quarterly, page-25

AYN also told us:

"4.0 OUTLOOK

With production now approaching the Company’s targeted annualised rate of 1.5 – 2.0 million ounces per annum, and exploration continuing to deliver exciting follow-up targets across the Texas Project area, the March 2012 Quarter is set to be an exceptionally busy period for the Company, with key activities including:

the continued ramp-up of mining and silver production;

commencement of an expansion of the heap leach pads for future production; and

continued exploration across the Company’s 275 sq km tenement holding."

I also found it interesting that AYN has been offered a line of credit facility - these facilities usually do not involve any hedging:

"As a result of the Company's strong operational performance since commissioning, Credit Suisse has also presented a proposal to Alcyone that would potentially provide the Company with access to a broader Line of Credit facility.

This proposal, which is still subject to normal due diligence and a formal approvals process, would provide the Company with the ability to move forward rapidly on any expansion or acquisition plans that may arise in the near term as a result of the current market conditions.

Further details on the proposed facility will be provided to the market in the event that negotiations are finalised."