United Bolero Development Corp.

United Bolero Development Corp.

December 14, 2006 10:15 ET

United Bolero Development Corp.: Bald Butte Has an Inferred Resource Containing 250 Million Pounds of Molybdenum Sulphide

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 14, 2006) - United Bolero Development Corp. (the "Company" or "United Bolero") (TSX VENTURE:UNB)(PINK SHEETS:UBDVF)(FWB:U7N) has received and posted on Sedar a NI 43-101 compliant report on its Bald Butte property in Montana. This report is authored by Broad Oak Associates. The report states that there is an inferred resource of 105 million tons at a grade of 0.071% Molybdenum (0.12% MoS2) calculated using the polygonal method (250 million pounds of MoS2). The report also calculates the resource using a block model with standard kriging, and the result by this method was 149 million tons at a grade of 0.06% Molybdenum (0.10% MoS2) containing 298 million pounds of Molybdenum Sulphide. These inferred resources were calculated using a 0.04% molybdenum cut-off grade in both cases. The above contained MoS2 is the total material contained and does not take into account metallurgical recoveries.

The report discloses the results of preliminary metallurgical testing at G & T Metallurgical Services Ltd., that "the rougher concentrate can be upgraded to a marketable grade molybdenum concentrate at between 77 to 80 percent overall molybdenum recovery".

R. Bruce Duncan, President and CEO states "the report marks a new phase for United Bolero, such that the Company will now become very active in the 2007 exploration season in Montana. We plan to drill approximately 16-20 holes at Bald Butte, half of which is expected to be infill and the other half step out closure drilling. Infill drilling will focus on areas where the drill density was insufficient to allow for the inclusion of a portion of the historic resource in the updated 43-101 compliant estimate. The objective of both the infill and step out drilling is to expand the overall resource and upgrade it to the measured and indicated categories."

United Bolero has digitized the extensive database on the Bald Butte property which includes the 50 diamond drill holes completed by Amax and Cyprus in the 1970's and 1980's. Broad Oak check assayed 23 samples and noted that they confirmed the previous work, which in some cases had been assayed in as many as four different laboratories. The report recommends a two phase program which includes a total of approximately 18,000 feet of diamond drilling. Some of the core recovered will be used for further metallurgical testing. It is anticipated that the two phases would cost in the range of US$1.2-1.4 million. United Bolero is starting the permitting process.

Bruce Parker P. E. (Montana) is the "qualified person" (as such term is defined in N.I. 43-101) responsible for the preparation of the technical information in this release

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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