Ann: Exploration Update Carr Boyd, page-18

but I do believe in the project & have never, ever said anything to the contrary

nothing would give me greater pleasure than to confidently outlay the funds to exercise but I am talking well over $300k to do it & I am not going to sell out of other profitable plays to do it unless the confidence factor kicks in. And that is where you are are confusing confidence with believing in the project. I have more than enough shares at an average just over 2.3 c which when they through the roof (ie believing in the project) will more than cover any losses from not exercising the options (confidence issue). 2 way bet, really