September 13th, 2007, Vancouver, BC, Canada - United Bolero Development Corp. (the "Company" or "United Bolero"), (TSX-V: UNB) is pleased to provide an update on the 1,890 metre (6,200 feet) diamond drill program currently underway at Cannivan Gulch. The Cannivan Gulch property is located approximately 30 miles southwest of Butte, Montana and was previously explored between the years 1968 and 1981 by Cyprus-Amax, Amoco Minerals and others. United Bolero has an option to acquire a 100% interest in the property which consists of 15 original unpatented claims covering 300 acres plus an additional 600 acres covered by an additional 30 claims.
Diamond Drill Program:
Drilling at Cannivan Gulch was delayed by a series of obstacles including a longer than expected permitting process, and the lack of helicopters due to wild fires in the area. However, we are pleased to announce that a core drilling rig provided by Ruen Drilling, Inc. of Clark Fork, Idaho was lifted by helicopter onto the first drill site at an elevation of approximately 9,000 feet on September 7, 2007. Water lines, pumps and other support facilities were installed by September 11 and drilling commenced on hole CG07-1 on September 12, 2007. Drilling is being conducted by two crews, each working ten- to twelve- hour shifts per day.
The present drilling program on the Cannivan Gulch property is designed to confirm previous drill results by drilling a twinned hole and to fill-in and expand the existing non-compliant resource. New hole CG07-1 will twin historical hole CG-1 which contained molybdenum mineralization starting at the surface in the north-central portion of the historically identified mineralization. We anticipate that this hole will have a total depth of approximately 500 feet. New hole CG07-2 is designed to test the limits of near-surface mineralization and to fill-in mineralization recognized at depth in previous drill holes in the northern portion of the historical mineralization. New holes CG07-3 and CG07-4 are designed as in-fill holes in the south-central and southern portions of the mineralization, respectively.
Core Logging and Assaying:
The core is being sawed, photographed, and geologically logged at United Bolero's core facility located in Silver City, Montana, approximately nine miles east of the Bald Butte property. One half of each sample interval is being shipped to ALS Chemex Laboratories for analysis. On July 11, 2007 the Company shipped 286 metres (938 feet) of core to ALS Chemex Laboratories in Nevada and anticipates results within the next three weeks.
Previous Work on Cannivan Gulch:
Previous work by Cyprus Exploration Company included a detailed exploration program consisting of 55 core holes totaling 88,450 feet drilled and 2,514 feet of underground development completed. 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 resulting in a preliminary pit design with a 0.97:1 strip ratio. This historic resource estimate quoted above, is considered to be relevant and is believed to be reliable based on the amount and quality of historic work completed. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates. The Company is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The properties will require considerable further evaluation which the Company's management and consultants intend t o carry out in due course.
- Higher grades within the deposit
- Previous drilling indicates that the potential exists for a high grade core zone at depth
- Historic Drill Hole CG-22 which was drilled in the central core zone in 1974 intersected 1,510 feet (from 250 feet to 1,760 feet) at 0.12% Mo including 270 feet (from 580 feet to 850 feet) at 0.21% Mo. (CMS laboratory as reported by Cyprus/Amoco Minerals.)
- An adit and cross cut totaling more than 2,500 feet was driven by Cyprus/Amoco Minerals in 1980 to obtain bulk samples for metallurgical testing and to allow grab and channel sampling through the deposit
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.
United Bolero 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 UNB, as well as the Frankfurt Exchange under U7N. For more information, please visit www.unitedbolero.com or call toll-free 888-945-4770.
On behalf of the Board of Directors
"R. Bruce Duncan"
President & CEO
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