RE: NEWS - 43-101 WOW !!! WOW !!!News Release Nov 10, 2005
UNITED BOLERO ANNOUNCES COMPLETION OF 43-101, BALD BUTTE CONTINUES TO MOVE FORWARD
November 10, 2005, Vancouver, BC, Canada – United Bolero Development Corp. (the "Company", "United Bolero")(TSX.V-UNB) is very pleased to report highlights from the 43-101 on the Bald Butte property as announced October 28th, 2005 and prepared by Michael Sandidge P. Geo. as a qualified person.
The Bald Butte Project is located 28 miles northwest of Helena, Montana in Lewis and Clark County. The property covers 320 acres on 22 patented claims in the northwest corner, Township 11 North, Range 6 West, Sections 9 through 10, of the Greenhorn Mountain, Mountain 1:24,000 USGS topographic map. United Bolero Development Corporation (UNB) optioned the property on February 18, 2005. UNB was granted an exclusive agreement to option a 100% interest from the Optionors, Hartmut Baitis and Inga Baitis.
UNB conducted a limited percussion drill program in 2005 and identified a very near surface (30-60 feet below the surface), of molybdenum mineralization of approximate grade 0.132% Mo. This drill program identified an area mineralization measuring 200 feet x 400 feet with a drill indicated resource of 384,000 tons and averaging 0.132% Mo. This program has allowed UNB to delineate waste cut-off boundaries and undertake quarry design for very near future commencement of mining operations.
Amax and Gulf Mineral Resources conducted extensive drilling programs on the property from 1964 to 1981. A total of 54,103 feet of surface diamond drilling at Bald Butte resulted in the definition of a low-grade molybdenite deposit containing probable open pit mineable reserves of more than 131 million tons averaging 0.077% Mo. A cutoff grade of 0.06% Mo was utilized for ore reserve calculations. The estimated waste to ore stripping ratio is approximately 2:1.
Bald Butte represents a stockwork molybdenite system that is spatially and genetically related to the emplacement of a multi-phase Eocene age composite stock of granitic to quartz monzonitic composition. The molybdenite zone roughly mimics the shape of and commonly straddles the porphyry contact. This composite intrusive was emplaced along the southwest flanks of a northwest trending anticlinal dome.
The quartz vein stockwork system as found in surface exposure is elliptical in shape, elongated in a northeast-southwest direction with dimensions of approximately 2400 x 1,200 feet.
UNB plans to operate at a 1,000 TPD mining rate and truck the ore approximately 82 miles to a custom mill operated by the Antonioli family in Phillipsburg, MT. The estimated mill capacity is 1000 TPD of Bald Butte ore, depending on hardness and fineness of grind required.
Based upon present Mo prices (30$ per lb), a small quarrying operation with trucking ore to the mill could result in net cash flow of $19,257 US per day; at $32.50 per lb it nets $24,788/Day, and at $35 Mo it nets $30,319/Day. An estimated break-even Mo price of $21.30 per pound has been calculated for the project.
Estimated costs of quarrying, trucking and milling, totalling $1,750,000 USD, must be financed until the first concentrate payments are received. It may be possible to obtain a major portion of this from metal traders. A complete breakdown of the costs will be outlined in the upcoming National Instrument 43-101.
"We are thrilled with the report that we have obtained from Mr. Sandidge, and will continue to move forward on the project with the utmost of confidence. The road is expected be complete in the next 10 days, and all equipment has been ordered and staff hired to move to the next level with the project. " stated Mr. Naughty " At current molybdenum prices this project is extremely valuable to the company and its shareholders, and the payback period for amount invested is extremely attractive. This is a very exciting time for the company and the shareholders as we have reached the point of turning all of our hopes and past expectations into reality."
United Bolero is listed on the TSX-Venture Exchange under the symbol UNB, as well as the Frankfurt Exchange under U7N, and the Pink Sheets as UBDVF. For more information visit www.unitedbolero.com or call toll free 888-945-4770.
On Behalf of the Board of Directors
“Mike England”
Director