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Bolero Arranges US$10 Million Term Facility And NI 43-101 For Acquisition Of Silver Creek Molybdenum Deposit In Rico, Colorado
Bolero Arranges US$10 Million Term Facility And NI 43-101 For Acquisition Of Silver Creek Molybdenum Deposit In Rico, Colorado.
About this update from Canada Carbon, Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Nov. 1 /CNW Telbec/ - Bolero Resources Corp. (the "Company" or\n"Bolero"), (TSX-V: BRU), (FRANKFURT: U7N) is pleased to announce that it has\nentered into a Term Facility with Auramet Trading, LLC of Fort Lee, New Jersey\n("Auramet"), pursuant to which Auramet will, subject to satisfaction of\ncertain conditions precedent including receiving consents from all applicable\nregulatory authorities, lend the sum of US$10 million (the "Loan"). The Loan\nproceeds will be used by the Company for the acquisition of certain private\nsurface and mineral rights (including patented claims) that include the Silver\nCreek molybdenum project and other copper-gold occurrences located in the\nPioneer Mining District, Dolores County, Colorado approximately 20 miles\nsouthwest of Telluride and just east of Rico. The acquisition is subject to\nthe satisfaction of certain conditions precedent and is scheduled to close on\nor about November 16, 2007.\n\n\n"We are pleased to have Auramet's support. With this Loan facility, we\nwill have eliminated the funding risk for the purchase of the Silver Creek\nassets in Rico Colorado," states Bolero's President and CEO R. Bruce Duncan.\n"Furthermore, this one year facility will allow the Company sufficient time to\nevaluate other financing initiatives."\n\n\nAdditionally, a technical report on the Silver Creek Property compliant\nwith the Canadian Securities Administrators National Instrument 43-101 has\njust been completed by Associated Geosciences Ltd. (AGL) and will be filed on\nSEDAR by Monday, November 5, 2007.\n\n\nAbout the Silver Creek Project:\n\n\n-------------------------------\n\n\nThe Silver Creek molybdenum project was explored by The Anaconda Company\n("Anaconda"), from surface and underground during the period 1979 through 1983\nwith 63,000 feet of drilling completed. In May of 1984, Anaconda reported a\nhistoric inferred resource based on four drill holes of 44 million short tons\n(39.9 million tonnes) at a molybdenum ("Mo") grade of 0.31% Mo, or\n0.527% MoS2, within a 0.20% molybdenum cut-off, containing 273 million pounds\nof molybdenum.\n\n\n All resource estimates quoted herein are based on data and reports\n obtained and prepared by previous operators. This historic resource\n estimate is con...