SOURCE: Bolero Resources Corp.

November 09, 2010 03:30 ET

Bolero Increases Rare Earth Land Package by Over 100% After Technical Discussions With Mackevoy Geosciences Ltd.

VANCOUVER, BC--(Marketwire - November 9, 2010) -

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Bolero Resources Corp. (the "Company" or "Bolero"), (TSX-V: BRU), (USA: BRUZF.PK), (FRANKFURT: U7N1) is pleased to announce the acquisition of 69 mineral claims covering over 72,686 acres of land prospective for Rare Earth Elements. The new land package is contiguous to Bolero's existing claim blocks and covers extensions to airborne radiometric anomalies identified from Bolero's recently flown Aeroquest airborne survey. This new acquisition increases Bolero's 100% owned "Carbonatite Syndicate" Rare Earth Element prospect to 139 mineral claims covering approximately 140,287 acres, lying within 400 metres of known, mapped carbonatite structures containing highly anomalous Rare Earth Elements. Bolero's property is contiguous to Spectrum Mining's "REE" discovery that recently announced significant drill results 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.

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Bolero Resources' President and CEO, R. Bruce Duncan, stated "As well as securing multiple strategic claims located on-trend with the "Wicheeda" Rare Earth Element discovery previously held privately by Spectrum Mining Corp., Bolero has now blanket staked a major additional land package to secure all extensions to recently discovered anomalies and to capitalize on any potential opportunities that may arise from future drilling results. Bolero now has the largest contiguous land package virtually surrounding the entire discovery area, with drill permits now in place. Bolero anticipates a large number of assays and the commencement of a multi hole drill program designed to test existing and newly identified anomalies on up to 3 separate drill sites."

At the end of October, 584 soil, silt, and rock samples from multiple areas of interest were sent out for assay to ALS Chemex Laboratories. Twenty two of these samples were taken from Bolero's recent acquisition of ground previously owned by Spectrum Mining Corp. These assays are expected to be available shortly and will provide significant insight that will be used to establish drill targets for Bolero's upcoming drill program. To date, Bolero has identified several geochemical anomalies defined by silt and soil assays (Cerium (Ce) and Lanthanum (La) to as high as 1205 ppm and 663 ppm, respectively). Anomalous airborne radiometric responses are confirmed in areas with high REEs in soil samples and a second airborne anomaly of equal magnitude has now been silt sampled with assays pending.

Mackevoy Geosciences' geologist David Turner, M.Sc., P.Geo., stated "The extensive land position taken by Bolero Resources in the Wicheeda-Carbo carbonatite camp of the Rocky Mountain Rare Element Belt is significant because carbonatites often occur in clusters. For example, at Commerce Resources' Blue River carbonatite camp, there are ~21 known carbonatite occurrences in a 12 by 18 km region, with 2 other outliers ~15 km further south. Carbonatite and related alkaline intrusives at Wicheeda-Carbo so far have only been discovered along a ~7 km strike length, as historically mapped by Teck Cominco, along a single stratigraphic horizon defined by Wicheeda Ridge. Placed in context with the Blue River area, likelihood of discovering of additional bodies in this historically underexplored region is high. Bolero's extensive airborne survey will be effective at identifying additional carbonatite in outcrop in this emergent carbonatite camp."

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

In other news, Bolero has dropped their "Barkerville Mountain" claims in order to focus its efforts on advancing other projects of higher priority.

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 139 mineral claims prospective for Rare Earth's covering 56,772 hectares (140,287 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 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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Source: Bolero Resources Corp. via Thomson Reuters ONE

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