When a company buys back shares, the shares are usually put in treasury or cancelled. A company cannot have gains from buying their own shares.

From a finance POV, it doesn't make sense to buy back your own shares. Yes, valuation is cheap, but when you buy back shares, it signals to investors you have nothing else to do with your cash and you're going to return money to investors.

Sadly, all juniors have been taken down. What the BOD needs to do is to be proactive in preventing and defending a potential hostile takeover. In the mean time, MGMT just needs to keep their course and continue to drill.

From my experience, valuation hardly means anything to the market. The true valuation is what a willing buyer will pay for a share. Given the market conditions, it's definately a risk-off trade. So shorters can continue to hammer the price down because no one wants to buy into juniors at this point.

IMO, the next catalyst would be the Fed's April meeting minutes. If we get any signs of a potential QE3, you'll have speculators buying into commodities and juniors. We (including management) just need to be patient and let the market find its bottom.

I thought we had support at $1.15, but it seems like we'll be testing for $1.00 this week.