His options have 5 years to mature.  He isn't looking for the SP to go up in 3 months like you are.  He has a long term view (i.e get the mine built properly by 2014/15). Why is everyone here so impatient?

I think investing in gold companies is not for you if you think Rubicon will never be above 2.94.  

What goes down must go up.  We are in a DOWNTURN, THE WHOLE MARKET IS DOWN

WAIT UNTIL PRODUCTION AND STOP B***CHING ABOUT EVERY LITTLE THING.  By 2014/15 you will make money if you are not too impatient.  Otherwise, sell your shares now and go play roullette