Charlie, As it just so happens I have a few facts to hand...

Charlie,

As it just so happens I have a few facts to hand regarding your query.
It sounds as if you haven't yet delved into the Qtrly cashflow statements. It's here that your quest will be realised.
The latest one is the Dec Qtrly, published 30 jan, and to be found here:
http://sa.iguana2.com/cache/43ceb8f933eb9f03a24769bb476c0b59/ASX-MMN-196191.pdf
To get an idea of where they might be in their production cost, I'd argue that you need to take their best production mth so far, Dec '07, and generalize from there. Dec was the first month that they worked continous shifts at the silver electro-winning plant. Then you need to relate that to the amount of silver that they produced in Dec to get a cost of production per oz. You can get an idea of how many of ozs that they produced for Dec by looking at the activity statement for the Dec Qtr.
http://sa.iguana2.com/cache/d8e9606d2497ce58a0e32b24e241224a/ASX-MMN-195871.pdf
Then you need to decide whether it's only production cost that you want to know in relation to silver produced, or the entire operating costs; which will add in exploration, development, administration, and net interest paid. After all, eventually, from where are these costs going to be paid except through silver sales?
It's well known that Macmin management have to be dragged out, and staked in the desert sun for days before divulging accurate and clear information and forecasts to their shareholders. Ruthless CIA Guantanamo techniques have been applied to Macmin mgt and they have not cracked.
This is because they want macmin shares to be bought and not sold.
To save you time there's a thread on this board that discusses all this, "the real per oz production cost of twin hills" :
http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=631485#2622133
As to the MMNO options, expiring in Oct 2008 @ 25c exercise price, I wouldn't touch em with a long pointy stick. In fact I would think once, twice, and three times a lady before buying the shares too.
I would consider buying silver bullion at these cheaper prices.