DVEous, I suspect AYN investors don't want the silver price to...

DVEous, I suspect AYN investors don't want the silver price to surge until AYN has demonstrated it can deliver 700,000 ounces of silver into its fixed price A$33.77 hedges.

The 21st. November 2011 ASX announcement "Alcyone Secures Hedging and Pre paid Facility" told us that AYN "Maintains significant exposure to continuing strong silver price, with 50% of first 12 months of production and 100% of
remaining mine life unhedged."

As we should be able to now make an educated guess, that 700,000 ounces is most likely significantly more than 50% of the first 12 months of production which has been committed to be delivered at a fixed price of A$33.77.

What is the delivery schedule? Well, released on 12th. March, the half year accounts under Note 11b) "Commodity loan" tells us that the total of 694,358 ounces is to be "delivered on a monthly basis over the following 12 months commencing January 2012 at an average price of $33.77 AUD an ounce."

BIG QUESTION. In view of the December quarter production just being above 100,000 ounces, has AYN delivered approximately 57,000 ounces into this hedge commitment in January? What about February?

Let's also not forget that AYN told us in the 21st. November 2011 ASX announcement "Alcyone Secures Hedging and Pre paid Facility" that AYN was Pre-paid for "an additional 102,000 oz" which "will realise a total of A$3 million in cash..." which imo is why AYN finished the December quarter with cash of $1.77 million. AYN also told us in this announcement that "the facility is fully secured by way of a charge over the Company's assets."