Investor Relations : 1(888) 818-1365
Suite 1220 - 789 West Pender Street, Vancouver, BC, V6C 1H2
Phone: (604) 683-3995 Fax: (604) 683-3988
Investor Relations : 1(888) 818-1365
Email: [email protected]
Web: www.boleroresources.com
FOR IMMEDIATE RELEASE
BOLERO ACQUIRES ADDITIONAL CONTIGUOUS ACREAGE SURROUNDING
SIGNIFICANT RARE EARTH DISCOVERY IN BRITISH COLUMBIA
May 11th, 2010, Vancouver, BC, Canada – Bolero Resources Corp. (the “Company” or “Bolero”), (TSX-V: BRU), (FRANKFURT: U7N1) wishes to announce that it has entered into an option agreement with an arm’s length vendor to acquire a 100% interest in 6,582 hectares adjoining Bolero’s “Carbonatite Syndicate Rare Earth Claim Group.” These new claims are contiguous to the South East of Spectrum Mining’s previously announced “Wicheeda” Rare Earth discovery in Northern BC that returned grades of 3.55% rare earth elements ("REE") over 48.64 metres.
These additional claim blocks strategically position Bolero’s “Carbonatite Syndicate Rare Earth Claim Group” as the largest contiguous land package adjoining completely surrounding Spectrum’s property on the southern, eastern, and western sides. “The Carbonatite Syndicate Claim Group” is located 80 km northeast of Prince George, BC and now comprises 57 mineral claims covering approximately 22,654 hectares.
Bolero Resources` President and CEO, R. Bruce Duncan, stated “The addition of these new claim blocks has strategically positioned Bolero’s “Carbonatite Syndicate Rare Earth Claim Group” in one contiguous land position, on trend, and surrounding Spectrum’s Rare Earth discovery on all 3 sides. We are greatly encouraged by recent announcements by Spectrum at the KEG Resource Conference in Kamloops, BC that outlined additional new discoveries on the South Eastern portion of their property, contiguous and surrounded by Bolero’s new claim blocks. An extensive work program, including drilling is anticipated to commence shortly on Bolero’s property, spearheaded by Mackevoy Geosciences Ltd., who have extensive experience in Rare Earth exploration and a proven track record of discoveries.”
Terms of Agreement:
Bolero will issue to the vendor 500,000 common shares of the company within five days of TSX approval subject to a four month hold.
About Spectrum Mining Corporation
Spectrum Mining Corporation is a private company that recently reported significant Rare Earth Element (``REE``) mineralization on its Wicheeda carbonatite-syenite breccia intrusive complex rare earth discovery, located 80 km northeast of Prince George, BC. (5th Annual Minerals South Conference)
Highlights from Spectrum’s recent drilling include a 48.64 metre interval which averaged 3.55% rare earth elements, a 72.0 metre interval that averaged 2.92% REE, and a 144 metre interval which averaged 2.20% REE in three separate drill holes. In 2009, eleven NTW diamond drill holes totaling 1835 metres were drilled in the "Main Zone" from two new drilling platforms on Wicheeda. All 11 drill holes intersected significant rare earth mineralization and the Wicheeda deposit remains open in all directions.
World recognized carbonatite-rare earth specialist Dr. Anthony Mariano has examined drill core samples as well as rock samples. He concluded that the Wicheeda mineralization is mainly monazite and a bastnaesite-synchisite mineral. A heavy liquid and magnetic separation study on a composite sample of Wicheeda drill core was able to produce a high grade REE concentrate that contained 56.09wt. % REE.
The test indicated that the Wicheeda rare earth mineralization could produce a marketable concentrate. It was noted that applying a flotation circuit should produce a 60% LREE concentrate from the Wicheeda samples.
About Rare Earth Elements (REE’s)
REE’s are critical components in many high-tech applications including hybrid motor vehicles, flat screen monitors, high-power magnets, consumer electronics (Blackberries, iPods, DVDs, cellular phones), green energy technology, fiber optics, super alloys for the aerospace and building industries, medical and dental lasers. Although demand for REE`s is growing rapidly, over 90 percent of global production is controlled by China, which has recently imposed restrictions on their exports.
With insatiable consumer demand for high tech electronics, clean energy mandates from countries around the globe and increasing military spending, it seems likely that demand will only rise as supplies are threatened.
Dr. Roger Steininger, Ph.D., CPG (AIPG), a Company Director, is the “Qualified Person” (as such term is defined by NI 43-101) responsible for the preparation of the technical information in this release.
Bolero Resources Corp. is a Canada-based Molybdenum, Gold, and Rare Earth Element mineral development and exploration company. Our primary assets include: 100% interest in the Cannivan Gulch Molybdenum property located in Montana, USA; A 100% interest in twelve strategic claims in the Red Chris area of north-western BC, contiguous to Imperial Metals Corp (III.T); 100% interest in 57 mineral claims prospective for Rare Earth’s covering approximately 22,654 hectares, contiguous to Spectrum Mining Corporation in Northern BC, and 11 mining claims of which approximately 2,653 hectares are directly tied on to the northwest, and 1,930 hectares are tied directly east of Barkerville Gold Mines (BGM.V) in Barkerville, BC. The Company is listed on the TSX-Venture Exchange under the symbol BRU, as well as the Frankfurt Exchange under U7N1. For more information, please visit www.boleroresources.com On behalf of the Board of Directors
“R. Bruce Duncan”
President & CEO
Toll Free Investor Inquiries 1 (888) 818-1365
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."