Bolero Provides Update on Bald Butte Drill Program and Results of July 9^th, 2007 Shareholder Meeting

July 16^th, 2007, Vancouver, BC, Canada - United Bolero Development Corp. (the "Company" or "United Bolero"), (TSX-V: UNB) is pleased to provide an update on the 5,500 metre (18,000 feet) diamond drill program currently underway at Bald Butte. 

Diamond Drill Program:
Drilling is being conducted in two ten-hour shifts per day. At the end of the July 12, 2007 night shift, 670 metres (2,197 feet) of core has been drilled.  Two holes have now been completed.  Hole BB07-1 was drilled to a depth of 426 metres (1,398 feet) and hole BB07-10 was drilled to 243.5 (799 feet).  Drilling was started on the third hole (BB07-2) on July 13, 2007.

Core Logging and Assaying:
The core is being sawed, photographed, and geologically logged at United Bolero's core facility located in Silver City, Montana, approximately nine miles east of the Bald Butte prope rty. One half of each sample interval is being shipped to ALS Chemex Laboratories for analysis. On July 11, 2007 the Company shipped 286 metres (938 feet) of core to ALS Chemex Laboratories in Nevada and anticipates results within the next three weeks.

Second Diamond Drill Arrives:
Based on encouraging mineralization recognized in the first two core holes, Ruen Drilling, Inc. of Clark Fork, Idaho mobilized a second core drilling rig to the Bald Butte site on Sunday July 15^th.  This second rig will allow the company to fast-track the planned drilling program to ensure that the entire program and possible follow-on drilling can be completed during the summer drilling season.

Previous Work on Bald Butte:
The deposit currently shows a NI 43-101 inferred resource of 105 million tons at a grade of 0.071% Molybdenum (0.12% MoS2) which was calculated using the polygonal method, containing 150 million pounds of Molybdenum, (250 million pounds of MoS2) as stated in the press releases dated December 14^th, 2006, April 10^th, 2007 and June 21^st, 2007.

John Childs, Ph.D., Registered Geo (AZ) is the "qualified person" (as such term is defined by NI 43-101) responsible for the preparation of the technical information in this release.

July 9^th, 2007 Shareholder Meeting:
The Company is pleased to announce the results of its Annual General Meeting (the "Meeting") held on Monday July 9^th, 2007 at Vancouver, British Columbia.  At the Meeting, the Shareholders of the Company approved all resolutions put before them by management.

Returning board members re-elected are: Messrs. Robert Gardner, QC, R. Bruce Duncan, R. Stuart "Tookie" Angus, LLB and Brian R. D. Smith, QC, all of whom will serve as directors of the Company until the close of the Company's next annua l meeting of shareholders or their successors elected or appointed.

Results of the meeting include the continuance of the Company's corporate charter into Ontario. The Company's President and Chief Executive Officer is based in Ontario and a majority of the Company's shareholders are Ontario resident. For this reason, management thought it appropriate to continue the Company's charter into Ontario so that Ontario law governs the Company's activities.

Other results of the Meeting include the re-appointment of the Company's external auditors namely, McGovern, Hurley, Cunningham LLP, and the approval of an increase to the number of shares reserved (the "Cap") under the Company's 2007 Stock Option Plan. The details in respect to the amendment of the Company's Stock Option plan are summarized in the Company's Management Information Circular pertaining to the Meeting which is available for public viewing via the internet at www.sedar .com. The amendment to the Company's Stock option Plan has received TSX Venture approval.

Officers appointed by the Board of Directors are set out below:

Robert Gardner, QC:  Chairman of the Board,
R. Bruce Duncan:        President and Chief Executive Officer
Olga Nikitovic:            Chief Financial Officer

Change of Name of Corporation:

The Shareholders also approved a special resolution to change the Company name to "Bolero Resources Corp." Subject to final TSX Venture approval, the Company anticipates finalizing such name change shortly.  The Company believes that Bolero Resources Corp. will better reflect the Company's business endeavours.

TSX Tier One Classification:
The Company is pleased to announce that effective June 29^th, 2007, the Company's Tier classification has changed from Tier 2 to Tier 1.

United Bolero is a well funded exploration and development Company which holds 100% interests in 2 significant molybdenum properties located in Montana, USA.   The Company is listed on the TSX-Venture Exchange under the symbol UNB, as well as the Frankfurt Exchange under U7N. For more information, please visit www.unitedbolero.com or call toll-free 888-945-4770.

On behalf of the Board of Directors

"R. Bruce Duncan"
President & CEO

Renmark Financial Communications Inc.
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Tel. : (514) 939-3989
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