Canada Carbon Inc. Finalizes the Purchase of Asbury Mine, a Former Producing Graphite Mine With Plans to Fast Track the Re-Opening

OAKVILLE, ON -- (Marketwire) -- 12/04/12 -- Canada Carbon Inc. (formerly Bolero
Resources Corp.) (the "Company" or "Canada Carbon") (TSX-V: CCB),
(FRANKFURT: U7N1) is pleased to announce that it has closed the previously
announced
agreement to acquire 100% of the Asbury mining claims ("Claims") from
Uragold
Bay Resources Inc. ("Uragold" or "UBR").

Pursuant to the terms of the mining claims purchase & transfer agreement
("Agreement") dated August 29(th), 2012 (as amended by amending agreement
dated
October 11, 2012), Canada Carbon made an initial contribution of $30,000
CDN to
UBR and a second cash payment of $70,000 CDN. Upon closing of the
transaction
today, Canada Carbon has made a further payment of $200,000 CDN and will
pay a
yearly royalty of 0.75% on the net production cost for a period of 10 years
after the start of graphite production. As further consideration for the
transfer and sale of the Claims and related assets, Canada Carbon issued to
Uragold 5,000,000 common shares ("Common Shares"), representing
approximately
8.7% of Canada Carbon's issued shares.

Stephen Riddle, CEO of Asbury Graphite Mills Inc., a widely regarded
expert in
the graphite and carbon industry commented: "The Asbury mine contains very
high
quality natural flake graphite that is easy to process to 95% purity and
has a
high percentage of large flakes. We look forward to seeing it up and
operating
again."

Canada Carbon's CEO, Paul Ogilvie commented: "We are very excited to
have
completed this highly strategic asset and continue to move ahead to
re-open the
former producing mine. We consider the Asbury mine to be one of the
best
projects in the country, high grade, top quality, and geographically
desirable."

The Company plans to move as quickly as possible to have the mine up and
running
within 12 to 14 months. By air classifying before milling, the Company
hopes to
achieve a pre mill grade of 70%. This will allow the material to be trucked
to a
milling location off the mine site. This advantage is no need for tailing
ponds,
significantly smaller mill, and simpler permitting.

At this point a feasibility study has not been completed and there
is no
certainty the proposed operation will be economically viable.

On closing of the transactions contemplated by the Agreement, UBR entered
into a
voting support and standstill agreement (the "Voting Agreement")
whereby UBR
agreed, among other things, (i) not to vote (or cause to be voted) the
Common
Shares against any resolution to approve the election of Canada
Carbon's
management nominees and any resolutions put forward by such nominees
until
December 3, 2014, (ii) to sell all or any part of the Common Shares over
certain
thresholds including pursuant to private off-market transactions or
specified
amounts if such sales occur through the facilities of any stock exchange
until
December 3, 2015, (iii) not to sell, transfer, gift, assign pledge,
hypothecate
the Common Shares for a three year period without the prior written
consent of
Canada Carbon (other than as permitted in the Voting Agreement), (iv)
not to
grant (or agree to grant) any proxy or other voting right for a three
year
period to any of the Common Shares, and (v) not to acquire,
directly or
indirectly or through an affiliate, any Canada Carbon common shares
until
December 3, 2015 without the prior written consent of Canada Carbon.

Upon completion of this transaction, Canada Carbon now has 57,104,558
common
shares issued and outstanding.

ABOUT ASBURY GRAPHITE MINE

The past producing Asbury Graphite Mine property consists of two 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 Canada
Carbon 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 CANADA CARBON INC. (CCB - TSX.V)

Canada Carbon is a carbon sciences company - our goal is to be the most
efficient graphite mining and high purity company in the world with the
highest
quality materials. We are trying to achieve this by deploying proprietary
technologies, sound environmental policies, best practices companywide and
employing the best people the industry has. Together, our goals will be
realized
by being customer centric and on the constant leading edge.

Canada Carbon is a natural resource company focused on the
acquisition and
development of graphite properties throughout Canada. Canada Carbon holds
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).

On behalf of the Board of Directors
"R. Bruce Duncan"
Executive Chairman
E-mail inquiries: info@canadacarbon.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."

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).

13609975.3

86 Wilson Street, Units A & B
Oakville, Ontario, L6K 3G5
P: (905) 337-0002   F: (905) 337-0777
Email: info@canadacarbon.com
Web: www.canadacarbon.com

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and
other applicable laws; and

(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Canada Carbon Inc. via Thomson Reuters ONE

[HUG#1662237]

R. Bruce Duncan

P: (905) 337-0002

F: (905) 337-0777

Email: Email Contact