United Bolero Development Corp.

United Bolero Development Corp.

March 23, 2006 22:00 ET

United Bolero Corporate Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - United Bolero Development Corp. (the "Company" or "United Bolero") (TSX VENTURE:UNB)(PINK SHEETS:UBDVF)(FWB:U7N) provides the following report on the Company's mining operations.

Bald Butte: (Montana) Molybdenum Start Up

Trucking of molybdenite mineralized material from the Bald Butte Quarry to the Antonioli Mill in Phillipsburg, MT has commenced. Also a detailed program of sampling and assaying is currently underway to differentiate the molybdenite sulphide from the oxidized material so that the active areas of removal of material are restricted as much as possible to sulphides. It has been observed that oxidation decreases from east to west and away from the shear zone that hosted the old Bald Butte gold deposits. As this process occurs it is expected that the trucking volume will gradually increase.

Larry Hoffman, P.E., a professional consulting engineer, headquartered in Butte, MT has been retained to oversee the contract milling operations on behalf of the Company. Minor adjustments are required in the mill flow sheet to achieve the results indicated by metallurgical test work, and are being addressed. Milling is expected to commence by month end.

MRTF Inc., a trucking and crushing contractor from Black Eagle, MT has moved a large crusher into the quarry. The crusher is expected to increase quarry productivity and enable continuing increases in the daily quantity of material trucked to Phillipsburg, MT.

Cannivan Gulch: Molybdenum (Montana)

United Bolero is preparing a submission to the U.S. Forest Service detailing work plans for the year 2006. These plans include drilling the property to confirm results from the extensive drilling and underground development work done by Cyprus/Amoco. This drill program is necessary to bring the Cannivan Gulch deposit into NI 43-101 compliance.

Copper Star: Copper/Gold (Montana)

The Copper Star land package is contiguous with, and lies to the east and south east of the Coronado Resources Ltd. ground. The Copper Star land package is on federally administered (BLM) public lands, in a known mining district, and is easily accessed by 4 x 4 roads within 2 miles of State Highway 55 and the village of Silver Star, MT.

The Company plans an extensive ground geophysics program. Once drill targets are established, a drill program is expected to commence in summer 2006.

Chong Property: Molybdenum (Ontario)

United Bolero plans to continue its program of geological mapping and prospecting on its extensive ground holdings in the Sudbury District, known as the Chong Property, as soon as the snow cover is gone. A drill program to test the extent of molybdenum mineralization beneath the surface showings will commence in early summer 2006.

South Baird Property: Copper/Gold (Ontario)

With joint venture partner, Solitaire Resources, the Company has completed the first 10 holes on the property, and core has been sent for assay. Results are expected back in the next 14 days. Once interpreted, the Company will make a decision whether to further increase the drill program.

President R. Bruce Duncan stated, "It is a very exciting time for the Company and its shareholders. All of our mining projects are actively being moved forward. Collectively, the directors have numerous years of experience in the mining industry and have all been extremely helpful in guiding Bolero towards future growth. Given the progression on the Bald Butte, MT project and our healthy cash position, the Company is well positioned for 2006 and beyond."

L. Joseph Bardswich P. Eng. (Ontario), a director of the Company is the "qualified person" (as such term is defined in NI 43-101) responsible for the preparation of the technical information in this release.

About Bolero

United Bolero is focused on acquiring and exploring quality mining and oil and gas properties. It recently acquired an option for a 100% ownership interest in two large-scale molybdenum properties in the state of Montana. The Company is also active in the oil and gas sector with a 50% working interest in five oil wells: three in Wyoming's Powder River Basin and two in Musselshell County, Montana. United Bolero also has precious metal interests through a significant copper find in Montana, and through a partnership with Solitaire Minerals to develop the South Baird claims units, located in the heart of the renowned Red Lake Mining District in Ontario.

United Bolero is listed on the TSX-Venture Exchange under the symbol UNB, as well as the Frankfurt Exchange under U7N.

On behalf of the Board of Directors

R. Bruce Duncan, President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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