Bolero Resources Corp.
TSX VENTURE : BRU
FRANKFURT : U7N1

Bolero Resources Corp.

December 24, 2010 03:01 ET

Bolero Closes Flow-Through Financing With the MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 24, 2010) - Bolero Resources Corp. (the "Company" or "Bolero"), (TSX VENTURE:BRU), (PINK SHEETS:BRUZF), (FRANKFURT:U7N1) announces that the Company has closed a flow-through financing which raised gross proceeds of $2,000,000 with the MineralFields Group. Specifically, Bolero issued 4,000,000 flow-through units ("Units") at a price of $0.50 per unit. Each Unit comprised of one common share and one-half of one non flow-through warrant ("Warrant"), with each whole Warrant being exercisable for the purchase of an additional common share, at a price of $0.60 per share, for a two-year period. The following commissions were paid on this offering: (i) a cash finder's fee of 6% of the gross proceeds raised; (ii) the issuance of 312,000 finder's warrants entitling the holder to acquire one common share per finder warrant at a price of $0.50 per common share for a period of 24 months from the date of issuance; and (iii) the issuance of 40,000 common shares in the capital of the Company. The securities issued pursuant to this offering contain a resale legend lasting until April 24, 2011.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

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. 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."

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