United Bolero to prepare Bald Butte geological report
United Bolero Development Corp (TSX-V:UNB)
Shares Issued 25,977,241
Last Close 10/19/2005 $0.24
Thursday October 20 2005 - News Release
Mr. Mike England reports
UNITED BOLERO TO PREPARE 43-101 ON BUTTE PROPERTY/ FINANCING OVERSUBSCRIBED
United Bolero Development Corp. has hired Michael Sandidge as the qualified person to compile the National Instrument 43-101 on the company's Bald Butte molybdenum project, located approximately 35 miles northwest of Helena, Mon. Mr. Sandidge's duties will be to review all of the previous collected data on the property, conduct property visits, examine representative stored core from the previous drilling programs and to prepare the qualifying geological report in compliance with the "Standards of Disclosure for Mineral Projects" as set out in the Canadian Securities Administrators' (CSA) National Instrument 43-101 and its Companion Policy 43-101CP, and in accordance with the technical reporting guidelines and requirements.
The Bald Butte project includes a total of 22 patented claims, comprising approximately 350 acres and an area of interest with radius of 0.5 mile from the property boundaries. The company acquired an additional 10 claims contiguous to the property, which includes an area of interest provision in the event that possible extensions of significant mineralization are discovered.
Recently, United Bolero conducted a percussion drill program on a portion of the Bald Butte project in an area where the mineralization comes close to surface, and where the grade averaged 0.13 per cent Mo as reported in Stockwatch on Aug. 9 and 16, 2005. The company proposes to quarry this material and truck it to a contract mill. Mr. Sandidge will focus on this portion of the Bald Butte project.
Mr. Sandidge is a professional registered geologist registered in the State of Washington with 20 years of experience in the United States, Canada, Russia, Mexico and has worked extensively in South America over the last 10 years. Mr. Sandidge graduated from the University of Washington with a bachelor of science in geological sciences and went on to earn a master's degree in geological sciences from the University of Texas at El Paso. His work history has a client roster that includes the University of Washington Department of Geological Sciences, Canadian Geological Survey, Bema Gold Corp., Phelps Dodge Corp., Cyprus/AMAX and numerous other companies.
President, Blair Naughty. states: "We felt that getting the Bald Butte up to 43-101 standards was an important final step for the company to make to ensure that all data was confirmed by a third party. This process has begun and will likely be completed within the next 10 days. When the report is complete in its entirety, we will post it on the website for the public to view."
The company is pleased to report that the financing announced in Stockwatch on Oct. 11, 2005, has been oversubscribed, and the first tranche of $690,000 (originally $600,000) is expected to close by Tuesday, Oct. 24. The second tranche, which is $920,000 (originally $800,000), that was placed by Aberdeen Gould Investment Bank in Toronto, Canada, will close upon receipt of the 43-101, and is also oversubscribed. The flow-through financing announced in Stockwatch on Oct. 11, 2005, is also oversubscribed and is now for 172,500 rather than $150,000. The offering is subject to TSX Venture Exchange approval. All securities issued in connection with this offering will be subject to a four-month hold period in accordance with securities regulation.
"The response to our Bald Butte project thus far has been overwhelmingly positive, and we look forward to delivering a 43-101 to bring it into full compliance with the TSX Venture Exchange's reporting requirements," states Mr. Naughty. "The company has already started the process of repairing the road linking the property to the interstate, and work will commence in the next three to five weeks on the project."
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