United Bolero Development Corp.

United Bolero Development Corp.

March 03, 2005 13:41 ET

Bolero Options Bald Butte Property to First Star


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: UNITED BOLERO DEVELOPMENT CORP.

TSX VENTURE SYMBOL: UNB

MARCH 3, 2005 - 13:41 ET

Bolero Options Bald Butte Property to First Star

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - United
Bolero Development Corp. (the "Company", "United Bolero")(TSX
VENTURE:UNB) is pleased to announce the signing of a Letter of Intent
with First Star Resources in which First Star has the right to earn a
50% working interest in Bolero's Bald Butte molybdenum property in
southwestern Montana, USA. Terms include a down payment of $160,000 USD,
a first year anniversary payment of $100,000, subsequent annual payments
of $200,000 up to a total of $5 million and the issuance of 1,000,000
shares of First Star Resources in 5 increments of 200,000 per year.
First Star agrees to contribute $1,500,000 USD for development work and
maintenance fee payments before cost sharing starts. The 3% NSR is
payable as to 1% to Cyprus Gold Exploration Corporation and 2% to the
property vendors (a group of Montana individuals).

Tonnage calculations on the Bald Butte property by Gulf Mineral
Resources Co. (historical, non 43-101 compliant) utilizing a pit design
with a 0.06% Mo cut-off grade, indicated the presence of 131 million
tons of mineralized material grading 0.077% Mo at a stripping ratio of
2:1 (waste to ore).

In the 1960's the area became of interest for its molybdenum potential.
Amax and then Mine Finders explored the property until Gulf Mineral
Resources acquired it in 1976. Gulf conducted a continual evaluation of
the deposit from 1976 through 1982, culminating in feasibility studies.
Work conducted by Amax and Gulf include geological, geophysical and
geochemical surveys, trenching, sampling, 54,103 feet of surface diamond
drilling, and extensive costing and feasibility studies.

Bald Butte is a quartz vein stockwork hosted molybdenite deposit,
located approximately 3 miles south west of the historic Marysville gold
mining district of Montana. The Bald Butte area was also an active gold
producing area and numerous claims were brought to patent in the 1880's.
The option agreement includes a total of 22 patented claims, comprising
approximately 350 acres, and an area of interest with radius of 0.5
miles from the property boundaries. The company has acquired, through
staking, an additional 10 claims (contiguous to the property and
included in the area of interest provision) to cover possible extensions
of significant mineralization.

The Bald Butte project is easily accessible by existing roads, a rail
siding is within 8 miles, the Butte-Mullan power line crosses a portion
of the property and 2 existing flotation mills, MRI (53,000 TPD and
Phillipsburg (3000 TPD) are both within 80 miles.

L.J. Bardswich, P. Eng. (Ontario) is the Qualified Person for purposes
of National Instrument 43-101. Mr. Bardswich prepared the technical
information contained in this news release.

United Bolero management stresses that reports completed to date
(historical reports) on the Bald Butte deposit are not in compliance
with National Instrument 43-101. The historical reports on the Bald Butte
project have not been reviewed in detail by, nor prepared by, a
Qualified Person as defined by NI 43-101; therefore the Bald Butte
deposit cannot be defined as a proven or probable resource or reserve at
this time and we caution investors in relying on historical estimates
and statements.

On behalf of the Board of Directors,

William Morton, President & CEO, Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    United Bolero Development Corp.
    William Morton
    President & CEO, Director
    (604) 925-8898 or Toll Free: 1-888-945-4770
    (604) 925-9897 (FAX)
    info@unitedbolero.com
    www.unitedbolero.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.