I would agree the exercise would be a confidence builder if they only exercised the stock options and didn't sell them.

It appears to me, that the recent exercise of options were cashless, as the shares (500K & 700K) were sold in the open market and the treasury of San Gold delivered the certs to the broker who sold the shares. The purchase price of $0.15 / shs * 1.2 mil shs = $180k was sent to San Gold and the execs keep the rest - minus taxes. If the stock optiions are exercised (and sold) and not due to expiration, it would appear the future may be uncertain.

Therefore, there was a deemed disposition and both execs have reduced their position in San Gold by 1.2 mil shs.

i've looked through the Annual report and can't find if or when the options expire??