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@jammy
What you need, sir. Is a left handed drill bit.
http://cgi.ebay.co.uk/New-Dormer-HSS-Metal-Drill-Bit,-Left-Hand-Drill-Bit-4mm_W0QQitemZ250470609435QQcmdZViewItem
Centre punch the bolt, drill a small hole around 1" deep, then start to try and enlarge it with a left handed drill bit. They bite in and unscrew the bolt