ssno, page-20

It was a choice of options you could buy at the same price.
Weather people consider them to be cheap or expensive depends where they see that share at expiry of options.

The directors were issued 3.5m shares between them at a nominal price of 3.6cents.
They were also given a million options with a 20c strike price 20c with expiry 30/12/13.

I don't know about their 20c options but 3.6 could be acheivable with a couple of good drills.
At 3.6c the market cap is about $50m which is the market cap of bcc & jpr atm.
So i think ssno are good value at .009.