Bolero announces drilling results for Cannivan Gulch project

    Hole CG07-2 averaged 0.097% Mo from surface to the end of the hole at
    1,475 feet (including 0.212% Mo over 68.5 feet)

    VANCOUVER, Jan. 7 /CNW Telbec/ - Bolero Resources Corp. (the "Company" or
"Bolero"), (TSX-V: BRU), (FRANKFURT: U7N) is pleased to announce the
analytical results for the two core holes drilled in 2007 at the Cannivan
Gulch molybdenum project, Beaverhead County, Montana.


    A helicopter-supported core drilling program was initiated by Bolero at
Cannivan Gulch in 2007. Two holes were drilled vertically in the northern part
of the mineralized zone and before bad weather forced the suspension of

    HOLE CG07-2

    Hole CG07-2 was drilled as a step out approximately 200 feet north of the
east-west section containing old holes CG-22 and CG-23, and 155 feet north of
angle hole CG-13 which only encountered mineralization at a depth of
approximately 400 feet below surface.
    The entire 1,475 foot length of this hole is in mineralization and strong
alteration. The average grade for the entire hole is 0.097% Mo. The hole
includes intercepts of 0.212% Mo over 68.5 feet, 0.349% Mo over 20 feet,
0.591% Mo over 10 feet, and 0.511% Mo over 10 feet. This hole is especially
significant because it extends strong near-surface mineralization
approximately 200 feet northward beyond the previously defined limits of the
main zone of mineralization.
    Mr. R. Bruce Duncan, President and C.E.O of the Company noted that only
scattered intervals totaling 118.5 feet of this deep hole carried less than
0.03% Mo which was the cut off grade utilized in the historic resource
calculation by Amoco Minerals in June 1982. He stated that "this continuous
mineralization over nearly 1,500 feet, in a 200 foot step out hole, confirms
that this property has the ability to host a very significant large tonnage
molybdenum deposit. The distribution of above 0.03% Mo throughout the hole
indicates that the mineralization is both strong and abundant (pervasive). An
intersection of 1,475 feet grading 0.097% at the edge of the known
mineralization suggests that the size and grade of the deposit could be
significantly increased with further drilling."

    Table 1: Core Hole CG07-2- Significant intervals (Mo greater than 0.10%)

    Interval (ft)
                             Interval            Average
    From          To        Thickness                 Mo%

    20            40               20              0.109
    110        184.5             74.5              0.120
    230          240               10              0.117
    260          270               10              0.101
    310          330               20              0.286
    330          350               20              0.127
    360          370               10              0.137
    390          400               10              0.591
    400          433               33              0.157
    470          490               20              0.145
    490          500               10              0.511
    520          550               30              0.153
    590          600               10              0.150
    610          650               40              0.133
    660          680               20              0.113
    690          719               29              0.122
    811.5        880             68.5              0.212
    880          900               20              0.349
    1116        1150               34              0.130
    1290        1308               18              0.133


    Drill hole 07CG-1 was drilled to a depth of 602 feet as a twin hole for
old hole CG-1 which was 500 feet deep to confirm near-surface mineralization
in the immediate area. Both holes were diamond drill core holes and are
approximately 10 feet apart.
    Drill hole CG-1 averaged 0.077 % Mo over its entire 500 foot depth, while
the 2007 twin hole, CG07-1, averaged 0.059 % Mo. The reasons for this
difference of 19% is thought to be some combination of a slight understatement
of the grades for the 2007 results, and the expected variation in a sheeted to
stockwork vein deposits such as Cannivan. Average assay results for the
standards inserted into the sample stream for Holes CG07-1 and CG07-2 were
3.8% and 4.6% respectively below the values for molybdenum stated by the
provider of the two separate standards. All blank molybdenum samples inserted
into the sample stream returned assay results below detection limit.

    Table 2: Core Hole CG07-1- Significant intervals (Mo greater than 0.10%)

    Interval (ft)

                            Intercept            Average
    From          To        Thickness                 Mo%

    120          130               10              0.280
    180          200               20              0.104
    320          330               10              0.205
    340          350               10              0.163
    470          520               50              0.100

    Core from both new holes has been geologically logged and sawed in half.
One half of the core was sent to ALS Chemex Laboratories in Elko, Nevada for
analysis using method OG62-Mo for molybdenum and OG62-Cu for copper. This
analytical method includes fine crushing of the entire sample to better than
70% -2mm, splitting off 250g and pulverizing the split to 85% -75micron
(200 mesh). The split is then analyzed for molybdenum and copper using ALS
Chemex method Cu-Mo-OG62 with a four-acid digestion and Inductively Coupled
Plasma (ICP) analysis. The remaining half of the core has been archived for
future use. The entire 2007 program was supervised by Mr. John Childs, Q.P.
who has prepared the technical portion of this press release.


    Bolero has proposed eighteen additional holes in the northern portion of
the mineralized zone during the 2008 field season. Bolero's technical team has
submitted a Plan of Operations for the planned drilling and an Environmental
Assessment (EA) of the project will be conducted by the U S Forest Service. It
is anticipated that a permit allowing Bolero to proceed with the planned
program will be received in time to allow an aggressive drilling program
during the 2008 season. Drilling planned for 2008 is designed to in-fill
previous drill holes and to test the limits of the expanded mineralization to
the north.


    Bolero has engaged Broad Oak Associates to complete a NI 43-101 compliant
Technical Report on the Molybdenum Resources at the Cannivan Gulch property
incorporating this recent drilling. Broad Oak Associates made a site visit in
October 2006, and again on October 31, 2007 as part of their due diligence.
Samples were taken from this recent drilling on the second visit.


    The Cannivan Gulch property is located in the Pioneer Mountains
approximately 30 miles southwest of Butte, Montana. The Cannivan Gulch
property is a molybdenum porphyry system that was discovered in 1968 and
explored by Cyprus Exploration Company and Amoco Minerals Company in the 1970s
and early 1980s. Work by Cyprus included 55 core holes totaling 88,450 feet, a
2,514 foot drift, and cross cut and two test raises. Based on the results of
these earlier exploration programs, a non NI 43-101 compliant resource was
estimated by Amoco Minerals Company, in June 1982, at 300 million tons grading
0.06% Molybdenum ("Mo") containing 360,000,000 pounds of Mo. This historical
resource was calculated at a 0.03% Mo cut-off. Re: Historical resources - Some
additional statements are required every time the disclosure is made. Per
NI43-101/4.2(2b) statements must be included to the effect that a qualified
person has not done sufficient work to classify the historical estimate as
current mineral resources, the issuer is not treating the historical estimate
as current mineral resources and the historical estimate should not be relied
    Mineralization is concentrated along the eastern margin of a composite
quartz monzonitic stock of late Cretaceous age that probably represents a
phase of the Pioneer batholith. Mineralization is well developed both in the
quartz monzonite and in impure Paleozoic carbonate rocks along the eastern
contact of the quartz monzonite. The mineralization defined by Cyprus-Amoco is
open both to the north and to the south.
    John Childs, Ph.D., Registered Geo (AZ) is the "qualified person" (as
such term is defined by NI 43-101) responsible for the preparation of the
technical information in this release.

    Bolero Resources Corp. is a well funded exploration and development
Company which holds 100% interests in 2 significant molybdenum properties
located in Montana, USA. 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 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.

For further information:

For further information: Renmark Financial Communications Inc.: Henri
Perron,; Jason Roy,;
Media: Adam Ross,, (514) 939-3989, Fax: (514)

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