I like this move. Buy back shares when you think the market is not respecting your price and reduce the numbe of O/S shares. Does it not make sense to buy back 5% at say 8 cents, release some news and if you have to do a PP at 16-20 cents. There may be something else to this. By taking 5% of the shares off the Board does this not increase the CLF overall %? CLF would have to sell to keep their same %.

BB