silver, page-7

blake, pardon me for being sceptical but some of the figures in that presentation are twisted beyond belief. Slide 10 claims that revenues increased 4,547% - that is basically a lie justified by an accounting sleight of hand. What they did in 1H FY2012 was to treat revenue from sales of silver as a credit against development expenses, that is, zero revenue, and claim a massive increase y-o-y when they treat revenue from sales as income. Disgraceful.

Then, total costs in 1H FY2013 were $14.572m for 439,431 ounces, or $33.16/oz. Annual savings shown in slide 7 total $3.4m, plus some savings in the Mn, say $3.6m.

Production is targeted at 1.28MOz, which at the 1H FY2013 rate would cost 1.28M x $33.16 = $42.446m, less savings of $3.6m = $38.846m, giving a total cost of $30.35/oz.

Their production costs for the 493,000 oz were $11.503m. Again, grossing that up that means that 1.28Moz would cost $33.506m compared to their forecast of $22.880 - they are claiming a saving of $10.620m, but only detailing $3.6m ....

The timeline on slide 9 has already gone.

The mineral resource on slide 16 is nine months out of date.

Slide 3 says that the crushing circuit limits operations to 70,000 T/month. That's 840,000 tonnes p.a. But slide 7 claims that the improvements to the crushing circuit will increase from 700,000 tpa to 1.1Mtpa.

Now it gets interesting. They will be mining 1.1Mtpa, at an average grade of, say, 53g/t, (slide 16). That's 1.88m oz. So recoveries will only be 68%? Ouch.

As I say, pardon my scepticism, but that presentation provides far more questions than answers. Say what you like about MMN management (and it's all been said!) but they always answered my phone calls and met me on site - no-one from AYN has ever had that courtesy. So I can't tell you the reasoning d'Slyva has for the numbers in his presentation.