undervalued with amazing cash:mc ratio

I have been watching BGH for a while now and have recently taken a position for the following reasons:

Shares: ~34M
Market Cap: ~$2.2M (@6.5c)
Cash: ~$3.5M (@ 30 June 2012, source 'Annual Report to Shareholders' released 28 Aug 2012)

Projects:

Bootu Two Creek Manganese
- 40km south with similiar geology and structural setting to OMH's 30.6Mt 24%Mn Bootu Creek Manganese Mine in NT
- 10 VTEM anomolies identified
- Field trip confirmed 8 anomolies have sufficient Mn mineralisation to warrant an initial drilling program
- Field trip samples with XRF Analyser recorded readings up to 21.68% Mn & 53% Fe
- Executive Director Bill Guy commented, “We are very confident about the prospects for Bootu Creek Two and commencement of drilling is our main priority at this time.”
- Initial 3,000m drill program planned and expected to commence before end of 2012
- BGH has further confirmed its belief in this area by exercising its option to acquire an 80% interest in ground adjacent to this project (with 20% retained by USI, which is a 100% owned subsiduary of Hunan Zhenxing Co. Ltd, a fully integrated manganese exploration, mining and processing company headquartered in Hunan Province, China. USI has expressed an interest in partnering with Bligh on the long term development of the combined Bootu Creek Two Project.)

Grenfell Project
- Southeast central NSW targeting manganese & gold
- SGC consultants contracted to highlight areas of magnetic & radiometric interest
- SGC highlighted 28 areas of geophysical interest requiring further exploration (10 Manganese areas with 4 of these identified as priority 1, 18 Gold areas with 4 of these identified as priority 1)
- BGH entres into strategic joint venture with Yiwang Ferroalloy on Grenfell project (Yiwang, one of China's largest Mn alloy producers and exporters, will invest up to $3.6M to earn 50% in Grenfell project. Yiwang chairman holds 8.12% holding in BGH & joins the board as non-executive director
- Jointly funded IP survey in August with Chargeable IP anomaly detected 1.2km long and open to the south
- Jointly funded 2,500-3,000m RC drill program commenced first week of October that will drill test approx 4km of chert outcrop which hosts historical Mn workings over two prospective areas

Kumarina Project
- Located in WA, 130km south of Mt Newman and prospective for Cu & Mn
- BGH has commenced its copper exploration program in line with its neighbours, Montezuma Mining (MZM) & Horse Shoe Metals (HOR)
- A completed MMI soil program highlighted one main copper anomaly (13 samples returning values >1351ppm Cu) in the central area of the Butcher Bird Shear Zone
- BGH's Cu anomaly is over 300m wide, open to the north and south, and requires further sampling and evaluation ..... and is along strike from MZM's Butcherbird Copper Suphide Prospect and MZM drilling

Manilla Project
- Located in NE NSW and prospective for manganese
- Maiden VTEM program generated 15 conductor anomalies on two grids
- Field investigation of VTEM anomalies will form the next phase of the exploration program

Leonora Gold Project
- located 30km NNW of Leonora WA in eastern goldfields
- Extensive soil sample program has identified soil anomalies that require further investigation

BGH ticks quite a few boxes in my evaluation of a company. It has good cash reserves of $3.5M together with funds from a significant joint venture partner (up to $3.6M) for the Grenfell Project. They also have another significant company that wants to work with them on the Bootu Two Creek Manganese Project. Both of these projects seem to have significant potential at this stage. The Kumarina Project also seems to have good potential, particularly for copper. So in summary .... good cash position, suite of prospective projects for Mn, Cu and Au, good farmin interest ..... and all this for a current market cap of $2.2M.

This has taken a while to put together and I hope it is of benefit to potential investors. I hope it in turn generates some talk on the BGH thread also. Please do your own research before investing!