Bolero Signs Definitive Agreement to Acquire the Asbury Mine
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/05/12 -- Bolero Resources Corp. (the "Company" or "Bolero"), (TSX VENTURE: BRU) (FRANKFURT: U7N1) is pleased to announce that it has entered into definitive agreement, dated August 25th, 2012, with Uragold Bay Resources Inc. ("Uragold" or "UBR") for the purchase of UBR's "Asbury" mining claims. The closing of the transaction shall be completed on or before October 15, 2012. The terms of the agreement are the same as disclosed in Bolero's press release dated August 9th, 2012. Uragold's shares trade on the TSX Venture Exchange under the symbol "UBR".
The transaction is also subject to receipt by Bolero of the approval of the TSX Venture Exchange.
ABOUT ASBURY GRAPHITE MINE
The past producing Asbury Graphite Mine property consists of four claims and is located approximately 10km northeast of Notre-Dame-du-Laus and about 120km north of the Ottawa-Gatineau area. It is accessible by a good road and a power transmission line runs to the property. Some of the old mill structure still exists and could be refurbished to house a dry milling process. The open pit mine and mill were in operation from 1980 to 1989 where a total of less than 70,000 tons were processed. The operation was shut down in 1990 due to falling graphite prices.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and Bolero is not treating the historical estimate as current mineral resources or mineral reserves.
In 1974, a historic estimate of 578,000 tons grading 10% large flake graphite was reported. Additional drilling in 1985 indicated the potential for additional ore at the bottom of the pit and both to the north and south of the existing pit. These included significant intervals ranging from around 4 to 10% carbon.
A qualified person has not verified the relevance and reliability of the 1974 metallurgical results outlined above. A qualified person has not verified the relevance and reliability of the 1985 drill results outlined above.
Past metallurgical tests on bulk samples from the deposit have shown that a graphite concentrate with a recovery of 85% was produced where by 50% of the concentrate falls into the large flake grade with an average carbon content of 90% and a flake size of +80 mesh. 25% fall in the medium flake category with an average carbon content of 80% carbon and a flake size between -80 and +200 mesh. With more advanced milling technology available today, these recoveries and purity may be significantly improved.
ABOUT BOLERO RESOURCES CORP. (TSX VENTURE: BRU)
Bolero Resources is a junior natural resource company focused on the acquisition and development of graphite properties throughout Canada. Bolero holds a 100% interest in 38 mineral claims located in Maria Township, 17 kilometres south of the community of Bissett Creek on the Trans Canada Highway between the cities of Ottawa and North Bay, Ontario. These claims cover an area of approximately 2,000 hectares (4,940 acres) that surround and are contiguous to Northern Graphite's Bissett Creek graphite deposit. Northern Graphite recently reported the extraction of very large high purity flake graphite consistent across the entire resource with overall recovery rates of 97%. (NGC.V News Release 23/04/2012)
Throughout 2012, Bolero has been focusing on its primary goals of building and strengthening our core operations in mineral exploration and development by acquiring and developing quality-mining projects to ultimately increase shareholder value.
On behalf of the Board of Directors
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Bolero Resources Corp.
R. Bruce Duncan
Executive Chairman
(604) 638-0971
(604) 638-0973 (FAX)
info@boleroresources.com
www.boleroresources.com
