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Gold/Mining/Energy : MOLYMANIA the race is on -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (4)	1/20/2005 10:22:42 PM
From: Rocket Red	Respond to of 336

United Bolero completes Cannivan Gulch formal agreement 2005-01-04 08:23 ET - News Release Shares issued 15,183,617 UNB Close 2004-12-31 C$ 0.295 Mr. William Morton reports UNITED BOLERO COMPLETES FORMAL AGREEMENT WITH CANNIVAN GULCH VENDORS; PROVIDES REVIEW OF CANNIVAN GULCH GEOLOGICAL DATA United Bolero Development Corp., pursuant to receiving TSX Venture Exchange approval on Dec. 30, 2004, for the acquisition of its 100-per-cent interest in the Cannivan Gulch project, has now completed the formal agreement with the vendors of the property. The company would also like to provide an update on the progress of the examination of geological data provided by Cannivan Gulch property vendor, Dr. Hart Baitis, Geo. After initial study of the data and upon the recommendation of company consultants, 30 additional mineral claims (600 acres) were located (staked). The certificates of location were filed with the Beaverhead county clerk-recorder as a precursor to filing with the Montana State Office of the Bureau of Land Management. These claims, contiguous with and peripheral to the original 15 claims acquired in the property option to purchase agreement, were located to cover possible extensions to copper/molybdenum mineralization outlined in the original Cyprus/Amoco drilling. Mineral Logic, consulting geologists based in Missoula, Mont., were recently contracted and have commenced digitizing all geological data available to the company. Digitization will streamline data entry into the mining software necessary to do further resource modelling. An estimate of 300.5 million tons of mineralized material grading 0.100 per cent MoS2 (0.060 per cent molybdenum) with a 0.05-per-cent MoS2 cut-off and a stripping ratio of 0.9:1 was calculated in 1982 by the then property owners, Cyprus/Amoco. Cyprus envisaged a large open pit with ore treated in an on-site concentrator. Included in the 300.5 million tons, a higher-grade zone of 5.2 million tons averaging 0.165 per cent Mo was identified. The presence of an operating copper/molybdenum concentrator within 40 miles of the Cannivan Gulch property suggests the possible scenario of shipping initial production on a toll basis to this concentrator. It has been recommended that a preliminary assessment (PA), which can be reported under NI 43-101, be conducted as soon as possible. The PA would take the form of a scoping study and would provide terms of reference for prefeasibility and feasibility studies for both of the above-mentioned scenarios. The studies would also identify any additional data needed and/or any work required to confirm previous results. United Bolero management stresses that reports completed to date (historical reports) on the Cannivan Gulch deposit are not in compliance with National Instrument 43-101. The historical reports on the Cannivan Gulch project have not been reviewed in detail by, nor prepared by, a qualified person as defined by NI 43-101; therefore, the Cannivan Gulch deposit cannot be defined as a proven or probable resource or reserve at this time and the company cautions investors in relying on historical estimates and statements.