I wonder what the financing will look like?
The management is currently assessing financing options to advance Bald Butte towards the production stage.
United Bolero Development Corp (TSX-V:UNB)
Shares Issued 21,557,241
Last Close 9/7/2005 $0.165
Thursday September 08 2005 - News Release
Mr. Blair Naughty reports
BOLERO REPORTS FINAL ASSAY RESULTS FROM BALD BUTTE-PRODUCTION FINANCING OPTIONS BEING ASSESSED
United Bolero Development Corp. has received the remaining assay results from its summer percussion drill program on two of the patented claims on the Bald Butte property. The vertical holes were drilled on a 50-foot-by-50-foot pattern. The latest results expanded the area of plus-0.1 per cent molybdenum mineralization to the southeast portion of the grid. Significant intervals in this area included hole No. P-115 which averaged 0.181 per cent Mo over 48 feet from 24 feet to 72 feet. Hole P-133 averaged 0.124 per cent over its entire length from surface to 72 feet.
Adjacent hole P-134 averaged 0.128 per cent over the 60 feet from 12 feet to 72 feet. Holes in the western portion of the grid yielded several plus-30-foot intercepts of material grading 0.1 per cent Mo or better, however the depth of overlying lower-grade material measured up to 60 feet deep. The western portion of the grid is not considered a high-priority area for this reason.
Management has identified an area of approximately 200 feet by 350 feet, containing 26 contiguous holes with a weighted average intercept of 56.5 feet of 0.132 per cent Mo under lower-grade material averaging 32 feet deep. This area abuts a piece of federal land, administered by the Bureau of Land Management (BLM), on its southern boundary. Bolero has previously (February, 2005) staked claims on this land to acquire the mineral rights to the molybdenum mineralization which appears to continue onto it from the adjacent patented ground.
Geological consultant James Gruber, of Joliet, Mont., and recently retired from the BLM, has been retained by the company to assist in the filing of notices to the BLM, and the acquiring of the necessary permits to enable the company to drill and bulk sample this property while quarry operations on the adjacent patented claims are being conducted.
Bolero has previously announced that permission to commence mining on the patented property has been granted (see Stockwatch on Aug. 16, 2005). Blair Naughty, president, commented: "It was particularly gratifying to see the molybdenum mineralization come so close to surface with this latest round of drill results. An ideal location to start the quarry will be in the vicinity of holes 133 and 134 since waste rock quantities overlying the moly material will be minimized in this area. With the assistance of Mr. Gruber, we are confident that we will be able to obtain the necessary permits from the BLM so that the life of our planned quarrying operation can be extended.
"The object of the program, based on previous widespread drilling by Gulf Minerals, was to deliniate a shallow deposit of molybdenum mineralization grading 0.1 per cent. These numbers were very attractive for the possibility of a small-scale quarry operation. The assays we have received from this program are on average 32 per cent higher than anticipated, and have the company extremely excited about the future of the project and its viability at current molybdenum prices. The management is currently assessing financing options to advance Bald Butte towards the production stage."
L.J. Bardswich, PEng (Ontario), is the qualified person on the Bald Butte project for purposes of National Instrument 43-101. Mr. Bardswich was the on-site manager of the percussion drill program and he prepared the technical information contained in this news release. Mr. Bardswich is a director of United Bolero, owns shares in United Bolero and is not an independent person as defined by NI 43-101.
Drilling and sample splitting was conducted under the supervision of the qualified person, Mr. Bardswich. Sample splits were submitted to the assay laboratory of Chris Christopherson Inc., Kellogg, ID, for analysis by AA methods. Samples submitted include blanks and standards as part of the company's quality control program. Random duplicate splits of approximately 6 per cent of the samples were sent to Swastika Laboratories Ltd., Swastika, Ont., for comparison assaying |
