conglin may buy more

I have looked through Mr Yue's enterprise, and come to conclusion he is a long-term investor. His main business is to supply iron ore to big steel mills in China (2009, turnover over $A300m)

He invested $A6,720,228 in Golden West Resource late 2009, accounting for 5.04% of GWR's market cap of $133m.

By today's announcement, Mr Yue bought 10m CAP shares with the total costs of $4,368,612, accounting for 14.7% of CAP's market cap of $34m.

If Mr Yue wants to spend similar amount on CAP, he will buy at least another 3,500,000 CAP shares. It is quite possible.

Personally, cash position for CAP will be very strong, given current $3m
will received from BMG within 3 months: $12
exercise of option: $8
100% certain will have $23m.

With a bit luck, CAP expects receive $48m cash and $20 BFS expenditure.

Without considering 20% free-carried and other projects, total cash would be $91m. I estimated CAP's target at 80c!

$91m cash - 20% discount = $72.8m, fully diluted sp 80.88c.