HI ICED,

Don,t put too much into the fact that the options have a 2 year expiry date. The norm for any company is to grant options of 2-3 year expiry dates, this DOES NOT MEAN that a buyout can,t come before that. Nobody knows when an offer might appear, so management carries on busy as usual, if a buyout happens, good.

As for your last question;

The company seemed to keep on schedule and par with last grants of options. We all beleive we have something great in the Tesoro, but this grant of options really doesn,t say that. Although, in some companies, usually before a public offer comes out, you will see that company start issuing lots of options to theirselves, as was the case with Aurealian.

To me, this recent grant is nothing out of the ordinary, but it may have been the last amount they could issue that was approved by us at the last AGM. If this is the case, it may mean something more than I am putting into it right now.

IMO