Ann: Bungalow Resources Update , page-3

Looked at the latest quarterly report

impressed with the coy's cash management

it's always good to see a positive inflow of cash

as I posted here previously, interest from cash in bank covered running expenses.

Baotou and WISCO keen on advancing the project as quickly as possible and all financing are in place to explore and define resources. (Chinese companies voiced frustration over the speed of resource projects development with Gillard during her visit, so hopefully the SA government will give all green lights to CXM)

Latest annoucement highly encouraging, if CXM got a JORC of 500Mt, share price should be well north of $1 (depends on iron ore price tho).

This is a great hold for the long term, limited downside, sky high potential.