From 2008:

"Copper Fox Metals is pleased to announce that the Board of Directors of the Company has approved an incentive stock option plan to the Employees, Officers, key Consultants and Directors of the Company for the purchase of a total of 3,175,000 shares at an exercise price of $0.45 per share expiring June 24, 2013."

It's 6 weeks past this expiry date and none of these options have expired (175K options to Elmer and 250K options to Michael Smith).

Elmer has also pushed back the Annual General Meeting to very late in the year. This allows him to accomplish a few things:

1. Keep his 2013 salary hidden until then:

"In June of each year, the Compensation Committee reviews the compensation payable to Mr. Stewart and, if warranted recommends an increase in the annual compensation payable to Mr. Stewart to the Board of Directors."

2. Avoid downsizing Copper Fox to a more suitable level now that there are only two small properties.

3. Delay voting on the extended options:

"Pursuant to the policies of the TSX Venture Exchange, the amendment to the term of the Options must be approved by disinterested shareholders of the Company at the next annual general meeting of the Company. The Options may not be exercised until disinterested shareholder approval is obtained."

By law the AGM must be held before October 19 so at least there is a hard deadline, unless it gets extended like in 2009:

"On October 2, 2009, the Corporation was granted an order from the Court of Queen’s Bench of Alberta, which authorized and directed the time for the holding of the 2009 annual meeting of shareholders of the Corporation, required to be held on or before August 12, 2009, to be extended to November 12, 2009."

Must be a nice gig if you can get it.