Bolivar Gold Corp. announces results of annual meeting of shareholders

TORONTO, June 16 /CNW/ - Bolivar Gold Corp. (TSXVE: BGC) announced today that its board appointed Perry Dellelce as a director, subject to regulatory approval. Mr. Dellelce, who is a founding partner of Wildeboer Rand Thomson Apps & Dellelce, LLP, brings a wealth of corporate, securities and mergers and acquisition experience to the board. With the appointment of Mr. Dellelce, the company's board now consists of Serafino Iacono, Miguel de la Campa, Jose Francisco Arata, Andres Carrera, Ian Ward and Mr. Dellelce.

At its annual meeting earlier in the day, Bolivar's shareholders approved an increase in the number of shares reserved for issuance under its incentive stock option plan to 8,045,341, effective immediately. The board of directors has granted an aggregate of 3,055,000 stock options to its officers, directors and employees. The options have an expiry date of June 16, 2008 and vest over a period of 18 months from the date of grant. All are exercisable at $0.56, except for 335,000, which are exercisable at $0.70.

Bolivar Gold Corp. is a gold exploration and development company. The company currently has interests in Bolivar State, Venezuela. With its head office in Toronto, Canada and an office in Caracas, Venezuela, the Company's shares trade on the TSX Venture Exchange under the symbol "BGC".    %SEDAR: 00008480E

-30- For further information: Robert Doyle, Chief Financial Officer, Bolivar Gold Corp., 110 Yonge Street, Suite 1502, Toronto, Ontario, M5C 1T4, Tel: (416) 360-4653, Fax: (416) 360-7783, E-mail: info@bolivargold.com