Spambots do not generally even try to read images.
The only case of spambots reading images is in a software which is installed in 10,000 sites or above. This is because writing a spambot to read images is exceptionally difficult, therefore the spam-coders will only bother if they can use it to spam a very large number of sites.
Make sure that your logic is correct and that the captcha value doesn't appear anywhere in the page (you will need a way to store the correct captcha value to compare it- maybe you will have to put this in the database with a random ID which you give to the user in a hidden field, or a session variable).
The logic needs to refuse the post if the captcha is invalid.
Mark