I guess the implication of the buy back is a rising share price...

I guess the implication of the buy back is a rising share price (all other thighs being equal). The shorters amplify this because they are competitive for the same shares.

Longer term the term the implication would be fewer shares on issue so greater earnings per share. At this point in the gold cycle I think it would be better to invest the cash in first extending projects as they are currently doing or building new plants. Mcphillamy's appears to be getting more of a mention recently and it is a good development project to have that can likely be funded from cashflow.

The thing to remember about Regis, and it's something I've written a number of times here, is that Regis management have all been involved with very successful gold companies before and know the cycle of gold and gold equities. The biggest indicator of future success is past success.