Bolero Resources Corp.
TSX VENTURE : BRU
FRANKFURT : U7N1

Bolero Resources Corp.

October 14, 2010 03:01 ET

Bolero Acquires Rare Earth Element Claims Previously Held by Spectrum Mining Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2010) - Bolero Resources Corp. (the "Company" or "Bolero"), (TSX VENTURE:BRU), (FRANKFURT:U7N1) wishes to announce the acquisition of 13 mineral claims covering over 11,620 acres of lands highly prospective for Rare Earth Elements and previously owned as part of Spectrum Mining Corporation's ("Spectrum") "Wicheeda" Rare Earth Element discovery. The new claims are contiguous to Bolero's existing claim blocks and cover extensions to airborne radiometric anomalies identified from Bolero's recently flown Aeroquest airborne survey. 

One of the two primary anomalies indentified correlates with Bolero's previously announced, Rare Earth Element soil assays, (maximum concentrations of Cerium (Ce) and Lanthanum (La) to as high as 1205 ppm and 663 ppm respectively) while the other anomaly of equal magnitude remains to be fully assessed on the ground. Bolero is currently in negotiations on additional claims that were also previously held by Spectrum.

New Map Link: http://www.boleroresources.com/docs/carbonatite_syndicate_claims.pdf

Bolero Resources' President and CEO, R. Bruce Duncan, stated "Bolero has secured multiple strategic claims, previously held privately by Spectrum Mining, located on-trend with the "Wicheeda" REE discovery. Of this package, 1873 hectares comprises approximately 42% of Spectrum's original southern tenure. Not only does Bolero now have the largest contiguous land package in the area but, the acquisition of these new claims brings Bolero's property border within 400 metres of known, mapped carbonatite structures containing highly anomalous Rare Earth Elements including: Ce, Nb, Ba, Zn and Sr. With drill permits now in place, Bolero anticipates the timely commencement of a multi hole drill program designed to test existing and newly acquired anomalies on up to 3 separate drill sites."

About the Carbonatite Syndicate

The Carbonatite Syndicate prospect consists of 70 claims covering approximately 67,601 acres and is accessible by all weather gravel roads. It is approximately 80km north east of Prince George, BC, along the Rocky Mountain trench, a major continental geologic feature which is now recognized for its numerous potentially economic, concentrations of rare metals. The Carbonatite Syndicate prospect is the largest contiguous land package and surrounds Spectrum Mining's "Wicheeda" Rare Earth discovery on the South, East, and Western fronts.

Spectrum Mining Corporation's neighboring "Wicheeda" property recently announced drill hole intersections of 48.64 meters of 3.55% combined rare earth elements (REE), 144 meters of 2.2% combined REEs and 72 meters of 2.92% REE's. All intersections were collared in mineralization and assays were given in total elemental REE's which understate actual REE oxide content. (http://aris.empr.gov.bc.ca/ArisReports/30873.PDF)

Mineral analysis on 2009 drill core by Dr. Anthony Mariano, a recognized authority on REE's, indicated that the primary REE's are contained in coarse grained monazite and a bastnesite-synchistite-parasite mineral. Dr. Mariano also conducted a bench scale heavy liquid and magnetic separation study on a composite sample of Wicheeda drill core and was able to produce a high grade REE concentrate that contained 56.09 wt. % REE.

Mr. David Turner, M.Sc., P.Geo., an independent Qualified Person (as such term is defined by NI 43-101) is responsible for the preparation of the technical information in this release.

About Bolero Resources Corp.

Bolero Resources Corp. is a Canadian Gold and Rare Earth exploration and development company. Our primary assets include: 100% interest in the Red Chris South prospect, covering over 13,000 acres in north-western BC, contiguous to Imperial Metals Corp (III.T) and; 100% interest in 70 mineral claims prospective for Rare Earth's covering approximately 67,601 acres contiguous to Spectrum Mining Corporation in Northern BC and; 2 separate quartz claim blocks covering over 6,500 acres, in the "White Gold District" of the Yukon. 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.com or contact Investor Relations Toll Free.

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."

Contact Information