Bolero Resources Corp.: Drill Permits Obtained for Red Chris South Prospect

Bolero Resources Corp.: Drill Permits Obtained for Red Chris South Prospect

Bolero Resources Corp. announce it has received permits, from the B.C. Ministry of Energy, Mines and Petroleum Resources, to conduct a diamond drill program on its “Red Chris South” prospect, contiguous to Imperial Metals Corporation’s (III-TSX) “Red Chris” copper-gold discovery where they announced drill intercepts of 528.7 metres grading 1.97 g/t Gold and 1.13% Copper and 1,112.5 metres grading 0.54% Copper, 0.61 g/t Gold and 1.96 g/t Silver. Bolero’s drilling is scheduled to commence shortly, following the receipt and interpretation of multiple assays from over 450 soil samples taken from the recently discovered anomalous areas.

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Bolero Resources’ President and CEO, R. Bruce Duncan stated, “We have recently identified several significant anomalies on the “Red Chris South” property and are now establishing high-priority drill targets to test these areas. Assay results, from 467 soil samples taken from the anomalous areas are expected to be available shortly and a drill program is being planned to commence following interpretation of the data. Management believes the Red Chris South project will be a key component in the future growth of the company and intends to continue geophysical fieldwork and drilling to determine if Red Chris-type mineralized zones continue throughout Bolero’s “Red Chris South property.”

Terracad Geoscience Services Ltd. has reviewed the IP and MMI data and in a preliminary report stated the following: “The geophysical survey included 55 line kilometres of deep penetrating induced polarization, a method that has been successfully applied at the Red Chris project. Bolero’s survey was designed to identify deep sulphide-bearing targets that could represent Red Chris-type mineralization.”

Additionally, Mr. John Buckle, P. Geoph., P. Geo., stated: “The survey detected a relatively strong chargeability anomaly near the eastern portion of the property that appears to lie at a depth starting at about 300 metres and is open to depth. Its apparent width is in the order of 350 metres and the target was detected on two lines spaced 200 metres apart.”

The MMI soil survey results for Gold and Copper confirm and coincide with the extensions of the east-west elongated IP anomaly. The reconnaissance MMI grid overlaid the anomaly and includes the highest values for copper and gold of the total Phase 1 geochemical survey of 2010 (Phase II of exploration is in progress.) The geophysical/geochemical anomaly is interpreted to have the characteristics of a mineralized intrusive and warrants further detailed exploration.

In other news, Bolero has acquired an 80% interest in 5 mineral claims prospective for Rare Earth Elements covering over 5,327 acres contiguous to Bolero’s existing “Carbonatite Syndicate” claim group, located 80km northeast of Prince George, British Columbia. The terms of the transaction are $10,000 and 100,000 shares of Bolero upon TSX approval and on the first anniversary an additional $10,000 and 100,000 shares of Bolero. Bolero earns 80% immediately with a right of first refusal (ROFR) for the final 20%.

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