Gediminas Jasionis
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Bolero Resources Corp. (CVE:BRU) (PINK:BRUZF) Acquires Promising Mining Claims

by Gediminas Jasionis May 2, 2012
6bru_chart.pngBolero Resources Corp. (CVE:BRU) (PINK:BRUZF) got very bullish after the company declared they will purchase a prospective property in Ontario.

BRU stock price was up 84.2% after the initial gap up this morning and had a general rally throughout the day. The trading volume faded after the price was unable to pass above 17.5 cents amid the session, but it still counted nearly 3.1 million shares traded, which is on an entirely different scale compared to the daily average of 122 thousand.

The bulls stepped up after Bolero announced to have entered into a property purchase agreement with GeoInvest Enterprises Inc. The company wants to acquire 38 graphite mineral claims in a promising area in Maria Township, Ontario. The project lies contiguous with "Bissett Creek" which was recently reported to have significant recovery levels of high purity graphite.

1bolero_logo.jpgThe purchase will set Bolero back $100 thousand, half of which was paid upon signing the agreement and the remainder will be provided once regulators approve the acquisition. Additionally the company will issued one million shares of its common stock to GeoInvest, give them 2% net smelter return royalty and a $25 per ton production royalty for all the graphite mined on the property.

It would cost one million dollars to purchase 1% NSR and another half a million to reduce the production royalty to $12.5 per ton if Bolero would choose to do so.

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