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Press release from Marketwire

Paul Ogilvie, Former CEO of Mega Graphite, Appointed New CEO of Bolero Resources

Wednesday, May 23, 2012

Paul Ogilvie, Former CEO of Mega Graphite, Appointed New CEO of Bolero Resources06:30 EDT Wednesday, May 23, 2012 VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 23, 2012) -Bolero Resources Corp. (the "Company" or "Bolero"), (TSX VENTURE:BRU), (FRANKFURT:U7N1) is pleased to announce that Paul Ogilvie has joined the Company as CEO with immediate effect. Mr. Ogilvie has been instrumental in building two of the top players in the graphite space; Mega Graphite and Northern Graphite and will now focus his efforts on developing the enormous potential within Bolero Resources. With the announcement of Mr. Ogilvie as the new Chief Executive Officer of Bolero, Mr. Duncan has resigned as President and CEO and has been appointed Executive Chairman of the Company. Paul Ogilvie brings a wealth of knowledge in the graphite sector. For over 33 years, Mr. Ogilvie has been extensively involved in several start-ups and well-established graphite companies including Mega Graphite where he previously served as Chief Executive Officer, director and founder since 2009. Mr. Ogilvie has developed world class technologies, setting a new standard in how the graphite markets operate. In 2007, he led a private investment group in the re-development and turnaround of Industrial Minerals Inc. (now known as Northern Graphite Corporation (NGC-TSX.V)), a junior mining company whose mine is now developing one of the largest large-flake natural graphite deposits in the world."My focus will be building a brand, a fresh business model which includes applying a name change of Bolero to "Canada Carbon Inc." with a newly designed website targeted for June 2012. We will be putting in place the necessary human resource capital and securing additional acquisition targets to set the Company in full motion. Our engineering team is very confident that the quality of the Company's graphite material will be considered as "best in class", Paul Ogilvie said. Bolero Resources' Executive Chairman, R. Bruce Duncan, stated, "This is truly a milestone event for Bolero Resources. The addition of Mr. Ogilvie as Bolero's new Chief Executive Officer provides the Company with an unsurpassed technical expertise in the graphite space. With Bolero's recent acquisition of the "Maria Graphite" claims contiguous to Northern Graphite's "Bissett Creek" deposit, the addition of Mr. Ogilvie to spearhead Bolero's upcoming 2012 graphite work programs and Bolero's active pursuit of additional graphite acquisition targets, we feel that this is a very exciting time for the Company. In addition to compensation payable to Mr. Ogilvie under a consulting agreement entered into today, Mr. Ogilvie has been granted 1 million options under the Company's stock option plan - which options have a strike price of $0.20 per share and are subject to vesting over a six month period and are exercisable for a five year period. About the Maria Graphite Claims Bolero's mineral claims are 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 and completely surrounding the "Bissett Creek" graphite deposit on all four sides. An extensive work program is now being planned to commence shortly on these claims. On behalf of the Board of Directors R. Bruce Duncan, Executive ChairmanFORWARD 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). FOR FURTHER INFORMATION PLEASE CONTACT: R. Bruce DuncanBolero Resources Corp.Executive Chairman(604) 638-0971(604) 638-0973 (FAX)info@boleroresources.comwww.boleroresources.com"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."