Goldbrook Clarifies May 31, 2011 Arbitration Award and
Makes Payment Pursuant
to Award
Vancouver, British Columbia - Goldbrook Ventures
Inc. (�Goldbrook�) announces a clarification of
the arbitration award discussed in its press release dated June 1, 2011
regarding the arbitration (the �Arbitration�) commenced against Goldbrook by Jilin Jien
Nickel Industry Co., Ltd. and its affiliate Jien
International Investment Ltd. ("Jilin Jien").
Goldbrook also announces that it has made the
payment of $937,426 required by the arbitration award.
This Arbitration and this award are entirely separate from the arbitration
and award announced by Goldbrook on July 20,
2011.
The Arbitration was with respect to the timing of vesting of the option
under the Option and Joint Venture Agreement dated August 28, 2008 between Goldbrook and Jilin Jien (the
�Agreement�) in respect of the Raglan project in Nunavut. On May 31, 2011,
the Arbitration Tribunal declared that Jilin Jien's
option under the Agreement was deemed to have been exercised on January 31,
2011 and that a joint venture was formed between Jilin Jien
and Goldbrook on that date. As a result of the
exercise of Jilin Jien�s option, Jilin Jien became the operator under the Agreement.
The Arbitration Tribunal also ordered that Goldbrook
pay to Jilin Jien $937,426 representing Goldbrook�s pro rata share of the $1,874,852 excess
rebates that were paid into the project pursuant to the Agreement and
subsequently reassessed to Jilin Jien. The
Arbitration Tribunal confirmed in a subsequent ruling dated July 14, 2011
that the award is payable immediately, and accordingly Goldbrook
has paid$937,426 (plus interest) to Jilin Jien as
required by the rulings.
The Arbitration Tribunal also ordered that Goldbrook
pay the costs of the Arbitration. Goldbrook
has paid $175,000 to Jilin Jien in satisfaction
of that order and expects to pay an additional non-material amount to cover
costs of the subsequent July 14thruling.
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 Ventures Inc. and
Jilin Jien Nickel Industry Co., Ltd. are also the
shareholders in Jien Canada Mining Ltd. owner of
the Nunavik Nickel Project.
ON BEHALF OF THE
BOARD:
(signed) �DavidBaker,�
Chairman 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.