Hi Guys, just would like to have a discussion on this topic, as...

Hi Guys, just would like to have a discussion on this topic, as I'm really baffled with this issue.

I'm just looking through the previous 6 quarterly results.
September 2012.
Silver production 229670 oz.
Silver inventory in leach pads 625000oz.
229670 is leached from leachpad 1-3, as it states LP4 just completed, and irrigation will commence for the Dec quarter


December 2012.
Silver production oz, 209671.
Silver inventory 600000oz.
Leached from 4 leach pads. It says 4/12 cells is stacked and is delivering silver
OK.. they're now leaching from 1 additional leach pad, but production dropped?


March 2013
Silver production 141391oz
Silver inventory 691517oz.
8/12 cells in leach pad 4 is stacked and is irrigated.
This is where it starts to get strange, we're leaching from more and more pads, with higher silver inventory contents, but the actual production actually dropped? How can that be? Can someone explain? It just doesn't make sense to me.


June 2013
Silver produced 122738oz. Again a drop.
Silver inventory 755090oz. Again a huge increase, why are we mining more that we could effectively leach? And they're proposing to mine even more at this point with their crusher upgrades. Again, don't this show that their bottleneck is actually on their leach pads? By now LP 4 is almost fully stacked. 11/12. Also, I'd like to point to the fact that LP4 is as huge as LP1-3 combined (IIRC) so by right, the amount of silver leached from LP4 itself should be equivalent to the leached amount of LP1-3 (229670oz September's production figures, without LP4)

Again, this raises huge questions, that I hope someone can ask the directors... If you're already leaching 230k from LP1-3, why are we leaching 122738 in June? And what's the purpose of ever increasing amount of silver sitting on leachpads, if they cant be 'leached'??


September 2013.. it gets worst.
Silver production 17038oz.. This is unbelievable??!~
Silver inventory 832634oz. They're trumpeting this figure as if it's something to be proud of, but fact is, it just shows their failure!
Again... what happened here? Did they turned of their irrigation or something?
Compared with June 2012, which leached 230k out of 625k silver inventory.
In september they leached 17038oz from an inventory of 832634?~!? HOW CAN IT BE POSSIBLE? I just can't find any reasons at all to justify this...


December 2013.
72373oz produced
857028 silver in inventory. Again inventory kept increasing.
This was the quarter they upgraded their crusher.
Did their cyanide mixing plant.
And as we know now, it's also the quarter which they ran out of money again.



Now... if you're a competent manager of sort.
And you have ALREADY have 857k of silver sitting there, sunbathing.
Why on earth wasn't there more concentrated effort to just LEACH them out.??

Why are they spending money that they're already short of, to IMPROVE mining? And thus adding more and more of silver inventory in inefficient leachpads, sitting there sunbathing, and doing nothing at all?? We've all known that the Leachpad 1-3 can produce up to 230k per Q.
We know that LP 4 is almost as big as LP1-3 combined.
By right.... alcyone should be leaching at least 300-350k per Q.

So, just what is going on? Is their reported silver inventory even a real figure? I'd really like to hear more from other people on this.