GBK Goldbrook Ventures

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


As Goldbrook Ventures Inc. (TSX VENTURE:GBK) ("Goldbrook") announced on October
20, 2010, Goldbrook commenced an arbitration (the "Arbitration") pursuant to the
Shareholder, Joint Bid and Operating Agreement between Jilin Jien Nickel
Industry Co., Ltd., Jien International Investment Ltd. and Jien Canada Mining
Ltd., dated August 6, 2009 (the "Shareholders Agreement") against Jilin Jien
Nickel Industry Co., Ltd. and its affiliates ("Jilin Jien").


The Arbitration was in respect of Jilin Jien's purported issuance of 494 voting
common shares of Jien Canada Mining Ltd. ("Jien Canada") that would reduce
Goldbrook's percentage of voting shares, and consequently Goldbrook's interest
in the Nunavik Nickel Project, from 25% to 4.21% (the "Dilution"). Today the
Arbitration Tribunal issued a partial final award in respect of the Arbitration.


The Arbitration Tribunal found that Goldbrook is entitled under the Shareholders
Agreement to be the holder of 25% of the voting shares of Jien Canada and that
the issuance of 494 voting shares that would have effected the Dilution was not
authorized by, and was contrary to, the Shareholders Agreement. 


The Tribunal further directed that if Goldbrook intends to seek an award
directing the steps to be taken to restore its 25% shareholding beyond the
declarations made in the Award that the Tribunal requires submissions from the
parties on that issue. The Tribunal has reserved its jurisdiction to decide all
matters relating to costs until any further submissions have been made.


Goldbrook intends to pursue any further steps necessary in order to restore its
25% interest in the Nunavik Nickel Project.


About Goldbrook

Goldbrook Ventures is engaged in the exploration and development of
Nickel-Copper-Platinum Group Element sulphide deposits - a class of mineral
deposit that, due to its polymetallic nature, has an advantage of protection
against individual metal price cycles and has strong long term supply-demand
fundamentals. Goldbrook's quest for discovery is focused in the Raglan District
of Northern Quebec, a district that hosts Xstrata's Raglan operations, arguably
one of the world's most profitable nickel-copper-PGE mines. 


Goldbrook's Raglan project is a joint venture with Jilin Jien Nickel Industry
Co., Ltd. ("Jilin Jien") under which Goldbrook and Jilin Jien each hold a fifty
percent interest in the Goldbrook properties. Goldbrook is also a shareholder in
Jien Canada Mining Ltd., owner of the Nunavik Nickel Project.


ON BEHALF OF THE BOARD:

David Baker, Chairman and Director

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made herein may contain forward-looking statements or
information within the meaning of Canadian securities laws and the applicable
securities laws of the United States. Such forward looking statements or
information include, but are not limited to, statements or information with
respect to Goldbrook's plan for future exploration and development of its
properties and the results of any arbitration proceedings against Jilin Jien and
others.


Forward-looking statements or information are based on a number of estimates and
assumptions and are subject to a variety, of risks and uncertainties, which
could cause actual events or results to differ from those reflected in the
forward-looking statements or information. Should one or more of these risks and
uncertainties materialize, or should underlying estimates and assumptions prove
incorrect, actual results may vary materially from those described in forward
looking statements or information. Factors related to such risks and
uncertainties, and underlying estimates and assumptions include, among others,
the following: the ability of Goldbrook to advance development of its
properties; price volatility of nickel and other metals; impact of any hedging
activities, including margin limits and margin calls; discrepancies between
actual and estimated production, between actual and estimated resources, and
between actual and estimated metallurgical recoveries; mining operational risk;
regulatory restrictions, including environmental regulatory restrictions and
liability; risks of sovereign investment; speculative nature of mineral
exploration; defective title to mineral claims or property, litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; technological or operational difficulties or inability
to obtain permits encountered in connection with exploration activities; and
labour relations matters. Accordingly, undue reliance should not be placed on
forward looking statements or information. We do not expect to update
forward-looking statements or information continually as conditions change,
except as may be required by law.

Goldbrook Ventures (TSXV:GBK)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Goldbrook Ventures (TSXV:GBK)
Historical Stock Chart
Von Jun 2023 bis Jun 2024