BOLERO CONTINUES TO EXPAND CANNIVAN GULCH MOLYBDENUM DEPOSIT

December 11^th, 2008, Vancouver, BC, Canada – Bolero Resources Corp. (the “Company” or “Bolero”), (TSX-V: BRU) is pleased to announce the drill results from the three core holes drilled during 2008 at the Cannivan Gulch molybdenum deposit, Beaverhead County, Montana, totalling 4,526.5 feet (See Drill Hole Location Map). Intercepts exceeding 0.04% Mo are tabulated below.

(* hole ended in mineralization)

GC08-01 was drilled along the southern margin of the deposit and encountered narrow mineralized intervals suggesting that there is limited room to expand the deposit in this direction. Holes CG08-02 and CG08-03 were drilled along the northern margin of the deposit, as follow up to the long interval of mineralization in CG07-02 drilled in 2007 (also included above). These results indicate that a significant expansion of the deposit is likely to the north and northeast. The most significant aspect of CG08-02 is the 480 feet of higher-grade mineralization starting at the surface. These results indicate that a re-interpretation of the geology in this part of the deposit is needed and once completed is likely to open opportunities to discover additional mineralization. Work is now in progress to develop a better understanding of the deposit’s geology and identify additional drill targets.

Hole GC08-02 was an approximate 400 foot step-out from the nearest historic holes (CG-41 and CG-47 as shown on the Drill Hole Location Map). Both of these historic holes contain molybdenum mineralization throughout with significant intervals exceeding a 0.04% Mo cut-off, as outlined in the table below. Historic quality assurance records and Bolero’s drilling confirm that the historic drill hole results at Cannivan Gulch are reliable. As shown below, the historic hole CG-49, drilled about 700 feet north of CG08-02, is 600 feet deep and ends in molybdenum mineralization that exceeds 0.04% Mo. Hole CG-49 was not used in the Cannivan Gulch 43-101 resource calculation and until Bolero’s 2008 drilling, the significance of the mineralization encountered at the bottom of the hole was not appreciated. The historic and Bolero drill holes along the northeastern margin of the deposit lend credence to the interpretation that a significant expansion to the Cannivan Gulch molybdenum deposit is possible.

Summary of assay results from historic Cannivan Gulch drill holes near CG08-02

(all intervals at a 0.04% Mo cut-off)

Historic Drill Hole	Interval	Average Grade Mo
CG-41	110-600 feet	0.057 % Mo
CG-47	390-510 feet	0.146% Mo
	690-920 feet	0.114 % Mo
	1060-1540 feet	0.075% Mo
CG-49	490-600*	0.056% Mo

*hole ends in >0.04% Mo

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.

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. Both properties have NI 43-101 compliant technical reports which have been filed on SEDAR. The Cannivan Gulch deposit has an Indicated Resource of 177,945,700 million tons at a grade of 0.06% Molybdenum (225 million pounds of Molybdenum) and an Inferred Resource of 146,363,500 tons at a grade of 0.06% Molybdenum (166.9 million pounds of Molybdenum). The Bald Butte deposit has an Indicated Resource of 139,428,000 tons at a grade of 0.06% Molybdenum (168.5 million pounds of Molybdenum) and an Inferred Resource of 45,121,000 tons at a grade of 0.056% Molybdenum (50.6 million pounds of Molybdenum). All resource estimates are calculated using a 0.04% Mo cutoff (See press releases Feb 18, 2008 and March 31, 2008)

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