long term production target increased, page-14

You need to take into consideration tax implications. If you exercise options, the record date changes to the date of exercise. So if you hold the options for 1 year so you have a 50% capital gains free holding and you exercise then to liquidate them, you will be hit with a full capital tax bill...unless you hold them for another year.

Please consult your accountant but I'm sure I'm correct. It might just pay to sell them at a small discount to the heads.