Ok. I believe I have figured out all I can about the statistics of this item. Here are my results.
Stacks to at least 12.
Duration: 5 minutes? (untested, so only approximated.)
VIT +5
MND -5
DEF +30% (approximately)
These are the statistics I was able to discern. If you are able to more accurately define these abilities please do so.
Hope this helps (rate up :D )