Arbitration
Panel Issues Declaration that Goldbrook entitled
to 25% Interest in Nunavik Nickel Project
Vancouver, British Columbia � AsGoldbrook
Ventures Inc. (�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:
(signed) �David Baker,�
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.