VANCOUVER, Nov. 1 /CNW Telbec/ - Bolero Resources Corp. (the "Company" or "Bolero"), (TSX-V: BRU), (FRANKFURT: U7N) is pleased to announce that it has entered into a Term Facility with Auramet Trading, LLC of Fort Lee, New Jersey ("Auramet"), pursuant to which Auramet will, subject to satisfaction of certain conditions precedent including receiving consents from all applicable regulatory authorities, lend the sum of US$10 million (the "Loan"). The Loan proceeds will be used by the Company for the acquisition of certain private surface and mineral rights (including patented claims) that include the Silver Creek molybdenum project and other copper-gold occurrences located in the Pioneer Mining District, Dolores County, Colorado approximately 20 miles southwest of Telluride and just east of Rico. The acquisition is subject to the satisfaction of certain conditions precedent and is scheduled to close on or about November 16, 2007.
"We are pleased to have Auramet's support. With this Loan facility, we will have eliminated the funding risk for the purchase of the Silver Creek assets in Rico Colorado," states Bolero's President and CEO R. Bruce Duncan. "Furthermore, this one year facility will allow the Company sufficient time to evaluate other financing initiatives."
Additionally, a technical report on the Silver Creek Property compliant with the Canadian Securities Administrators National Instrument 43-101 has just been completed by Associated Geosciences Ltd. (AGL) and will be filed on SEDAR by Monday, November 5, 2007.
About the Silver Creek Project:
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The Silver Creek molybdenum project was explored by The Anaconda Company ("Anaconda"), from surface and underground during the period 1979 through 1983 with 63,000 feet of drilling completed. In May of 1984, Anaconda reported a historic inferred resource based on four drill holes of 44 million short tons (39.9 million tonnes) at a molybdenum ("Mo") grade of 0.31% Mo, or 0.527% MoS2, within a 0.20% molybdenum cut-off, containing 273 million pounds of molybdenum.
All resource estimates quoted herein are based on data and reports obtained and prepared by previous operators. This historic resource estimate is considered to be relevant, and is believed to be reliable based on the amount and quality of historic work completed. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates. The Company is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The properties will require considerable further evaluation which the Company's management and consultants intend to carry out in due course. Anaconda estimated the potential of the mineral deposit to be up to 198 million tons (179.6 million tonnes) @ greater than 0.30% Mo (greater than 0.51% MoS2) at a cut-off of 0.20% Mo. This could represent up to 1.2 billion pounds of contained molybdenum. This estimate of target potential was based on the inferred mineralization halo greater than 0.20% Mo, structural controls projected from surface and observed in core, fluorine/tungsten geochemical signatures and an isopach of Mo mineralization compared with typical Climax style deposits in Colorado. Anaconda geologists were of the opinion that less than 20% of the potential Silver Creek resource has been drilled. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Historic drill holes with significant intersections of greater than or equal to 0.20% Mo cut-off include: SC-81-1 245 ft @ 0.242 % Mo or 0.411% MoS2 SC-81-5 635 ft @ 0.334 % Mo or 0.568% MoS2(1,2) SC-81-6 191 ft @ 0.231 % Mo or 0.393% MoS2 SC-82-7A 285 ft @ 0.286 % Mo or 0.486% MoS2 1. Includes 130 ft @ 0.505 % Mo or 0.859 % MoS2 2. At a greater than or equal to 0.30% cut off comprises of 378 ft @ 0.415% Mo or 0.706 % MoS2 Both Keith McCandlish, P.Geol. (Alberta) and P.Geo. (BC), Vice President & General Manager of AGL as an independent "qualified person" (as such term is defined by NI 43-101) and Dr. Roger C. Steininger, Certified Professional Geologist (AIPG) as the Company's "qualified person" have reviewed, and are responsible for, the preparation of the technical information in this release. Bolero Resources Corp. is a well funded exploration and development Company which holds 100% interests in 2 significant molybdenum properties located in Montana, USA. The Company is listed on the TSX-Venture Exchange under the symbol BRU, as well as the Frankfurt Exchange under U7N. For more information, please visit www.unitedbolero.com or call toll-free 888-945-4770. 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.