A company making money in a status quo invironment will buy back shares to enhance share holder value.  Levon does not make money they spend it, fortunately they are currently in a cash postion and are not having to dilute the shares to continue exploring.  They spend money at this stage they do not make it and I do not think a buy back would be smart.  I know some are getting impatient as they have been holding now for 3-4 years.  Unfortunately in this economy nothing is likely going to happen quickly so if you are long which I am I am still buying.  If you are short then perhaps you need to cash in and try your hand at some others........