United Bolero Development Corp.
TSX VENTURE : UNB

United Bolero Development Corp.

August 09, 2005 13:49 ET

United Bolero Development Corp.: Bald Butte Drill Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 9, 2005) - United Bolero Development Corp. (the "Company", "United Bolero")(TSX VENTURE:UNB) reports on the status of the Bald Butte molybdenum property percussion drill program. 44 vertical drill holes, on 50 foot centers have been completed on the patented Snowbird and Eureka claims. Drilling is on-going, and is expected to be completed this week.

Samples from 39 of the holes have been split and sent for assay. 32 of the holes have been re-claimed in accordance with the exploration plan requirements. Assay results from 9 holes have been received. 7 of the nine holes have near surface intersections of greater than 0.1% Mo values ranging from 78 feet of .106% Mo from 30 to 108 feet in # P-125 to a high of 72 feet of .221% Mo from 36 feet to 108 feet in # P-126. Assays results are now being received on a daily basis.

Previous drilling by Gulf Minerals (details of which were provided to Bolero by the Montana Bureau of Mines & Geology) revealed 3 holes forming a triangle measuring 300 feet to a side in which mineralization averaging 0.1% molybdenum existed to depths of at least 100 feet starting at 20 to 40 feet below surface. The objective of the percussion drill program was to further define the limits of this mineralization by drilling vertical percussion holes on 50 foot centers with the intent of identifying an area of approx. 1 acre (150 feet by 300 feet) within, and peripheral to, the triangle of 3 Gulf holes. It was anticipated that this area would contain near surface (within 40 feet) molybdenum mineralization grading 0.1% Mo or better. Management is encouraged by the results obtained to date, the target grade was exceeded in 7 of the 9 holes, but further data from the remaining holes are required before a proper assessment can be made.

Preliminary test work on drill cuttings indicates the possibility that the grade of this mineralized material, if quarried, could be improved by on-site crushing and screening to - 1/4 inch. A limited amount of assaying of fine fractions and coarse fractions from the drill cuttings indicates that more than 60% of the values are contained in the fine fraction which measures less than 40% of the total quantity. Investors are cautioned that this work is preliminary only. Testing is continuing.

Metallurgical test work by Gulf in 1980 at Hazen Research on material from one of the holes forming the above-mentioned triangle showed a recovery of 96% Mo in rougher concentrates. Hazen recommended further metallurgical test work, to define parameters to achieve a saleable cleaner concentrate, but apparently this was not pursued. (the Gulf metallurgical documentation was provided by Montana Bureau of Mines & Geology)

Reject material from percussion drill samples, after splitting, have been forwarded to the metallurgical labs at both Hazen Research, Golden, Colorado, and N.A. Degerstrom Inc., Spokane, Washington for further flotation test work.

An operating flotation mill (the Contact Mill at Phillipsburg, MT) with trained crew and nominal capacity of approximately 1000 tons per day is located within 80 road miles of the Bald Butte property. Bolero management has initiated preliminary contract milling discussions with the mill owners.

The Montana Department of Environmental Quality (DEQ) has requested that Bolero provide composite samples from assay reject material from each of 10 designated holes for purposes of acid base accounting. 3 of these 10 holes will be further analyzed for trace element metals. The purpose of these additional tests is to ensure that hazardous elements would not present a problem if mining were to proceed. These samples will be sent to Energy Labs Inc., Billings, MT. Bolero management is preparing a submission to the Montana DEQ, applying for an exclusion from the permitting requirements of the Metal Mines Reclamation Act, (under the small miner's provisions of that act), to operate a small quarry on the Bald Butte property. The purpose of the quarry would be to provide mill feed to the contract mill.

It is becoming apparent that the zone of +0.1% Mo mineralization continues off of the Bolero patented ground onto BLM administered federal surface lands on which Bolero holds the mineral rights. Bolero management is preparing a submission to the BLM for permission to conduct both drilling and mining operations on this property.

L.J. Bardswich, P.Eng. (Ontario) is the Qualified Person on the Bald Butte project for purposes of National Instrument 43-101. Mr. Bardswich is the on-site manager of the percussion drill program and he prepared the technical information contained in this News Release. Mr. Bardswich is a director of United Bolero Development Corp., owns shares in United Bolero, and is not an independent person as defined by NI 43-101.

Investors are cautioned that historical reports on the Bald Butte project are not in compliance with National Instrument 43-101, and have not been reviewed in detail by, nor prepared by, a Qualified Person as defined by NI 43-101. The Bald Butte deposit cannot be defined as a proven or probable resource or reserve at this time.

Sample splitting is being conducted on-site under the supervision of the QP, L.J. Bardswich, P. Eng. Sample splits are being submitted to the assay laboratory of Chris Christopherson Inc., Kellogg, ID for analysis by AA methods. Samples submitted include blanks and standards as part of the company's quality control program. Random duplicate splits of approximately 6% of the samples are being sent to Swastika Laboratories Limited, Swastika, Ontario for comparison assaying.

On Behalf of the Board of Directors

Joe Bardswich, Director

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.

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