reason the options haven't expired is bc there is a grace period to exercises them

That grace period is 10 days.

We are now past 2 month since the expiry date (Feb 25th 2011) of the $0.97 options.

They haven't expired and they haven't been exercised. Until I see that they are still in blackout.

Read my post about the options:

http://agoracom.com/ir/CopperFoxMetals/forums/discussion/topics/529393-insider-buying/messages/1674787

And below is the response DC14 posted talking to Mike at the PDAC:

Insiders are in a black out period and as a result cannot buy/sell or exercise options due to the fact they are in receipt of material information relating to the feasibility study. Although the FS is not complete, with the mine plan yet to be finalized, it is still considered 'material' and I suspect they will be in this black-out until the FS in released.

Options (noted by Michael to be @.91 strike price) have not expired and my take from Michael was he has no intention of letting his 250k options expire. This to me was the most reassurring comment I received during my conversation.