WEST DES MOINES, Iowa - GOP contender Michele Bachmann placed dead last among the Republican candidates competing in the Iowa, a stunning fall for a candidate who just five months ago cruised to victory in the Iowa straw poll.

Despite a dismal six place finish, with a percentage of votes in single digits Bachmann pledged to remain in the race.

"I believe I am the true conservative who can beat Barack Obama," she said to a small gathering of supporters here.

"Once again this wonderful Republic worked. This process worked. The people of Iowa spoke," she said.

Sounding upbeat if not out of touch, she thanked the "people of Iowa for launching us on path to victory in the Iowa straw poll."

Staffers close to the campaign, however, suggested that Bachmann, low on cash, might still drop out. Her campaign manger Keith Nahigian, however, said the campaign was "still full steam ahead" and would continue with plans to travel to South Carolina.

The Minnesota congresswoman has pledged to continue on to compete in South Carolina, telling reporters her plane tickets there are already "bought and paid for."