Rum Jungle Resources (RUM) - Phosphate potential?

[Huang Chung]

Just happened to flick onto the ASX announcements today where a release from RUM caught my attention.

"Indications of a world class phosphate provence"

Ammaroo Project, north of Alice Springs.

I bought some completely on spec...I really know nothing about phosphate, but the announcement did a good enough sell job to get me to buy first, ask questions later. Seems to tick the right boxes such as very shallow, reasonable grade, and 'uniform blanket'. They are also making a big deal about the potential size of the deposit...... 'this suggests a high tonnage, high grade phosphate deposit of giant dimensions'.

Now...over to you.

If any of you have knowledge of phosphate, have I bought into a piece of crap, or could this thing have legs? Read the announcement and media release and let me know what you think.

http://stocknessmonster.com/news-ite...E=ASX&N=347069