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Bolero Acquires 38 Prospective Graphite Claims Surrounding Northern Graphite’s Bissett Creek Deposit
May 2nd, 2012, Vancouver, BC, Canada – Bolero Resources Corp. (the “Company” or “Bolero”), (TSX-V: BRU), (FRANKFURT: U7N1) is pleased to announce that the Company has entered into a purchase agreement (the “Agreement”) with GeoInvest Enterprises Inc. (“GeoInvest”) to acquire 38, prospective, large-flake Graphite mineral claims (the “Property”), contiguous with Northern Graphite Corporation’s (“Northern Graphite”) (NGC – TSX.V) “Bissett Creek” Graphite deposit which recently reported high recovery levels of large-flake, high-purity graphite, consistent across its entire resource and overall recovery rates at approximately 97%. (NGC.V News Release 23/04/2012)
Map Link: www.boleroresources.com
The Property is located in the Maria Township, approximately 17 kilometres from the Trans Canada Highway between the cities of Ottawa and North Bay, Ontario. The Property covers an estimated area of 4,990 hectares (12,335 acres) and is contiguous to and completely surrounding the “Bissett Creek” graphite deposit on all four sides. An extensive work program is now being planned to commence shortly on these claims.
Bolero Resources’ President and CEO, R. Bruce Duncan, stated “This significant new acquisition gives Bolero exposure to the red-hot graphite market in a location that hosts some of the world’s richest graphite deposits, contiguous to one of the most advanced new graphite projects in the world. Bolero is currently establishing an experienced graphite technical team to initiate an extensive 2012 work program on the property. In addition to the commencement of work on its property, Bolero will be advancing its “Red Chris South” and “Carbonatite Syndicate” projects throughout the 2012 work season.”
About Northern Graphite’s Neighboring “Bissett Creek” Deposit
The following technical information in this news release regarding the “Bissett Creek” deposit has been obtained from Northern Graphite’s technical report dated February 2, 2011 and Northern Graphite’s news release of September 20, 2011, which are filed on SEDAR at www.sedar.com. The Company has not reviewed or verified the data and we cannot confirm its accuracy. The following information is not necessarily indicative of the mineralization on the Property.
Northern Graphite completed a National Instrument 43-101 Preliminary Economic Assessment (the “PEA”) in February, 2011. The PEA projected a 24% pre tax Internal Rate of Return (“IRR”) and a six year payback at a 1.5% cutoff and a 2,500 tonne/day processing rate. Graphite recoveries are projected at 94% and the strip ratio was 0.66/1.
Northern Graphite announced a significant increase in estimated mineral resources in September, 2011 based on the results from a 51 hole, 2,927 meter drilling program. The new mineral resources indicated that production could be scaled to much higher rates to meet anticipated future growth in graphite demand. The results of Northern Graphite's exploration activities and scoping studies, although proximate to the Company's newly acquired properties, are not in itself indicative of the merit of same and readers are cautioned that such information is only for the purpose if illustrating the geology of the region where the Company will be exploring.
Bissett Creek Flake Graphite Deposit
2011 Updated Mineral Resources (Diluted)
Indicated Inferred
%Cg
Cut-off Tonnage*
(metric tons) Cg(%)
by LECO In Situ Graphite**
(metric tons) Tonnage*
(metric tons) Cg(%)
by LECO In Situ Graphite**
(metric tons)
0.986 25,983,000 1.81 470,300 55,038,000 1.57 864,100
1.227 24,588,000 1.85 454,900 50,472,000 1.62 817,600
1.50 19,954,000 1.99 397,100 33,672,000 1.81 609,500
1.75 16,031,000 2.34 375,100 21,417,000 2.21 473,300
2.00 11,921,000 2.50 298,000 14,584,000 2.37 345,600
Relative density 2.63t/m3, 10% dilution, 90% mine recovery, *rounded to nearest 1k, **rounded to nearest 1k (Effective September 12, 2011)
Approximately 80% of graphite production is expected to be high carbon, +80 mesh flake and 50% will be +48 mesh flake, resulting in premium pricing.
Dr. Roger Steininger, Ph.D., CPG (AIPG), a Company Director, is the “Qualified Person” (as such term is defined by NI 43-101) responsible for the preparation for the technical information in this release regarding the property.
Terms of the Agreement
Pursuant to the Agreement, the Company has agreed to pay to GeoInvest a total of $100,000, with $50,000 payable upon signing the Agreement (now paid) and an additional $50,000 payable upon the approval of the transaction by the TSX Venture Exchange (the “Exchange”). The Company has also agreed to issue 1,000,000 common shares of the Company to GeoInvest upon the approval of the transaction by the Exchange.
Pursuant to the Agreement, the Company has granted to GeoInvest a 2% net smelter return royalty (the “NSR”) and a production (“Production Royalty”) royalty equal to $25 per tonne of all graphite mined from the Property (the “Production Royalty”). The Company may purchase 50% of the NSR (leaving GeoInvest with a 1% NSR) by paying to GeoInvest $1,000,000 and additionally may reduce the Production Royalty to $12.50 per tonne by paying to GeoInvest $500,000.
The completion of the transaction is subject to the approval of the Exchange. There can be no assurance that the transaction will be completed as proposed or at all.
On behalf of the Board of Directors
“R. Bruce Duncan”
President & CEO
E-mail inquiries: info@boleroresources.com -----------
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10 - Acquisition in the public market
