It was discussed during the CC. It is only 2500 tons of ore at this point for the next 6 months so this really is a very small deal compared to what they have going on. I believe he did say it was development ore so could be lower grade as well.

As for share buyback when you have to finance other projects, I can only think that they believe it is good investment of their money. They also probably wanted to help defend the slide in share price. If the share price was 1 cent, they certainly should buy all the shares they can as that is value accretive to the investor. I am not sure where the share price has to be where this stops being accretive to investors but when you consider that they bought 4.192M shares at 63 cents announced on October 13th, then buying now is even better. If my calculations for 2012 earnings are right, then cash should not be a problem as they should have about 215M of cash available (50M in cash now, 100M loan and 62M earnings) and have 100M planned in expenses at Marmato.

Glorieux