Bolero Resources Corp.
TSX VENTURE : BRU
FRANKFURT : U7N1

Bolero Resources Corp.

February 03, 2011 09:44 ET

Bolero Acquires the "Charge" REE Prospect in Northern BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) - Bolero Resources Corp. (the "Company" or "Bolero"), (TSX VENTURE:BRU), (FRANKFURT:U7N1) announces it has acquired a 100% interest in the "Charge" Rare Earth Element prospect located in northern British Columba, approximately 50 kilometres southeast of the Kemess Mine operated by Northgate Minerals Corporation (NGX – TSX). Bolero's "Charge" REE prospect currently contains the highest Lanthanum (La) (1146 ppm), Yttrium (Y) (647 ppm), and second highest Cerium (Ce) (1247 ppm) samples in the province of British Columbia's Regional Geochemical Survey (BCRGS) database, with over 7000 samples recently taken from the region.

Please visit www.boleroresources.com to view the property map.

Bolero Resources' President and CEO, R. Bruce Duncan, stated "The acquisition of the "Charge" REE prospect significantly increases Bolero's Rare Earth Element asset portfolio and provides shareholders with a fourth active project for the 2011 work season. We are excited to commence operations on the "Charge" REE prospect and are greatly encouraged by the presence of British Columbia's highest sampling values for Lanthanum, Yttrium, and the second highest values for Cerium Rare Earth Elements, on Bolero's property. A work program is now being planned for the "Charge" prospect to further define Rare Earth Element values in the existing anomalous areas. Bolero currently has approximately $3,700,000 in cash and anticipates a robust 2011 drill/work season for all of Bolero's primary projects including: The "Red Chris South" (Copper/Gold), The "Carbonatite Syndicate" (Rare Earth Element), the "White Gold" Yukon, and the new "Charge" REE properties."

Bolero will issue 150,000 common shares and pay $2,500.00 CDN for a 100% interest in the "Charge" property, subject to TSX Exchange approval.

About the "Charge" REE Prospect

The "Charge" Rare Earth Element claims are located along the British Columbia Rare Metal Belt. They contain some of the highest Lanthanum (La), Cerium (Ce), Terbium (Tb), Lutetium (Lu), and Samarium (Sm) results in the British Columbia Regional Geochemistry Survey (BCRGS) database of over 53,000 samples. Highly elevated Rubidium (Rb) and Fluorine (F) also occur at the anomalous sites. Coincident elevated nickel, cobalt and chromium anomalies (compared to the host sediments) suggest that this is due to Carbonatite intrusion related to ultramafic intrusions.

A prominent, large (approximately 8 km diameter) semi-circular magnetic anomaly is spatially associated with the "Charge" REE anomalies. Alkalic ring structures are well known in the literature regarding the genesis of carbonatitic intrusives. The alkaline rocks, typically syenitic to ultramafic in composition, create distinctive rounded magnetic anomalies with a strong contrast to a weakly magnetic, later central carbonatite core, depending on iron mineral chemistry, and degree of alteration. A separate RGS anomaly exists to the west which also has extremely anomalous La, Ce and Tb, adjacent to a small magnetic high. This is potentially the faulted off west rim of the semi-circular anomaly, completing the ring structure if restored to the east. This is quite speculative, but not inconsistent with carbonatite occurrences worldwide, and the faulting parallel to the Ancestral North America in the claims area.

The anomalies are hosted in within the Ingenika Group bedded sediments, between two large fault systems, along the edge of the Foreland Belt of Ancestral North America. The Mt. Bisson REE-bearing carbonatites, REE-fenitization, and later REE-bearing pegmatite dykes are hosted within the same host group, to the south. Scattered strong REE anomalies continue northward from the "Charge" REE claims, roughly along the west-centre of the mapped Ingenika sediments, for an additional 50 plus kilometres. The previous government mapping in the belt of sediments is very low density, and no known work has been done in the vicinity of this potential new REE belt.

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.

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; The "Carbonatite Syndicate" consisting of 211 mineral claims prospective for Rare Earth Elements covering over 90,000 hectares (222,415 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, the Pink Sheets under the symbol BRUZF, as well as the Frankfurt Exchange under U7N1.

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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