Bolero Resources Corp.
TSX VENTURE : BRU
FRANKFURT : U7N1

Bolero Resources Corp.

October 05, 2010 03:01 ET

Bolero Completes $1 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2010) - Bolero Resources Corp. (the "Company" or "Bolero"), (TSX VENTURE:BRU), (FRANKFURT:U7N1) announced today that it has completed the private placement of 4,000,000 units (Units") at $0.25 per Unit to raise proceeds of $1,000,000. Each Unit consists of one common share and one common share purchase warrant ("Warrant"). Each Warrant entitles the subscriber to acquire one addition common share of Bolero for two years at $0.30 per common share.

No commissions or finders fees were payable with respect to the monies raised. Proceeds from the private placement will be used to advance Bolero's 3 primary assets including: The Red Chris "South" prospect in British Columbia bordering Imperial Metals Corp. (III-TSX) "Red Chris" Copper/Gold property, the Yukon "White Gold" prospect in the White Gold District/Stewart River region of the Yukon, and the "Carbonatite Syndicate" Rare Earth prospect in northern BC, and for working capital purposes. The shares issued pursuant to the private placement are subject to a four month hold period ending February 5, 2010.

AlphaNorth Asset Management together with its affiliates and joint actors, now owns or controls an aggregate of 3,450,000 common shares (11.97%) and warrants to acquire a further 3,315,000 common shares of Bolero, representing approximately 21.05% of the issued and outstanding common shares of Bolero as at October 4, 2010, calculated on a partially diluted basis assuming the exercise of all warrants held by AlphaNorth and its affiliates/joint actors. These transactions were made for investment purposes and AlphaNorth or its affiliates/joint actors could increase or decrease their investment in Bolero depending on market conditions or any other relevant factor.

About AlphaNorth Asset Management

AlphaNorth Asset Management ("AlphaNorth") is a Toronto based investment manager. AlphaNorth believes that superior long term equity returns are achievable by exploiting inefficiencies in the Canadian small cap universe through careful security selection on both a long and short basis. The firm combines technical analysis with both a bottom-up and top-down strategy in the selection of investments offering the best reward versus risk opportunities.

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); 100% interest in 57 mineral claims prospective for Rare Earth's covering approximately 56,000 acres, contiguous to Spectrum Mining Corporation in Northern BC; 11 mining claims of which approximately 2,653 hectares are directly tied on to the northwest, and 1,930 hectares are tied directly east of Barkerville Gold Mines (BGM.V) in Barkerville, 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.

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