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This PR today August 26/03 start of many more about the potential of this Gold and silver property in Arizona Go to their web site at www.untitedbolero.com for more info United Bolero Development Corp (C-UNB) - News Release United Bolero finalizes Placeritos option agreement United Bolero Development Corp UNB Shares issued 6,138,529 Aug 25 2003 close $ 0.25 Tuesday August 26 2003 News Release Also Golden Arch Resources Ltd (C-GAI) News Release Mr. Michael England of United Bolero reports PLACERITOS AGREEMENT SIGNED AND SUBMITTED TO TSX FOR APPROVAL The final agreement has been completed whereby United Bolero Development can earn a 51-per-cent interest in the Placeritos (Southern Gold) project on the company's Mildred Peak property, Pima county, Arizona. The terms of the agreement, previously reported in Stockwatch March 27, 2003, provide for the payments of cash and stock, and the financing of work programs as follows: Year of agreement/ payment to Altar Payment to Resources Golden Arch (1) (2) ($ U.S.) 1/ $25,000 (Canadian) $20,000 plus reimburse- ment for exploration expenses $20,000 (U.S.) -- to repay Golden Arch for previous payments to Altar 2/ $20,000 $35,000 200,000 $ 500,000 3/ $20,000 50,000 200,000 1,000,000 (1) Payment of common shares of UNB to Golden Arch (2) Monetary work commitment on property Hand trenching, undertaken in the spring of 2003, by Golden Arch, has indicated two very significant zones in the Amado area, the Michelle and the Rachel zones. Eleven hand trenches have been dug on the strike of the Michelle zone. The (trench-length) weighted average of eight of these trenches was 0.335 of an ounce per ton Au (11 grams per tonne Au) over a strike length of approximately 95 metres. The average width of the significant mineralized section in the eight trenches is 8.25 metres. All of the trenches dug on the Rachel zone were anomalous in gold. The best results of the trenching in this area returned a trench length of 16 metres of 5.8 g/t Au (0.169 ounce per ton Au). Both zones need to be mechanically trenched or stripped to confirm the hand trenching, and to confirm strike and dip of the zones, prior to commencing a drilling program. The initial exploration program, scheduled to proceed this fall, will include mechanical trenching, geological mapping, sampling and diamond drilling to further develop the Michelle and Rachel zones, as well as at least two other strong rock chip geochemical anomalies further south on the Placeritos property. Golden Arch Resources is the operator on the project. The agreement is subject to regulatory approval. The 2003 sampling program on the Mildred Peak property took place under the direction and supervision of R. Somerville, PEng, a qualified person under the meaning of National Policy Instrument 43-101. Mr. Somerville is aware of and approves the content of this news release. Subject to regulatory approval, the company has arranged a non-brokered private placement of up to three million units at a price of 25 cents per unit. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant is exercisable at 28 cents per share during the first year and at 35 cents per share during the second year. Proceeds from the placement will be applied to the Mildred Peak exploration program and toward general working capital. | ||||||||||||||
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