shoots so good, I don't really see the need to look any further, since that load shoots so well.
Man, this little gun has became one of my favorite to shoot. Out to 200yds or so, no crow, yote, fox, or bobcat is safe.
