Bolero acquires property adjoining Imperial Metals Corp. in Red Chris, BC

VANCOUVER, Dec. 14 /CNW Telbec/ - Bolero Resources Corp. (the "Company" or "Bolero"), (TSX-V: BRU), (FRANKFURT: U7N1) is pleased to announce the Company has purchased a 100% interest in twelve strategic claims in the Red Chris area of north-western British Columbia. The claims are contiguous with the Red Chris copper-gold property where Imperial Metals Corp. recently announced assay results from its recent drilling program. A finder's fee may be payable in relation to this agreement.

Imperial Metals Corp. on December 10th, 2009 Results from Deep East Zone at Red Chris:

"Drill hole RC09-350 previously reported the highest grade intercepted at Red Chris to date (NR Nov 09/09: RC09-350 returned 152.5 metres grading 4.12% copper and 8.83 g/t gold starting at a depth of 540.0 metres). The higher grade material extends to 962.5 metres and averages 2.00% copper and 3.80 g/t gold over 432.5 metres. With all intervals assayed, drill hole RC09-349 intercepted 625.3 metres of 0.82% copper and 0.93 g/t gold starting at 390.0 metres depth.")

The significant intervals encountered in holes RC09-349 and RC09-350 of Red Chris East Zone are shown below. (Imperial Metals Corp, December 10, 2009)

    
    -------------------------------------------------------------------------
                               Inter-  Inter-   Inter-
                       Total     val     val      val
    Drill     Zone    Length    from      To   Length  Copper   Gold  Silver
    Hole No.              (m)     (m)     (m)      (m)      %    g/t     g/t
    -------------------------------------------------------------------------
    RC09-349  East    1150.6   390.0  1015.3    625.3    0.82   0.93    1.11
    -------------------------------------------------------------------------
                               545.0   582.5     37.5    1.51   1.89    1.54
    -------------------------------------------------------------------------
                            *866.6   919.9     53.3    1.83   2.62    2.60
    -------------------------------------------------------------------------
    RC09-350  East    1477.4   420.0  1067.5    647.5    1.50   2.68    3.22
    -------------------------------------------------------------------------
                               530.0   962.5    432.5    2.00   3.80    4.42
    -------------------------------------------------------------------------
                            *540.0   692.5    152.5    4.12   8.83   10.46
    -------------------------------------------------------------------------
                               692.5   962.5    270.0    0.83   1.02    1.12
    -------------------------------------------------------------------------
    

There is no assurance that similar mineralization will be discovered on the Bolero property.

Historic Work on the Property

"Work in 1998 in the area of the newly acquired tenures by Homestake Canada Inc., including geological mapping and geochemical sampling, outlined stratigraphy prospective for Eskay Creek style mineralization (reference ARIS #25767). Nearby intrusions have alteration and other characteristics similar to those observed at the Red Chris deposit".

The acquisition agreement gives Bolero a 4417.02 hectare property package immediately adjacent to the southwest side of the Red Chris property. The newly acquired tenures are underlain by Upper Triassic age Stuhini volcanic and sedimentary formations that are the principal host rocks of the Red Chris deposit. Property border is approximately 5.5 km southwest of the Red Chris East Zone discovery.

The terms of the agreement are: cash payment of $20,000 CAD (including a $5,000 CAD non-refundable deposit) and the issuance of 175,000 shares of Bolero Resources Corp. upon exchange approval. Additionally, Bolero has a right of first refusal (ROFR) to acquire two additional property packages from the same vendor for $20,000 CAD (including an immediate $5,000 CAD non-refundable deposit) and 150,000 shares if Bolero Resources Corp. for 35 days. There are no NSR requirements on either of these transactions.

The Company is very excited by this opportunity to acquire a sizeable land position adjacent to Imperial Metals' still evolving, possibly world class, Red Chris exploration property.

Erik Ostensoe, P. Geo., the Company's Independent Qualified Person as defined by National Instrument 43-101, has reviewed and accepts responsibility for technical information contained in this news release.

This transaction is subject to acceptance by the TSX Venture Exchange.

Bolero Resources Corp. is a Canada-based molybdenum mineral development and exploration company. Our primary assets are 100% interests in two significant molybdenum properties located in Montana, USA, which are the Bald Butte and Cannivan Gulch properties. The Company is listed on the TSX-Venture Exchange under the symbol BRU, as well as the Frankfurt Exchange under U7N1. For more information, please visit www.boleroresources.ca.

    
    On behalf of the Board of Directors

    "R. Bruce Duncan"

    President & CEO


    http://files.newswire.ca/357/claims.pdf
    http://files.newswire.ca/357/package_no_1.pdf
    http://files.newswire.ca/357/package_no_2.pdf
    

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE BOLERO RESOURCES CORP.

For further information: For further information: Bruce Duncan, President & CEO, (604) 683-3995, Fax: (604) 683-3988, info@boleroresources.ca, www.boleroresources.ca

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BOLERO RESOURCES CORP.

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