Bolero Enters Into A Term Sheet With Uragold to Acquire the Asbury Mine

Bolero Resources Corp. (the "Company" or "Bolero"), (TSX VENTURE:BRU),
(FRANKFURT:U7N1) (PINKSHEETS:BRUZF) is pleased to announce that it has entered
into a non-binding term sheet ("Term Sheet") with Uragold Bay Resources Inc.
("Ur agold" or "UBR") to negotiate a definitive agreemen t (the "Agreement") for
the purchase of UBR's "Asbury" min ing claims. Uragold's shares trade on the TSX
Venture Exchange under the symbol "UBR".


Under the Term Sheet, Bolero is required to make an initial contribution of
$30,000CDN to UBR and a second cash payment of $70,000 CDN within thirty days of
the signed Term Sheet. Upon closing of the transaction, Bolero will be required
to make a further payment of $200,000 CDN and pay a yearly royalty of 0.75% on
the net production cost for a period of 10 years after the start of graphite
production.


Subject to completion of final due diligence, Bolero and UBR will enter into a
definitive agreement for the acquisition of the Asbury mining claims ("Claims")
held by UBR. As consideration for the transfer and sale of the Claims and
related assets, on completion of the transaction Bolero will issue to Uragold
5,000,000 common shares.


Paul Ogilvie, CEO of Bolero said, "Our goal to own a number of former producing
mines, is starting to become a reality - I'm very pleased with the planned
acquisition of the Asbury mine. The Asbury property supplied graphite to a
number of customers in the past, this is significant to us because it indicates
the graphite should have customer acceptance in the market, and will speed up
the process to receive supply agreements. Our team is in place and we're excited
to start the engineering process for the property".


The company is working on several other acquisitions of former producing
properties, and hopes that over the next couple of months, they can enter into
term sheets to acquire two or three more.


The transaction is also subject to receipt by Bolero of the approval of the TSX
Venture Exchange.


ABOUT ASBURY GRAPHITE MINE

The past producing Asbury Graphite Mine property consists of two claims and is
located approximately 10km northeast of Notre-Dame-du-Laus and about 120km north
of the Ottawa-Gatineau area. It is accessible by a good road and a power
transmission line runs to the property. Some of the old mill structure still
exists and could be refurbished to house a dry milling process. The open pit
mine and mill were in operation from 1980 to 1989 where a total of less than
70,000 tons were processed. The operation was shut down in 1990 due to falling
graphite prices.


A qualified person has not done sufficient work to classify the historical
estimate as current mineral resources or mineral reserves; and Bolero is not
treating the historical estimate as current mineral resources or mineral
reserves.


In 1974, a historic estimate of 578,000 tons grading 10% large flake graphite
was reported. Additional drilling in 1985 indicated the potential for additional
ore at the bottom of the pit and both to the north and south of the existing
pit. These included significant intervals ranging from around 4 to 10% carbon.


A qualified person has not verified the relevance and reliability of the 1985
drill results outlined above and should not be relied upon until the Company can
confirm them.


Past metallurgical tests on bulk samples from the deposit have shown that a
graphite concentrate with a recovery of 85% was produced where by 50% of the
concentrate falls into the large flake grade with an average carbon content of
90% and a flake size of +80 mesh. 25% fall in the medium flake category with an
average carbon content of 80% carbon and a flake size between -80 and +200 mesh.
With more advanced milling technology available today, these recoveries and
purity may be significantly improved.


A qualified person has not verified the relevance and reliability of the 1974
metallurgical results outlined above and should not be relied upon until the
Company can confirm them.


ABOUT BOLERO RESOURCES CORP. (TSX VENTURE:BRU)

Bolero Resources is a junior natural resource company focused on the acquisition
and development of graphite, properties throughout Canada. Bolero holds a 100%
interest in 38 mineral claims located in the Maria Township, 17 kilometres
("km") from the Trans Canada Highway between the cities of Ottawa and North Bay,
Ontario. These claims cover an area of approximately 2,000 hectares (4,940
acres) and are contiguous to Northern Graphite's "Maria Township Graphite"
Graphite deposit that recently reported high recovery levels of large-flake,
high-purity graphite, consistent across their entire resource, with overall
recovery rates at approximately 97%. (NGC.V News Release 23/04/2012)


Throughout 2012, Bolero intends to focus on its primary long term goals of
acquiring and developing quality mining projects to create cash producing assets
while building and strengthening our core operations in mineral exploration and
development to ultimately increase overall shareholder value.


On behalf of the Board of Directors

R. Bruce Duncan, Executive Chairman

FORWARD LOOKING STATEMENTS: This news release contains forward-looking
statements, which relate to future events or future performance and reflect
management's current expectations and assumptions. Such forward-looking
statements reflect management's current beliefs and are based on assumptions
made by and information currently available to the Company. Investors are
cautioned that these forward looking statements are neither promises nor
guarantees, and are subject to risks and uncertainties that may cause future
results to differ materially from those expected. These forward-looking
statements are made as of the date hereof and, except as required under
applicable securities legislation, the Company does not assume any obligation to
update or revise them to reflect new events or circumstances.


All of the forward-looking statements made in this press release are qualified
by these cautionary statements and by those made in our filings with SEDAR in
Canada (available at www.sedar.com).
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