Ann: Alcyone Secures $5.5M in Funding , page-17

Hi coppa - you're right! At the moment, I wouldn't buy at all. This is too close to a re-run of the last days of MMN. Bleeding cash like a Euro government. Raised $2m last qtr, $5.5m this qtr, they just can't get a trick at the moment. All depends on Pad four performing well, but they'll be losing production from 1 soon as they need to restack.

None of the last three quarterlies make any mention of the grade mined. Plenty of talk about what the resource grade is determined to be - nothing about what they are actually getting. One of the problems MMN encountered was that the mined grade wasn't what was expected from the drilling.

Their target of achieving 1.0Moz this FY, let alone 1.2Moz, after the first half year only produced 439,000 oz looks really optimistic, after all the problems they had in January.