Exploration companies typically survive solely based on the amount of cash they raise. ISM is in such a strong position and believes so strongly in its value, that they have instituted an NCIB and have put their money where there mouth is. Although $20 million is a nice chunk of change, it will not last forever. Hence, I believe this is a testament to the fact they believe they have the goods and will deliver on them in a timeframe shorter then it takes to spend 20 million. Thats it - there's nothing more to reading into an NCIB - timing or otherwise. The NCIB is a mute point now, although I agree that it most likely will be extended IMO.