Bolero Acquires the 'Charge' REE Prospect in Northern BC

VANCOUVER, BC -- (Marketwire) -- 02/03/11 --

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Bolero Resources Corp. (the
'Company' or 'Bolero'), (TSX-V: BRU), (FRANKFURT: U7N1) announces it has
acquired a 100% interest in the 'Charge' Rare Earth Element prospect located in
northern British Columba, approximately 50 kilometres southeast of the Kemess
Mine operated by Northgate Minerals Corporation (NGX - TSX). Bolero's 'Charge'
REE prospect currently contains the highest Lanthanum (La) (1146 ppm), Yttrium
(Y) (647 ppm), and second highest Cerium (Ce) (1247 ppm) samples in the province
of British Columbia's Regional Geochemical Survey (BCRGS) database, with over
7000 samples recently taken from the region.

Please visit www.boleroresources.com to view the property map.

Bolero Resources' President and CEO, R. Bruce Duncan, stated 'The acquisition of
the 'Charge' REE prospect significantly increases Bolero's Rare Earth Element
asset portfolio and provides shareholders with a fourth active project for the
2011 work season. We are excited to commence operations on the 'Charge' REE
prospect and are greatly encouraged by the presence of British Columbia's
highest sampling values for Lanthanum, Yttrium, and the second highest values
for Cerium Rare Earth Elements, on Bolero's property. A work program is now
being planned for the 'Charge' prospect to further define Rare Earth Element
values in the existing anomalous areas. Bolero currently has approximately
$3,700,000 in cash and anticipates a robust 2011 drill/work season for all of
Bolero's primary projects including: The 'Red Chris South' (Copper/Gold), The
'Carbonatite Syndicate' (Rare Earth Element), the 'White Gold' Yukon, and the
new 'Charge' REE properties.'

Bolero will issue 150,000 common shares and pay $2,500.00 CDN for a 100%
interest in the 'Charge' property, subject to TSX Exchange approval.

About the 'Charge' REE Prospect

The 'Charge' Rare Earth Element claims are located along the British Columbia
Rare Metal Belt. They contain some of the highest Lanthanum (La), Cerium (Ce),
Terbium (Tb), Lutetium (Lu), and Samarium (Sm) results in the British
Columbia Regional Geochemistry Survey (BCRGS) database of over 53,000 samples.
Highly elevated Rubidium (Rb) and Fluorine (F) also occur at the anomalous
sites. Coincident elevated nickel, cobalt and chromium anomalies (compared to
the host sediments) suggest that this is due to Carbonatite intrusion related to
ultramafic intrusions.

A prominent, large (approximately 8 km diameter) semi-circular magnetic
anomaly is spatially associated with the 'Charge' REE anomalies. Alkalic ring
structures are well known in the literature regarding the genesis of
carbonatitic intrusives. The alkaline rocks, typically syenitic to ultramafic in
composition, create distinctive rounded magnetic anomalies with a strong
contrast to a weakly magnetic, later central carbonatite core, depending on iron
mineral chemistry, and degree of alteration. A separate RGS anomaly exists to
the west which also has extremely anomalous La, Ce and Tb, adjacent to a small
magnetic high. This is potentially the faulted off west rim of the semi-circular
anomaly, completing the ring structure if restored to the east. This is quite
speculative, but not inconsistent with carbonatite occurrences worldwide, and
the faulting parallel to the Ancestral North America in the claims area.

The anomalies are hosted in within the Ingenika Group bedded sediments,
between two large fault systems, along the edge of the Foreland Belt of
Ancestral North America. The Mt. Bisson REE-bearing carbonatites, REE-
fenitization, and later REE-bearing pegmatite dykes are hosted within the same
host group, to the south. Scattered strong REE anomalies continue northward from
the 'Charge' REE claims, roughly along the west-centre of the mapped Ingenika
sediments, for an additional 50 plus kilometres. The previous government mapping
in the belt of sediments is very low density, and no known work has been done in
the vicinity of this potential new REE belt.

Dr. Roger Steininger, Ph.D., CPG (AIPG), a Company Director, is the 'Qualified
Person' (as such term is defined by NI 43-101) responsible for the preparation
of the technical information in this release.

About Bolero Resources Corp.

Bolero Resources Corp. is a Canadian Gold and Rare Earth exploration and
development company. Our primary assets include: 100% interest in the Red Chris
South prospect, covering over 13,000 acres in north-western BC, contiguous to
Imperial Metals Corp (III.T) and; The 'Carbonatite Syndicate' consisting of 211
mineral claims prospective for Rare Earth Elements covering over 90,000 hectares
(222,415 acres) contiguous to Spectrum Mining Corporation in northern BC and; 2
separate quartz claim blocks covering over 6,500 acres, in the 'White Gold
District' of the Yukon. The Company is listed on the TSX-Venture Exchange under
the symbol BRU, the Pink Sheets under the symbol BRUZF, as well as the Frankfurt
Exchange under U7N1. For more information, please visit: www.boleroresources.com
or contact Investor Relations Toll Free.

'Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.'

This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Bolero Resources Corp. via Thomson Reuters ONE

[HUG#1485205]

On behalf of the Board of Directors


R. Bruce Duncan

President & CEO

Toll Free Investor Inquiries 1 (888) 818-1365

E-mail inquiries: info@boleroresources.com