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Press Release

Bolero Assays Over 27,000 PPM "Tree" From Northern BC Rare Earth Element Prospect

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2011) - Bolero Resources Corp. (the "Company" or "Bolero"), (TSX VENTURE:BRU), (FRANKFURT:U7N1) announces it has received 584 additional assay results from silt and soil samples taken from the "Carbonatite Syndicate" Rare Earth Element prospect in the "Carbo" area of northern BC. All assays have undergone analysis by method MEMS81 for robust dissolution and full "REE" and pathfinder element characterization. All sampling was conducted by Mackevoy Geosciences Ltd. under supervision of David Turner, M.Sc., P.Geo., who stated, "These results confirm the presence of strongly anomalous "REEs" in the soil area of the 911 grid located in the NE Corner of Bolero's tenure, in close proximity (approximately 750 metres), to Canadian International Minerals (CIN - TSX.V) 2010 drilling campaign and Spectrum Mining's significant "REE" discovery that returned significant grades including a 48.64 metre interval which averaged 3.55% rare earth elements, a 72.0 metre interval that averaged 2.92% REE, and a 144 metre interval which averaged 2.20% REE in three separate drill holes."
Map Link: http://www.boleroresources.com/docs/carbonatite_syndicate_claims_201101.pdf
These new soil assays from the NE corner of Bolero's claim block, have increased concentrations of Cerium (Ce) and Lanthanum (La) to over 10,000 ppm, surpassing the analytical maximum of the assay method and far exceeding previous numbers of up to 1,205 ppm (Ce) and 663 ppm (La). Maximum levels of Praseodymium (Pr) also returned over 1,000 ppm from soil samples, further confirming the presence of significant levels of Rare Earth Elements on Bolero's property. Niobium (Nb) values were also elevated in soil samples with concentrations up to 465 ppm.
Bolero will be commencing a 2011 drill program on the property, following the correlation of airborne data with these positive soil samples and existing field radiometric anomalies to establish priority Rare Earth Element drill targets on the property. With drill permits now in place, Bolero anticipates a multi hole drill program on up to 3 separate drill sites to commence in 2011.
Bolero Resources' President and CEO, R. Bruce Duncan, stated "We are encouraged by the substantial increase in Rare Earth Element values from our most recent sampling and look forward to the upcoming 2011 drill programs now being planned. Bolero currently has approximately $3,700,000 in cash and anticipates a robust 2011 drill season for all 3 of Bolero's primary projects: The "Red Chris South" (Copper/Gold), The "Carbonatite Syndicate" (Rare Earth Element), and the "White Gold" Yukon."
About the Carbonatite Syndicate
The "Carbonatite Syndicate" Rare Earth prospect consists of 211 mineral claims covering approximately 222,415 acres and is accessible by all weather gravel roads. It is located approximately 80km north east of Prince George, along the trace of the Rocky Mountain Trench, in the "Carbo" area of northern British Columbia. The property is contiguous to and surrounding, Canadian International Minerals (CIN - TSX.V) "Carbo" property and Spectrum Mining's "Wicheeda" Rare Earth Element discovery that recently returned significant grades including a 48.64 metre interval which averaged 3.55% rare earth elements, a 72.0 metre interval that averaged 2.92% REE, and a 144 metre interval which averaged 2.20% REE in three separate drill holes. (2008 Aris Report) (http://aris.empr.gov.bc.ca/ArisReports/30873.PDF)
Mr. David Turner, M.Sc., P.Geo., an independent Qualified Person (as such term is defined by NI 43-101) is 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.
On behalf of the Board of Directors
R. Bruce Duncan, President & CEO
"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."