VANCOUVER, Feb. 27 /CNW Telbec/ - Bolero Resources Corp. (the "Company"
or "Bolero"), (TSX-V: BRU) is pleased to announce changes to its Board of
Directors effective February 27th, 2008 as follows:
- R. Stuart "Tookie" Angus, LLB, who is currently an independent
director, will now become Chairman of the Board of Directors;
- Glenn Laing, an experienced mining executive will become an independent
- Dr. Roger Steininger, Ph.D., a well known consulting geologist, will
join the Board of Directors as an independent Director.
In connection with these Board of Director changes, Bolero announces the
resignation of Mr. Robert Gardner, Q.C. (formerly its Chairman of the Board)
and Mr. Brian Davis, Q.C. from the Board of Directors. Bolero thanks Messrs.
Gardner and Smith for their past service to the Company.
Mr. R. Bruce Duncan, President & CEO of Bolero stated, "We are delighted
to have both Glenn and Roger join our Board at this pivotal point in Bolero's
history. With their tremendous experience and the world class moly assets that
Bolero has, it bodes well for all shareholders."
Mr. Glenn Laing received a B.Sc (Engineering Mining Geology) from the
University of Witwatersrand, South Africa in 1973 and a M.Sc (Mining
Engineering) from the Colorado School of Mines in 1976. Mr. Laing has over
30 years experience in the management and financing of companies in the
natural resource industry. He is the President of Silverbridge Capital Inc., a
position he has held since December 1999. He currently serves as President,
CEO and a director of Glass Earth Limited; President, CEO and director of
Jumbo Petroleum and a director of Southern Hemisphere Mining Limited (formerly
Youandi Capital Corp.). He has previously served as President, CEO and a
director of St. Andrew Goldfields Ltd. from March 2001 to September 2007;
President, CEO and a director of Heritage Explorations Ltd. from May 2001 to
August 2005; President, Co-CEO and a director of Geoinformatics Explorations
Ltd. from July 2002 to April 2005; President, CEO and a director of Sanatana
Diamonds Inc. from July 2004 to November 2006; and director of Luiri Gold
Limited from April 2006 to December 2006.
Dr. Roger C. Steininger Ph.D., has more than 40 years experience in the
minerals industry. During Dr. Steininger's early career he was employed by the
Climax Molybdenum Company and worked on many of the major molybdenum deposits
in North America. During that period he was associated with several molybdenum
discoveries and development programs. Since leaving Climax, Dr. Steininger had
a senior management position with a major mineral company, Amselco Minerals
and for the last 20 years has maintained a consulting geologist practice. As
part of Dr. Steininger's consulting practice, he has continued his involvement
with molybdenum exploration and development programs in association with
several major mining companies. Dr. Steininger is a recognized authority on
the geology of molybdenum deposits and has published extensively on the
Dr. Steininger is a Certified Professional Geologist - having received
such designation from the American Institute of Professional Geologists in
1987. Dr. Steininger received his Ph.D. in Geology from Colorado Sate
University in 1986; a M.S. in Geology from Brigham Young University in 1966
and a B.S. in Geology from Western Michigan University in 1964.
Bolero also announces that Thomas A. Fenton, a partner of the law firm
Aird & Berlis LP, has been appointed as Corporate Secretary.
Update regarding Silver Creek Molybdenum Deposit in Rico, Colorado
Bolero also announces that it has terminated its previously announced
(October 15, 2007) proposed transaction to acquire certain minerals rights
(the "Rico Properties") that host the Silver Creek molybdenum project and
other copper-gold occurrences located in the Pioneer Mining District, Dolores
County, approximately 20 miles southwest of Telluride and just east of Rico,
Colorado. Bolero had entered into a letter of intent (the "Rico Letter of
Intent") with a number of corporate venders to acquire such mining interests,
but Bolero's due diligence investigations could not be satisfactorily
addressed to permit the entering into of a definitive agreement. In connection
with Bolero's decision to terminate the Rico Letter of Intent, Bolero has also
cancelled its previously announced (November 1, 2007) term facility with Aura
met Trading, LLC, which facility Bolero contemplated using to fund the
acquisition of the Rico Properties.
With the termination of the Rico Letter of Intent, Bolero intends to
focus on the development of its two core molybdenum properties located in
Montana - being its Bald Butte and Cannivan Gulch properties. In connection
with Bolero's Cannivan Gulch property, Bolero has recently (February 14, 2008)
SEDAR filed a National Instrument 43-101 technical report.
Update on the Bald Butte Molybdenum project, Montana
Drilling at Bald Butte ceased on December 10, 2007 due to intensely cold
weather, high winds and snowstorms in the project area. This property ranges
in elevation from approximately 6,400 feet to 7,050 feet and it became clear
that the planned drilling and water haulage in the winter months would be both
very difficult and expensive. Since drilling was terminated, the time has been
used to catch up on the detailed logging, core cutting, photographing,
sampling and assaying of the approximately 24,000 feet of core from Bald Butte
and 2,077 feet of core from Cannivan Gulch. As of February 15, 2008, all of
the Cannivan Gulch core and approximately 16,000 feet of Bald Butte core had
been sampled and logged. Additional news releases will be prepared as the
assay results become available. Bolero currently anticipates having all of the
core logged by April, 2008 and all of the assay results compiled by May, 2008.
Eight additional holes have already been permitted for the 2008 drilling
season and access roads and pads have been constructed for most of these.
Additional holes will be permitted based on the results for these eight holes
and for the 2007 holes that are presently being logged and compiled. An
aggressive drilling program is anticipated during the 2008 summer season on
both the Bald Butte and the Cannivan Gulch properties, pending receipt of
necessary permits for Cannivan Gulch. The results of the 2007 Cannivan Gulch
drilling were the subject of a previous press release (January 7, 2008).
Bolero will continue to issue press releases as the logging at Bald Butte
progresses. The Company expects to announce an updated NI 43-101 by the end of
March, 2008 for its Bald Butte property.
Bolero Resources Corp. is a Canada-based molybdenum mineral development
and exploration company. Bolero's primary assets are its 100% interest in two
significant molybdenum properties located in Montana, USA - 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 U7N. For more
information, please visit www.boleroresources.ca or call toll-free
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.
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