BOLERO ACQUIRES LARGEST RARE EARTH PROPERTY SURROUNDING SPECTRUM MINING'S DISCOVERY IN BC
(Thomson Reuters ONE) -
Suite 1220 - 789 West Pender Street, Vancouver, BC, V6C 1H2
Phone (604) 683-3995 Fax: (604) 683-3988
Email:info(at)boleroresources.ca
Web: www.boleroresources.ca
FOR IMMEDIATE RELEASE
BOLERO ACQUIRES LARGEST RARE EARTH PROPERTY SURROUNDING SPECTRUM MINING'S
DISCOVERY IN BC
March 22nd, 2010, Vancouver, BC, Canada - Bolero Resources Corp. (the "Company"
or "Bolero"), (TSX-V: BRU), (FRANKFURT: U7N1) is pleased to announce that it has
entered into an option agreement to acquire 100% interest in the Carbonatite
Syndicate Rare Earth Claim Group, surrounding Spectrum Mining Corporation's
recently reported "Wicheeda" rare earth discovery.
TheCarbonatite Syndicate Claim Group is 80 km northeast of Prince George, BC and
comprises 43 mineral claims covering approximately 16,072 hectares, making it
the largest contiguous land package adjoining the Spectrum Mining Corporation
property.
Bolero Resources President and CEO, R. Bruce Duncan, stated "This is a very
exciting time for Bolero Resources Corp. We feel Rare Earth Elements or REE's
are the commodity of the future and Bolero has strategically positioned itself
in what could potentially become the next major domestic Rare Earth area of
interest. Management is continually evaluating additional projects that could
add value to the company."
Spectrum Mining Corporation is a private company that recently reported
significant Rare Earth Element mineralization on itsWicheeda carbonatite-syenite
breccia intrusive complex rare earth discovery. (5th Annual Minerals South
Conference)
Highlights from Spectrum's neighboring property included a 48.64 metre interval
which averaged 3.55% rare earth elements ("REE"), 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, elevenNTW 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 recognizedcarbonatite-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
56.09 wt. % REE.
The test indicated that theWicheeda rare earth mineralization could produce a
marketable concentrate. It was noted that applying a flotation circuit should
produce a 60% LREE concentrate from Wicheeda that would exceed the concentrate
grade of Molycorp's Mountain Pass which for over 40 years was the largest
domestic supplier of rare earth concentrates in the world.
Terms of Agreement:
Bolero will issue to the vendor('s) 1,500,000 common shares of the company and
500,000 purchase warrants for common stock of the company within five days ofTSX
approval subject to a four month hold. The warrants are exercisable for a period
of two years at a price of $0.50. The vendor(s) will retain a 1% net smelter
return (NSR) royalty under standard industry terms with a .5 % buyout for
$500,000. Bolero will pay a finder's fee in accordance with the policies of the
TSX Venture Exchange.
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.
In other corporate news, the Company announces that it has decided to relinquish
its option on the Bald Butte Property situated near Marysville, Montana.
Accordingly, no further cash payments or share issuances will be made by the
Company to the option holders. Bolero's decision to relinquish the option on
Bald Butte Property came after careful consideration of a number if factors
including the current molybdenum market. The Company has retained its option on
the Cannivan Gulch molybdenum property.
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;
A100% interest in twelve strategic claims in the Red Chris area of north-western
BC, contiguous to Imperial Metals Corp (III.V); and 100% interest in 43 mineral
claims prospective for Rare Earth's covering approximately 16,072 hectares,
contiguous to Spectrum Mining Corporation in Northern 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.ca
On behalf of the Board of Directors
"R. Bruce Duncan"
President & CEO
Investor Inquiries (604) 787-7112
"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."
[HUG#1395934]
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Datum: 22.03.2010 - 03:01 Uhr
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