VANCOUVER, BC, March 12 /CNW Telbec/ - United Bolero Development Corp. (the "Company" or "United Bolero") (TSX-V: UNB) announces it has entered into a new Letter of Intent to acquire an option to purchase 50% of the Arcadia Property, a 1,280-hectare area of Inuit-owned land located in Canada's Nunavut territory from NPN Investment Group Inc. ("NPN"). The Company originally announced a Letter of Intent to acquire an option to the purchase 50% of the Arcadia Property from Mountain Capital Inc. on January 19th, 2007. The Letter of Intent with Mountain Capital Inc. has been terminated. Under the new option agreement with NPN, the Company will pay NPN the sum of $15,000 plus 75,000 common shares of United Bolero as well as complete $600,000 worth of exploration work over the next two years at Arcadia. These are the same terms as in the Letter of Intent with Mountain Capital Inc. This acquisition is subject to the approval of Nunavut Tunngavit Inc., the organization looking after Inuit land claims, as well as the TSX Venture Exchange.
The Arcadia Property represents an Archean lode-gold deposit located on the Arctic Ocean in Canada's Nunavut territory, west of Bathurst Inlet and 140 kilometres west of Miramar Mining's Hope Bay greenstone belt. The Property has a historic resource estimate of 640,650 tonnes averaging 7.2 g/t gold (containing about 148,000 oz. gold) in the North Central Vein and 139,524 tonnes averaging 8.6 g/t gold (or 38,600 contained oz. gold) in the Fred Vein have been reported. These resource estimates were completed prior to 2001 and without a compliant technical report and in a manner inconsistent with NI 43-101 and other disclosure requirements. A qualified person has not done sufficient work on the Property to classify the historical estimate as current mineral resources or mineral reserves. The Company cannot state that there are current mineral reserves or resources on the property and cannot state that it has demonstrated economic viability. Investors are cautioned that they cannot rely upon these resource estimates.
Reference is made to the Company's news release dated January 19, 2007 and filed on Sedar on January 19th, 2007 for further details of the historic work carried out on the Arcadia Property.
The Company has proceeded with engaging Equity Engineering Ltd., a Vancouver based mining consulting group, to prepare a NI 43-101 compliant report on the Arcadia Property, as disclosed in the January 19, 2007 news release.
R. Bruce Duncan, President and CEO states "As previously announced on January 19th, 2007, the Company is looking to focus on more advanced projects. The Arcadia Property enables the Company to expand and diversify its holdings as the Arcadia Property consists of multiple high-grade gold bearing structures located on tidewater, with potential for near-term production."
Robert McLeod, P.Geo. Vice President Exploration, for Full Metal Minerals Ltd., and a qualified person as defined by NI 43-101, is 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. 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.