re: Ann: Alcyone Invests In Black Mountain Re... CASHED UP ALCYONE BACKS US SILVER PROJECT
PERTH, Dec 24 Flush with $A25M from a US hedge fund, silver miner Alcyone Resources is lending fellow Australian Black Mountain Resources $3M to bring its high grade New Departure Silver Project in USA into production in Q1 2014. The deal also includes Alcyone getting 4.67M Black Mountain shares and the same number of unlisted options, subject to shareholder approval, and a seat on the board. Earlier this month, Alcyone said it would use the $25M from global hedge fund Platinum Partners to acquire precious metals around the world, starting with the $5M acquisition of the Red Arrow gold, silver, copper and PGM exploration project in Colorado, USA, from the lender. Recent exploration at New Departure has yielded grades up to 1,684g/t from grab samples, where underground development has projected production levels of 200tpd-250tpd grading 600g/t-800g/t from non JORC-compliant resources of 2.5Moz at over 15oz/t.
AYN Price at posting:
0.2¢ Sentiment: Buy Disclosure: Held
