daytrade diaries...november 17th part 1, page-67

noo

AYN a good performance so far given $4m was raised at 1c

i got this from the AYN thread

THE stellar share price performance of Cobar Consolidated Resources (CCU) is proof enough that local investors can be switched on by pure silver players. Since Garimpeiro had a look at the stock on September 21, CCU has rocketed from 14¢ to 38¢, valuing the group at $44 million as it heads towards becoming a silver producer from its Wonawinta silver project in NSW.

That's why it will be interesting to see what happens to Alcyone Resources (AYN) when it relists tomorrow. Alcyone is the former Macmin Silver that went into administration last November after poor recoveries at its Twin Hills mine near Texas in Queensland, just over the border from NSW, stuffed things up. An inability to recapitalise during the global financial crisis also did not help Macmin's cause. With new management and a $4 million recapitalisation at the princely price of 1¢ a share, Macmin has since been released from administration and is ready to have another go at Twin Hills under the new moniker of Alcyone. At the recapitalisation price, it will have a market value capitalisation of about $6 million (600 million shares).

That's pretty interesting given Macmin would have spent about $30 million on exploration and development at Twin Hills, of which plant and equipment on site would be worth about $12 million. Production under Macmin started in March and ran to July 2009 for the production of about 500,000 ounces of silver.

The new guard behind the project has now set out to get the mine back into production, as you would want to do to capture the bumper silver prices on offer of more than $US17 an ounce. But there is going to be a careful reassessment of all aspects of the project before the return to production is made although Alcyone is as advanced as a near-term silver producer could be in the current hot market for the metal."