There is one other point to consider about the timing of an insider trade which is material non public information. Insiders cannot trade when material information is flowing to them and not to the public. During times of drilling, analyzing results, core inspections, etc., it would be inappropriate for an insider to sell. Therefore, there are only a few windows of opportunity with an active exploration company.

It never looks good when an insider is selling at a low stock price. In this case though, I am inclined to agree that motives are in line with stock options and the window of opportunity. Time will tell as always.