VANCOUVER, BRITISH COLMUBIA -- 10/08/09 --
Bolero Resources Corp. (the "Company" or "Bolero") (TSX VENTURE: BRU)(FRANKFURT: U7N) is pleased to announce the Company has entered into an agreement to acquire 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 the property on which the discovery hole announced October 7, 2009 by International Wayside Gold Mines Ltd. is located.
The terms of the agreement are a cash payment of $35,000, the issuance of 1,500,000 shares of Bolero upon TSX Venture Exchange approval, 1,500,000 shares six months after the date of the agreement plus a 1% NSR. The Company has also committed to spend $50,000 on exploration prior to July 1, 2010. A finder's fee may be payable in relation to this agreement.
On October 7, 2009, International Wayside Gold Mines Ltd. announced that drill hole BC09-12 intercepted gold mineralization from 3.048 metres (10 feet below surface) to 87.48 metres (287 feet below surface):
- 84.4 metres (277.0 feet) of 16.5 grams per tonne (g/t) (0.481 ounce per ton) gold;
- Including 37.5 metres (123.1 feet) of 36.1 g/t (1.052 ounces per ton) gold.
The Company is very excited by this new discovery area with the encouraging intercept announced by International Wayside Gold Mines Ltd. and is pleased to have secured a sizeable land position in the area.
This transaction is subject to acceptance by the TSX Venture Exchange.
Bolero also wishes to announce a non-brokered private placement, of up to 7,000,000 units at a price of $0.15 per unit to raise $1,050,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.30 per share for two years. Finder's fees may be payable.
The private placement and finders' fees are subject to regulatory approval.
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 www.boleroresources.ca.
On behalf of the Board of Directors
R. Bruce Duncan, President & CEO
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.
Contacts:
Bolero Resources Corp.
R. Bruce Duncan
President & CEO
(604) 683-3995
(604) 683-3988 (FAX)
Email: info@boleroresources.ca
Website: www.boleroresources.ca
