Union Bankshares Inc UNB

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[IzY]

United Bolero's Mercer resigns United Bolero Development Corp (TSX-V:UNB) Shares Issued 31,322,741 Last Close 1/4/2006 $0.145 Thursday January 05 2006 - News Release Mr. R. Bruce Duncan reports UNITED BOLERO PROVIDES CORPORATE UPDATE United Bolero Development Corp.'s director Gerard Mercer resigned on Jan. 2, 2006. The company thanks Mr. Mercer for his board contributions. The company is now in the process of seeking to fill the vacancy left by Mr. Mercer's resignation. As far as mining activities are concerned, the company reports that its wholly owned subsidiary, Montana Molybdenum Corp. (MMC), has now entered into a lease of 65 acres of land located in Silver City to be used as a weighing, stockpiling and transfer point for quarried molybdenum material being trucked from the Bald Butte quarry to the Contact (Antonioli) mill in Phillipsburg. The land in question, leased from Silver City sand and gravel, comes complete with shop, scales, concrete pads and a Burlington Northern rail siding, and is located adjacent to State Highway 279, approximately 11 miles from the Bald Butte quarry. The lease of this property provides the company with the flexibility to optimize transportation alternatives as weather and market parameters change. United Bolero also reports that MMC has also signed a trucking contract with MRTF Inc. of Black Eagle to deliver up to 1,000 tons per day to the Contact mill in Phillipsburg from the Bald Butte quarry. MRTF commenced trucking on Dec. 20, 2005, and is expected to ramp up production to 1,000 tons per day by the week of Jan. 16. In addition, MMC reports that pilot testwork is under way to determine if on-site crushing and/or screening could improve the shipping grade of the Bald Butte quarry product. A pilot sample of 35 tons of quarried material was trucked for processing through the MRTF crushing and screening plant in Black Eagle. Tests showed that 67 per cent of the molybdenum values were carried in the 35 per cent of the material that would pass through a three-quarter-inch screen. These tests indicate that it may be possible to increase the shipping grade of Bald Butte quarried material by a factor of 1.91, with a modest investment in screening equipment. Management cautions that these tests are preliminary in nature, that additional testwork is required and that final results may differ from the preliminary test results. MMC also announces that two Tamrock Super Tiger CHA 700 drills have been mobilized to the Bald Butte site. One drill will concentrate on blast hole drilling while the other drill will be used for exploration drilling to attempt to find additional zones of economic mineralization. L. Joseph Bardswich, PEng (Ontario), a director of the company and president and a director of MMC, is the qualified person (as such term is defined in National Instrument 43-101) responsible for the preparation of the technical information in this news Regards IzY.

[grantster44]

Hi IzY.I can't find news but I certainly don't doubt it.Things are really moving along at Balde Butte and the company already has the PP to start Chong in the spring,which won't be too long now.I'm not sure how to assess Mercer leaving but from what I understood the the other day,Mr.Duncan is a really motivated person who certaining wants to get the company going forward.Have a

[grantster44]

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[stockchimp]

New presidents always feel their way through a company and often times there are personality conflicts...I wouldn't read much into the resignation. There are still 4 perfectly capable board members that are well versed in mining...the one that left was an academic (a Dean of a University). As far as the real news goes, it's quite positive. If the company can ship almost double the

[palladn]

Excellent news. 1. If you get ~90% MORE Mo/ton hauled (less waste rock) you need ~45% less ?leased? trucks... and the associated fuel AND manpower costs... 2. Milling costs per ton of rock also fall ? ~40% ? since you now get ~90% more Mo/ton milled. 3. Slight increase in costs for crushing/screening on site, so I'd agree with stockchimp except it should affect ALL major costs...

[IzY]

Try stockwatch.com There is 3 directors in UNB right so if one leaves there is one less to pay for h.e.h.e :) Regards IzY.

[3eye]

Rhenium-by product from roasting process of moly at +-1000p/oz may have

[palladn]

Correction stockchimp, you're right. The profit per ton would increase but the same 1000 tpd would be hauled...at the higher %Mo/t. Yes. The same milling costs would apply on a per ton processed basis, but those would be on the higher %Mo/t which yields more Mo/t, thus more $$$. My mistake on applying it to the trucking costs. Still makes the profit per lb/Mo extracted go up