Union Bankshares Inc UNB

RE: United Bolero tests Mo recovery at 80% for Ba

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09:44 EDT Tuesday, October 17, 2006 FSC / Press Release UNITED BOLERO PROVIDES UPDATE Vancouver, British Columbia CANADA, October 17, 2006 /FSC/ - United Bolero Development Corp. (UNB - TSX Venture), (the "Company" or "United Bolero"), updates shareholders on its Montana molybdenum properties. Bald Butte: Metallurgical Results The Company is pleased to report that it has made significant progress towards completing the NI 43-101 Technical Report for its Bald Butte property in Montana. Additional representative material from the Bald Butte quarry has been sent to G & T Metallurgical Service in Kamloops, BC ("G & T") for testing. Results from this first phase of metallurgical testing, designed to determine molybdenum recovery rates, have now been received. By conducting a number of scoping batch flotation tests, G & T determined that molybdenum in the ore body can be recovered into rougher concentrate at a rate between 90 to 95 percent. The rougher concentrate can then be processed into a marketable molybdenum concentrate with an overall molybdenum recovery rate of about 80 percent. (A marketable molybdenum concentrate contains at least 50 percent molybdenum.) G & T has recommended that additional representative samples across the full resource be acquired and similar testing conducted to finalize the flowsheet and test the viability in metallurgical response. Testing of these larger scale samples may provide some opportunity to improve upon the current projected recovery rates as the present tests have not been optimized to define the optimal primary and regrind sizes. The Company\'s geological team working under the supervision of Bruce Parker, P. E., have completed the geologic mapping and interpretation of the Bald Butte quarry. The results are being integrated with historic drill results in support of the NI 43-101 report being prepared by Broad Oak Associates. The company anticipates the completion of this report in the first week of November. The Bald Butte property is located 28 miles northwest of Helena, Montana in Lewis and Clark County and covers approximately 350 acres. Cannivan Gulch: The Company also announces that Broad Oak Associates has been retained to prepare a NI 43-101 compliant technical report on its Cannivan Gulch property. Over the next few weeks, the geological team, lead by Bruce Parker, will be moved to the property, to begin work required for preparing this report. This new work, combined with the historic data will allow Broad Oak Associates to expedite the NI 43-101 report. The Cannivan Gulch property, located 30 miles southwest of Butte, Montana includes 22 mining claims. Historically, over 90,000 feet of diamond drilling in 56 holes and 2500 feet of underground work were conducted by Cyprus Exploration Company (now Amoco). The underground adit was designed to intercept 2 of the exploration holes that were then raised up on and bulk samples collected. R. Bruce Duncan, the President & CEO of United Bolero states, "Over the past few months, we have focused our efforts on firming up the resources at our Bald Butte property. With Broad Oak\'s 43-101 nearing completion, we are now ready to move forward aggressively with Cannivan Gulch. As Fall progresses we will be able to make significant advances on several of our projects allowing us to build shareholder value." United Bolero 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. Bruce Parker P. E. (Montana) is the "qualified person" (as such term is defined in N.I. 43-101) responsible for the preparation of the technical information in this release. On behalf of the Board of Directors "R. Bruce Duncan" President & CEO The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. United Bolero Development Corp. Suite 1220, 789 West Pender Street, Vancouver, BC, V6C 1H2 Phone [phone] Fax: [phone] Email: [e-mail] Web: www.unitedbolero.com United Bolero Development Corp. (UNB - TSX-V) www.unitedbolero.com Maximum News Dissemination by Filing Services Canada Inc. Ph: [phone] Fx: [phone] www.usetdas.com