GOLDBROOK ANNOUNCES
EXECUTIVE APPOINTMENT
Goldbrook Ventures Inc. has made a new and immediate
executive appointment with the objective of strengthening Goldbrook's operating capabilities.
Edward T. Gardner, chief executive officer of Goldbrook, announced today the appointment of Alan
Gorman as executive vice-president of operations with immediate effect.
Mr. Gorman has 30 years of relevant operations and technical experience
with mining companies and projects, both domestically and internationally.
He has been involved with, led or managed large projects and mining
operations for both intermediate and senior mining companies and brings
this experience and expertise to the benefit of the Goldbrook
executive team. Most recently he was vice-president, operations, for Jien Canada Mining Ltd.'s Canadian Royalties Inc. Nunavik nickel project, and prior to that was
operations manager for Baffinland Iron Mines
Corp. Mr. Gorman has also been employed by both Inco and Falconbridge in
intermediate and senior operating roles, and his experience has covered
most mineral commodities as well as prefeasibility, feasibility and project
management functions, in addition to general management of producing mines
and processing plants. He has consulted to investment companies, analysts,
mining companies and individual investors in respect of the operability and
optimization of mining properties around the globe.
Mr. Gorman's appointment has been approved by the board of directors but is
subject to customary regulatory approval.
In addition, Goldbrook announces that pursuant to
its stock option plan, an aggregate of 1.5 million incentive stock options
have been granted to various employees, directors and consultants. The
options have an exercise price of 20 cents with a five-year term. The grant
of options remains subject to regulatory approval.
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
is the District's single largest holder of mineral rights, with a 100%
interest in 861,000 acres.
Goldbrook�s Raglan project is in the third
year of an option-joint venture agreement with Jilin Jien
Nickel Industry Co., Ltd. (�Jilin Jien�) under
which they can earn a fifty percent interest in the Goldbrook
properties by funding minimum exploration expenditures of $45 million plus
reinvestment of Quebec government rebates.
Goldbrook is a shareholder of Jien Canada Mining Ltd. (�Jien
Canada�) (which successfully acquired Canadian Royalties Inc.), the owner
of the nickel-copper-cobalt-platinum-palladium-gold deposits in the Raglan
mining district which collectively form the Nunavik
Nickel Project. The board of Jien Canada has
recently purported to approve an issuance of voting common shares of Jien Canada that would reduce Goldbrook�s
percentage of voting shares, and consequently Goldbrook�s
interest in the project, from 25% to 4.21%. Goldbrook
has commenced arbitration proceedings against Jilin Jien
and others seeking remedies, including declarations that the share issuance
violated the terms of the Shareholder Agreement between the parties and
that Goldbrook continues to hold 25% of the
voting shares of Jien Canada.
ON BEHALF OF THE
BOARD:
(signed) �Edward T.
Gardner,� CEO and Director
For further information please contact:
Telephone: 604-683-8083
Website: www.goldbrookventures.com
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.
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.