Molybdenum Deposit Increased At Cannivan Gulch

VANCOUVER, BC - Bolero Resources Corp. reported that it has received and will post on Sedar, a NI 43-101 compliant report on its Cannivan Gulch property in Montana. This report is authored by Broad Oak Associates.
The report states that there is an indicated resource of 177,945,700 million
tons at a grade of 0.06% Molybdenum (225 million pounds of Molybdenum)
calculated using a block model with standard kriging. The report also states
that there is an additional inferred resource of 146,363,500 tons at a grade
of 0.06% Molybdenum (166.9 million pounds of Molybdenum). These resources were
calculated using a 0.04% Molybdenum cut-off grade for both categories. The
above contained Molybdenum is the total material contained and does not take
into account metallurgical recoveries.
    Based on historic drilling and on the results of two holes completed by
Bolero in 2007, the resource has not been closed off to the north or to the south. In addition, portions of the resource are open to depth as well. Drilling planned for 2008 will be designed to both in-fill the resource and to test those areas where the resource is still open.
    The Cannivan Gulch property is a molybdenum porphyry system that was
discovered in 1968 and explored by Cyprus Exploration Company and Amoco
Minerals Company in the 1970's and early 1980's. Work by Cyprus included
55 core holes totaling 88,450 feet, 2,514 feet of drift, cross cut and two
test raises. Based on the results of these earlier exploration programs, a non
NI 43-101 compliant resource was estimated by Amoco Minerals Company, in June
1982, at 300 million tons grading 0.06% Molybdenum ("Mo"). This historical
resource was calculated at a 0.03% Mo cut-off.
R. Bruce Duncan, President and C.E.O of Bolero noted that at a cutoff
of 0.04% Mo, the total resources at the property are now about 10% greater
than the historic resource. He stated that "this confirms Bolero's faith in
this property and its firm belief that it has the ability to host a very
significant large tonnage Molybdenum deposit. It was very gratifying that the
2007 program enabled the Company to enlarge the deposit and report that a
substantial portion of the resource is now in the indicated category".
Bolero has digitized the extensive database on the Cannivan Gulch
property which includes the 55 diamond drill holes completed by Amoco and
Cyprus in the 1970's and 1980's, and the two holes drilled in 2007. Broad Oak
check assayed four samples of quartered core from the 2007 drill program and
noted that they confirmed the Bolero data.
The Cannivan Gulch project is located about 30 air miles southwest of
Butte which serves as the nearest business and population center. The area can
be reached from Butte over 35 miles of paved highway and about 10 miles of
graded dirt road from Dewey, Montana.