Admittedly, and to be fair, one could also put a "positive spin" on this latest announcement.   The positives:

1)  Such grants do at least fall into the officers hands.    Without question this does at least build incentive for them to work hard (and to make good future decisions) to see the stock price rise.   (Only then can they actually benefit from these grants.)

2)  Upon exercising the grants money is at least pumped into the company, which of course can always be used for various purposes, which then brings me to the third and most important positive below.

3)  The company is obviously VERY HUNGRY FOR CASH RIGHT NOW which  could be taken as a sign that the Board sees TREMENDUOS OPPORTUNITY for such newly invested dollars to kick the company up to the "next level" with El Castillo coming on and with La Fortuna being developed (and further proven).     WIth gold currently hovering around the 800 level and perhaps to challenge the 900 level within a year it does make sense to develop La Fortuna as soon as possible as well as to ramp up El Castillo as quickly as possible in order to capitalize on the current opportunities that CastleGold is presented with.   Money spent now could very well pay off handsomely in a year, two, or three!!!   (i.e. "There is no time like the present".)

In summary I still do not like seeing grants being handed out with exercise prices at current market levels.   But on the other hand it could be seen as a "good sign" for "good things to come",  and with the slight dilution in the stock to be a minor negative compared to the major gains to be had from the invested dollars into the pipeline with current gold fundamentals  supporting a more aggressive strategy.   

At least that is one way to look at this latest development, whether over optimistic or not.