Bolero Resources Corp.
TSX VENTURE : BRU
FRANKFURT : U7N1

Bolero Resources Corp.

January 29, 2010 11:33 ET

Bolero Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2010) - Bolero Resources Corp. (the "Company" or "Bolero") (TSX VENTURE:BRU)(FRANKFURT:U7N1) provides the following corporate update:

Gold Property in British Columbia:

Further to the Company's press release of October 8, 2009 wherein it announced the Company had entered into an agreement to acquire 11 mining claims of which approximately 2,653 hectors are directly tied on to the northwest, and 1,930 hectors 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 Company announces that it has entered into an amendment with the vendors of such mining claims. The amendment reduces the number of Bolero shares to be issued in connection with the purchase of these claims by an aggregate of 1,000,000 shares. In addition, the vendors of the claims have waived the requirement for Bolero to expend $50,000 in exploration on the claims prior to July 1, 2010. In consideration for such amendment, the Company has now issued an aggregate of 500,000 shares as a final installment of shares owing for the 11 mining claims.

Gryphon Gold Corporation:

Further to Bolero's press release of January 20, 2010 indicating Bolero's contemplated intention at that time to make a share exchange take-over bid to acquire all of the outstanding common shares of Gryphon Gold Corporation (TSX: GGN), Bolero has now decided that it will not be proceeding with a formal take-over bid or tender offer for Gryphon Gold's shares.

The Company is currently in discussion with management of Gryphon Gold in order to attempt to reach an agreement with respect to some form of transaction between the two companies, but no agreement has been reached to date and there can be no assurance that any such agreement will be reached.

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 U7N1. 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.

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