MoMana 1.42 is the latest published version by Sephi and team. The latest patch for this is Patch G. I create a modmod, Xtended for 1.42. It is, more or less, polished, finished and complete. No more support is provided for this.
MoMana Alpha is the alpha version of MoMana 2. It contains different mechanic than 1.42, but since it is alpha, there are several mechanics that have not been implemented fully. For the example, Sephi wanted to change hell terrain mechanic, so he omitted the FfH's hell terrain mechanic but had not implemented his new mechanic. So, there is no hell terrain in MoMana Alpha. Unfortunately, Sephi got caught up in real life, so he can't continue the development and could not estimate when he will be back.
At present, I am working on Xtended for Alpha, trying to polish and balance the work that Sephi left. While it is at alpha stage, MoMana Alpha is very stable and fun to play. I hope combined with with my Xtended, it will be a full game, albeit with less feature than intended.
Edit: 8.34 is Wildmana version, before Sephi decided to move to Master of Mana.