Mkt Cap $180M Gold Held $290M Value, page-21

"Another one is announcing a buy-back program and not doing any buy-backs. What is that all about?"

That is not entirely accurate.

Under the existing share buy-back no shares have been bought back yet but under the original share buy-back (originally announced in 2012 if my memory serves me correctly) a total of 1,308,982 shares were bought back (out of a total of 5 million allowable....again if my memory serves me correctly) for a total consideration of $2,01, 4421 with highest price paid being $2.94 and the lowest price paid being $1.18.

If you look at the timing of the original buy-backs and compare them to the share price chart you'll find that the original share buy-back was instigated to arrest a sharply falling share price around the middle of 2012. The share buy-back did its job, after which the share price has risen strongly and never fall back below that 2012 mid year low.

Problem with many investors is that their horizons are too short and they overlook value and quality which is starring them in the face.

Eshmun