United Bolero Development Corp.

United Bolero Development Corp.

February 03, 2006 16:59 ET

United Bolero Update on Bald Butte Quarry, Montana

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 3, 2006) - United Bolero Development Corp. (the "Company" or "United Bolero") (TSX VENTURE:UNB)(PINK SHEETS:UBDVF)(FWB:U7N) is pleased to provide the following update on its Bald Butte Project in Montana. Drilling and blasting operations have continued at a fast pace. Delays caused by late delivery of drilling equipment have now been made up. Examination of data from exploration holes drilled by Gulf Minerals in the 1980's has shown another area where molybdenum mineralization occurs close to surface. It is anticipated that one of the drills will be able to be diverted from production drilling to exploration drilling during the month of February.

Excavation and hauling of waste rock from overtop of the molybdenum ore has continued. Five bulk screening tests, involving truckload quantities of material have been conducted.

Screening contractor, MRTF, Inc. delivered a 6 x 20 triple deck vibrating screening plant to the Bald Butte Quarry project on February 4, complete with ancillary conveyors and generator set, in spite of adverse weather conditions.

Management based the decision to utilize a screening plant on the results of the above-mentioned screening tests. These tests indicate that an increase in molybdenum grade of the quarry product can be achieved by screening off the plus 3/4 inch material. The two recent tests (#4 and #5) resulted in an up-grade of the -3/4 inch product by factors of 1.95 and 1.97 respectively. Previously announced tests resulted in up-grade factors from 1.77 to 2.77. The costs of milling and trucking represent approximately 80% of the total cost of the operation. Screening will enable the company to truck and mill an increased number of pounds of molybdenum without increasing the number of tons trucked and processed.

The triple deck screen will produce 3 sized products. Continual assaying of the screened products will enable the company to select which sized product(s) to ship to the mill in order to maximize profitability.

During the wait-time for the arrival and set-up of the screening plant, the contract milling facility (the Antonioli mill in Phillipsburg, MT) utilized the down-time to install a re-grind mill. The re-grind mill will provide the Antoniolis with the flexibility to maximize the throughput tonnage, the recovery of molybdenum, and the purity of the concentrate produced. To produce a saleable product, concentration ratios in the range of 400:1 are required. The re-grind mill will permit a finer grind of the rougher concentrate to free molybdenum particles from gangue material. The rougher concentrate is produced with a concentration ratio in the range of 20:1. This results in only 1/20th of the initial tonnage requiring fine-grinding. The re-grind mill installation is completed, electrical wiring and plumbing remain to be done, but is expected to be complete within 10 days.

Screened material is expected to be available for trucking by mid-week. Resumption of trucking (screened material of a higher grade) will start at that time.

United Bolero is listed on the TSX Venture Exchange under the symbol UNB, as well as the Frankfurt Exchange under U7N and clear under the symbol UBDVF in the U.S.

On behalf of the Board of Directors

R. Bruce Duncan, President

Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events.

The statements in this news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are subject to the safe harbour created by these sections. Actual results may differ materially from the Company's expectations.

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof.

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