Whaler,

Yes I read the part about current market prices not reflecting what the company believes is the true value, but you will see that statement, almost verbatum, in other juniors wording of the announcement of the NCIB. Its the goal of the company to increase share value but not necessarily the outcome. Less shares is always better but at what price? I am sure those that participated in recent higher priced private placements are not overly impressed to see the company pick and choose cheap shares. If those within the company believes the share price is undervalued then why have none of the directors exercised their options at 78 cents? Seems to me this would be more of a positive.

Also remember that 10% is a maximum number of shares and not necessarily a done deal. Is the company giving themselves a buffer in case a fund decides to dump their position in ISM? Who knows? Shareprice value may increase but with the economic outlook over the next few years being dismal at best, the chances of success of the NCIB become slimer.

v.

PS if you look way back in the post I stated that the average time for NI 43-101"s is about 9 months. If true, Feb/Mar would be the targets for the release.