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Alcyone Resources Limited is an Australian-based resource company focused on the reassessment and re-development of the Twin Hills Silver Mine, located 240km south-west of Brisbane near the town of Texas in south-east Queensland.

Alcyone listed on the Australian Securities Exchange on 17 November 2009 (ASX Code: AYN) following the recapitalisation and reconstruction of the former Macmin Silver Ltd (“Macmin”). Macmin was placed into administration in November 2008 following operational challenges at the Twin Hills Mine combined with difficulties in raising additional capital during the Global Financial Crisis.

A subsequent recapitalisation, name change and $4 million capital raising completed in October 2009 resulted in the termination of the Deed of Company Arrangement on 13 October and the Company's emergence from voluntary administration.

Macmin initially commenced aggressive exploration in the Texas region in 1994, and established significant silver equivalent resources at Twin Hills, Mt Gunyan and Silver Spur which form the basis of the Texas Silver Project. These were reported in an ASX announcement dated 14/7/2004, and are being reviewed as part of the geological reassessment of the field.

A series of independent and internal studies were undertaken on the feasibility of commencing silver production, resulting in development of the mine in 2006/2007 and the commencement of silver production in March 2007. Approximately 500,000 ounces of silver was produced up until July 2009.

However, operational difficulties and the significant decline in global equity markets resulted in Macmin being placed into administration in November 2008. The Twin Hills operation was subsequently placed on full Care & Maintenance in July 2009.

Following the recapitalisation, Alcyone commenced work on a program aimed at assessing the potential to resume silver production at Twin Hills. This included verification of historical metallurgical test work to confirm the parameters for a re-design of the processing system, as well as a complete review of all available geological data.

This review led to the announcement of an updated JORC compliant resource estimate for the Twin Hills and Mt Gunyan deposits of 5.9Mt @ 79g/t Ag for 15.1Moz of contained silver (see full JORC Resource Statement).

An assessment is now being undertaken of the potential upside through the conversion of resources into reserves, and increasing resources through further exploration.

The mine remains fully developed and is in a position to immediately recommence operations following a decision to start commercial silver extraction.

Following an assessment of the Project’s economic parameters, which is anticipated to be completed by mid 2010, a decision will then be made on the best way to move forward.