Cannivan Gulch Has Indicated Resource Containing 225 Million Pounds and
Inferred Resource Containing 167 Million Pounds of Molybdenum

February 13^th, 2008, Vancouver, BC, Canada - Bolero Resources Corp. (the "Company" or "Bolero"), (TSX-V: BRU), (FRANKFURT: U7N) is pleased to announce it has received and will post on Sedar, a NI 43-101 compliant report on its Cannivan Gulch property in Montana.  This report is authored by Broad Oak Associates.  The report states that there is an indicated resource of 177,945,700 million tons at a grade of 0.06% Molybdenum (225 million pounds of Molybdenum) calculated using a block model with standard kriging.  The report also states that there is an additional inferred resource of 146,363,500 tons at a grade of 0.06% Molybdenum (166.9 million pounds of Molybdenum).  These resources were calculated using a 0.04% Molybdenum cut-off grade for both categories.  The above contained Molybdenum is the total material contained and does not take into account metallurgical recoveries.

Based on historic drilling and on the results of two holes completed by Bolero in 2007 (see press release January 7, 2008), the resource has not been closed off to the north or to the south.  In addition, portions of the resource are open to depth as well.  Drilling planned for 2008 will be designed to both in-fill the resource and to test those areas where the resource is still open.

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 1970's and early 1980's.  Work by Cyprus included 55 core holes totaling 88,450 feet, 2,514 feet of drift, 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").  This historical resource was calculated at a 0.03% Mo cut-off.

Summary of the Mineral Resources at Cannivan Gulch

Indicated Mineral Resource
		Grade	Grade
	Tons Greater	Greater	Greater
	than Cutoff	than Cutoff	than Cutoff	Million
Cutoff %Mo	(000's)	% Mo	% MoS2	lbs. Mo
0.04	177,945.7	0.063	0.106	225.4
0.05	117,156.1	0.073	0.122	171.4
0.06	75,444.4	0.083	0.139	125.6
0.08	29,201.5	0.106	0.178	62.2

Inferred Mineral Resource
		Grade	Grade
	Tons Greater	Greater	Greater
	than Cutoff	than Cutoff	than Cutoff	Million
Cutoff %Mo	(000's)	% Mo	% MoS2	lbs. Mo
0.04	149,363.5	0.056	0.093	166.9
0.05	82,072.3	0.065	0.109	106.9
0.06	39,814.9	0.076	0.127	60.8
0.08	10,929.9	0.100	0.167	21.9

Mr. R. Bruce Duncan, President and C.E.O of Bolero noted that at a cutoff of 0.04% Mo, the total resources at the property are now about 10% greater than the historic resource.  He stated that "this confirms Bolero's faith in this property and its firm belief that it has the ability to host a very significant large tonnage Molybdenum deposit.  It was very gratifying that the 2007 program enabled the Company to enlarge the deposit and report that a substantial portion of the resource is now in the indicated category".

Bolero has digitized the extensive database on the Cannivan Gulch property which includes the 55 Diamond drill holes completed by Amoco and Cyprus in the 1970's and 1980's, and the two holes drilled in 2007.  Broad Oak check assayed four samples of quartered core from the 2007 drill program and noted that they confirmed the Bolero data.

Preliminary metallurgical test work conducted by Amoco Minerals Company in 1981 showed that the molybdenite could be readily recoverable from the quartz monzonite material by standard floatation methods.  Recovery from the sedimentary material was less satisfactory by standard flotation.  However, testing using the Cyprus-Pima process, which had been used successfully at the Pima Mine, seemed to be viable although further test work would be required to confirm this method.

The Cannivan Gulch project is located about 30 air miles southwest of Butte which serves as the nearest business and population center.  The area can be reached from Butte over 35 miles of paved highway and about 10 miles of graded dirt road from Dewey, Montana.

The report recommends a two phase program which includes a total of approximately 18,000 feet of Diamond drilling.  Some of the core recovered will be used for further metallurgical testing.  It is anticipated that the two phases would cost in the range of US$1.2-1.4 million.  Bolero has started the permitting process. 

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 Canada-based molybdenum mineral development and exploration company.  Our primary assets are 100% interests in two significant molybdenum properties located in Montana, USA, which are the Bald Butte and Cannivan Gulch properties.   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.boleroresources.ca or call toll-free 888-945-4770.

On behalf of the Board of Directors

"R. Bruce Duncan"
President  & CEO

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