BOLERO ANNOUNCES  DRILLING RESULTS FOR CANNIVAN GULCH PROJECT

HOLE CG07-2 AVERAGED 0.097% Mo FROM SURFACE TO THE END OF THE HOLE AT  1,475 FEET (INCLUDING 0.212% Mo over 68.5 FEET)

January 7th, 2008, Vancouver, BC, Canada - Bolero Resources Corp. (the "Company" or "Bolero"), (TSX-V: BRU), (FRANKFURT: U7N) is pleased to announce the analytical results for the two core holes drilled in 2007 at the Cannivan Gulch molybdenum project, Beaverhead County, Montana.

RESULTS OF THE 2007 DRILLING PROGRAM
A helicopter-supported core drilling program was initiated by Bolero at Cannivan Gulch in 2007. Two holes were drilled vertically in the northern part of the mineralized zone and before bad weather forced the suspension of drilling.

HOLE CG07-2
Hole CG07-2 was drilled as a step out approximately 200 feet north of the east-west section containing old holes CG-22 and CG-23, and 155 feet north of angle hole CG-13 which only encountered mineralization at a depth of approximately 400 feet below surface.

The entire 1,475 foot length of this hole is in mineralization and strong alteration.  The average grade for the entire hole is 0.097% Mo.  The hole includes intercepts of 0.212% Mo over 68.5 feet, 0.349% Mo over 20 feet, 0.591% Mo over 10 feet, and 0.511% Mo over 10 feet.  This hole is especially significant because it extends strong near-surface mineralization approximately 200 feet northward beyond the previously defined limits of the main zone of mineralization.

Mr. R. Bruce Duncan, President and C.E.O of the Company noted that only scattered intervals totaling 118.5 feet of this deep hole carried less than 0.03% Mo which was the cut off grade utilized in the historic resource calculation by Amoco Minerals in June 1982.  He stated that "this continuous mineralization over nearly 1,500 feet, in a 200 foot step out hole, confirms that this property has the ability to host a very significant large tonnage molybdenum deposit.  The distribution of above 0.03% Mo throughout the hole indicates that the mineralization is both strong and abundant (pervasive).  An intersection of 1,475 feet grading 0.097% at the edge of the known mineralization suggests that the size and grade of the deposit could be significantly increased with further drilling."

Table 1: Core Hole CG07-2- Significant intervals (Mo greater than 0.10%)

DRILL HOLE CG07-1
Drill hole 07CG-1 was drilled to a depth of 602 feet as a twin hole for old hole CG-1 which was 500 feet deep to confirm near-surface mineralization in the immediate area.  Both holes were Diamond drill core holes and are approximately 10 feet apart.

Drill hole CG-1 averaged 0.077 % Mo over its entire 500 foot depth, while the 2007 twin hole, CG07-1, averaged 0.059 % Mo.  The reasons for this difference of 19% is thought to be some combination of a slight understatement of the grades for the 2007 results, and the expected variation in a sheeted to stockwork vein deposits such as Cannivan.  Average assay results for the standards inserted into the sample stream for Holes CG07-1 and CG07-2 were 3.8% and 4.6% respectively below the values for molybdenum stated by the provider of the two separate standards.  All blank molybdenum samples inserted into the sample stream returned assay results below detection limit.

Table 2: Core Hole CG07-1- Significant intervals (Mo greater than 0.10%)

Core from both new holes has been geologically logged and sawed in half.  One half of the core was sent to ALS Chemex Laboratories in Elko, Nevada for analysis using method OG62-Mo for molybdenum and OG62-Cu for copper.  This analytical method includes fine crushing of the entire sample to better than 70% -2mm, splitting off 250g and pulverizing the split to 85% -75micron (200 mesh).  The split is then analyzed for molybdenum and copper using ALS Chemex method Cu-Mo-OG62 with a four-acid digestion and Inductively Coupled Plasma (ICP) analysis.  The remaining half of the core has been archived for future use.  The entire 2007 program was supervised by Mr. John Childs, Q.P. who has prepared the technical portion of this press release.

PLANNED ACTIVITIES
Bolero has proposed eighteen additional holes in the northern portion of the mineralized zone during the 2008 field season.  Bolero's technical team has submitted a Plan of Operations for the planned drilling and an Environmental Assessment (EA) of the project will be conducted by the U S Forest Service.  It is anticipated that a permit allowing Bolero to proceed with the planned program will be received in time to allow an aggressive drilling program during the 2008 season.  Drilling planned for 2008 is designed to in-fill previous drill holes and to test the limits of the expanded mineralization to the north.

BROAD OAK ASSOCIATES
Bolero has engaged Broad Oak Associates to complete a NI 43-101 compliant Technical Report on the Molybdenum Resources at the Cannivan Gulch property incorporating this recent drilling.  Broad Oak Associates made a site visit in October 2006, and again on October 31, 2007 as part of their due diligence.  Samples were taken from this recent drilling on the second visit.

BACKGROUND AND GEOLOGIC SETTING
The Cannivan Gulch property is located in the Pioneer Mountains approximately 30 miles southwest of Butte, Montana.  The Cannivan Gulch property is a molybdenum porphyry system that was discovered in 1968 and explored by Cyprus Exploration Company and Amoco Minerals Company in the 1970s and early 1980s.  Work by Cyprus included 55 core holes totaling 88,450 feet, a 2,514 foot drift, and cross cut and two test raises.  Based on the results of these earlier exploration programs, a non NI 43-101 compliant resource was estimated by Amoco Minerals Company, in June 1982, at 300 million tons grading 0.06% Molybdenum ("Mo") containing 360,000,000 pounds of Mo.  This historical resource was calculated at a 0.03% Mo cut-off.  Re: Historical resources - Some additional statements are required every time the disclosure is made. Per NI43-101/4.2(2b) statements must be included to the effect that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Mineralization is concentrated along the eastern margin of a composite quartz monzonitic stock of late Cretaceous age that probably represents a phase of the Pioneer batholith.  Mineralization is well developed both in the quartz monzonite and in impure Paleozoic carbonate rocks along the eastern contact of the quartz monzonite.  The mineralization defined by Cyprus-Amoco is open both to the north and to the south.

John Childs, Ph.D., Registered Geo (AZ) is the "qualified person" (as such term is defined by NI 43-101) responsible for the preparation of the technical information in this release.

Bolero Resources Corp. is a well funded exploration and development Company which holds 100% interests in 2 significant molybdenum properties located in Montana, USA.   The Company is listed on the TSX-Venture Exchange under the symbol BRU, as well as the Frankfurt Exchange under U7N. For more information, please visit www.unitedbolero.com or call toll-free 888-945-4770.

On behalf of the Board of Directors

"R. Bruce Duncan"
President  & CEO

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