United Bolero drills 670 metres of core at Bald Butte
United Bolero Development Corp (C:UNB)
Shares Issued 68,623,860
Last Close 7/13/2007 $0.73
Monday July 16 2007 - News Release
Mr. Bruce Duncan reports
BOLERO PROVIDES UPDATE ON BALD BUTTE DRILL PROGRAM AND RESULTS OF JULY 9TH, 2007 SHAREHOLDER MEETING
United Bolero Development Corp. is providing an overview on the 5,500-metre (18,000-foot) diamond drill program currently under way at Bald Butte.
Diamond drill program
Drilling is being conducted in two 10-hour shifts per day. At the end of the July 12, 2007, night shift, 670 metres (2,197 feet) of core have been drilled. Two holes have now been completed. Hole BB07-1 was drilled to a depth of 426 metres (1,398 feet) and hole BB07-10 was drilled to 243.5 (799 feet). Drilling was started on the third hole (BB07-2) on July 13, 2007.
Core logging and assaying
The core is being sawed, photographed and geologically logged at United Bolero's core facility located in Silver City, Mont., approximately nine miles east of the Bald Butte property. One-half of each sample interval is being shipped to ALS Chemex Laboratories for analysis. On July 11, 2007, the company shipped 286 metres (938 feet) of core to ALS Chemex Laboratories in Nevada and anticipates results within the next three weeks.
Second diamond drill arrives
Based on encouraging mineralization recognized in the first two core holes, Ruen Drilling Inc. of Clark Fork, Idaho, mobilized a second core drilling rig to the Bald Butte site on Sunday, July 15. This second rig will allow the company to fast-track the planned drilling program to ensure that the entire program and possible follow-on drilling can be completed during the summer drilling season.
Previous work on Bald Butte
The deposit currently shows a National Instrument 43-101-inferred resource of 105 million tons at a grade of 0.071 per cent molybdenum (0.12 per cent MoS2), which was calculated using the polygonal method, containing 150 million pounds of molybdenum (250 million pounds of MoS2) as stated in the news in Stockwatch dated Dec. 14, 2006, April 10, 2007, and June 21, 2007.
John Childs, PhD, registered geologist (AZ), is the "qualified person" (as such term is defined by National Instrument 43-101) responsible for the preparation of the technical information in this release.
July 9, 2007, shareholder meeting
The company is pleased to announce the results of its annual general meeting held on Monday July 9, 2007, at Vancouver, B.C. At the meeting, the shareholders of the company approved all resolutions put before them by management.
Returning board members re-elected are: Robert Gardner, QC, R. Bruce Duncan, R. Stuart "Tookie" Angus, LLBm and Brian R.D. Smith, QC, all of whom will serve as directors of the company until the close of the company's next annual meeting of shareholders or their successors elected or appointed.
Results of the meeting include the continuance of the company's corporate charter into Ontario. The company's president and chief executive officer is based in Ontario and a majority of the company's shareholders are Ontario resident. For this reason, management thought it appropriate to continue the company's charter into Ontario so that Ontario law governs the company's activities.
Other results of the meeting include the reappointment of the company's external auditors, namely, McGovern, Hurley, Cunningham LLP, and the approval of an increase to the number of shares reserved (the cap) under the company's 2007 stock option plan. The details in respect to the amendment of the company's stock option plan are summarized in the company's management information circular pertaining to the meeting, which is available for public viewing via the Internet at SEDAR. The amendment to the company's stock option plan has received TSX Venture Exchange approval.
Officers appointed by the board of directors are set out below.
Robert Gardner, QC: Chairman of the board
R. Bruce Duncan: President and chief executive officer
Olga Nikitovic: Chief financial officer
Change of name of corporation
The shareholders also approved a special resolution to change the company name to "Bolero Resources Corp." Subject to final TSX-V approval, the company anticipates finalizing such name change shortly. The company believes that Bolero Resources will better reflect the company's business endeavours.
Toronto Stock Exchange Tier 1 classification
The company is pleased to announce that effective June 29, 2007, the company's tier classification has changed from Tier 2 to Tier 1.
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