Small Co particles were prepared by sputter etching of a 4-5 nm thick
''island-like'' Co film deposited on Si(111) substrate. The density of
states (DOS) of the valence band was measured by means of ultraviolet
photoemission (UPS) during the sputter etching to monitor the formati
on of small Co particles. It was found that at a given thickness of th
e Co island the Fermi level was shifted by 1.8-1.9 eV toward higher bi
nding energy and the DOS decreased or no states were detectable at the
Fermi level. This effect was explained by the formation of small Co p
articles with electronic structure which is significantly different fr
om that of the bulk Co.