VANCOUVER, Canada, March 31 /PRNewswire/ -- Bolero Resources Corp. (the "Company" or "Bolero"), (TSX-V: BRU), (FRANKFURT: U7N) is pleased to report the results of its updated mineral resource estimate on its Bald Butte project in Montana. A resource report authored by Broad Oak Associates which is National Instrument 43-101 compliant will be filed on Sedar within 45 days. The report states that there is an indicated resource of 139,428,000 tons at a grade of 0.06% Molybdenum (168.5 million pounds of Molybdenum) calculated using a block model with standard kriging. The report also states there is an inferred resource of 45,121,000 tons at a grade of 0.056% Molybdenum (50.6 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.
The Bald Butte project is a molybdenum porphyry system that was discovered in 1964 and explored by Amax in the 1970s and Gulf in the early 1980s. Work by Amax/Gulf included 55,103 feet of diamond drilling (50 holes) and based on the results of these earlier exploration programs, a non NI 43-101 compliant probable drill indicated resource was estimated by Gulf in 1983, at 131 million tons grading 0.077% Molybdenum ("Mo") containing 183.4 million pounds of Mo. This historical resource was calculated at a 0.06% Mo cut-off
------------------------------------------------------------------------- Indicated Mineral Resource ------------------------------------------------------------------------- Tons Grade Grade Greater Greater Greater than Cutoff than Cutoff than Cutoff Million Cutoff %Mo (000's) % Mo % MoS2 lbs. Mo ------------------------------------------------------------------------- ------------------------------------------------------------------------- 0.04 139,428.0 0.060 0.101 168.5 0.05 93,466.4 0.068 0.114 127.2 0.06 57,529.3 0.076 0.127 87.9 0.08 29,201.5 0.106 0.178 33.4 0.04 45,121.0 0.056 0.094 50.6 0.05 28,206.0 0.063 0.105 35.3 0.06 14,649.0 0.070 0.117 20.5 0.08 1,898.1 0.089 0.149 3.4 -------------------------------------------------------------------------
Although some of the results for the 2007 drilling program have not been received from the assay laboratory, it is now clear that the resource is still open to the northeast and locally on the southeast and at depth. Bolero expanded the mineralization significantly in 2007 and will continue to step out with additional holes as part of the planned 2008 drilling.
Mr. R. Bruce Duncan, President and C.E.O of Bolero noted that the total resources at the property are now about 20% greater than the historic resource. He stated that "he is confident that the Bald Butte property has the ability to host a very significant large tonnage molybdenum deposit. It is gratifying that the 2007 program (22 holes drilled of which only 15 have been included in this resource calculation) has enabled the Company to enlarge the deposit and report that a substantial portion of the resource is now in the indicated category. The December 2006 NI 43-101 compliant report calculated an inferred resource of 148.8 million tons at a grade of 0.06% Mo containing a total of 178 million pounds of Molybdenum. The 2007 exploration program has resulted in over 75% of the total resource moving to the indicated category and an increase in the total resource from the previous NI 43-101 compliant resource by 24%."
Seven holes drilled as part of the 2007 program have not been included in the resource calculation because they had not been reported from the assay laboratory when the resource calculation was finalized. This is due to a backlog in cutting and sampling the core, and long turn-around times at the assay laboratory. Sampling has now been fast-tracked with the addition of a second core saw and additional personnel. It is anticipated that all assays will be received by the end of April 2008.
Bald Butte is an outlying knob of resistant country rock a short distance west of the continental divide. Access is presently by several miles of unimproved dirt roads from the small community of Marysville, Montana. Helena, the state capital, lies some 18 miles southeast of Bald Butte and is the nearest population center of significant enough size to provide food, lodging and other miscellaneous services. Infrastructure for the project is excellent. A high-voltage power transmission line runs along the southeastern margin of the property and the Burlington Northern railroad passes just six miles south of the property.
John Childs, Ph.D., Registered Geo (AZ) 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 mineral development and exploration company. Our primary assets are 100% interests in two significant molybdenum properties located in Montana, USA, which are the Bald Butte and Cannivan Gulch properties. The Company is listed on the TSX-Venture Exchange under the symbol BRU, as well as the Frankfurt Exchange under U7N. For more information, please visit http://www.unitedbolero.com or call toll-free 888-945-4770.
On behalf of the Board of Directors
"R. Bruce Duncan"
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information: Renmark Financial Communications Inc.: Henri Perron, hperron@renmarkfinancial.com; Jason Roy, jroy@renmarkfinancial.com; Media: Adam Ross, aross@renmarkfinancial.com, +1-514-939-3989, Fax: +1-514-939-3717, http://www.renmarkfinancial.com
For further information: Renmark Financial Communications Inc.: Henri Perron, hperron@renmarkfinancial.com; Jason Roy, jroy@renmarkfinancial.com; Media: Adam Ross, aross@renmarkfinancial.com, +1-514-939-3989, Fax: +1-514-939-3717
