Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
For Immediate Release July 8, 2010
Trading Symbol: GBK - TSX-V
Goldbrook Receives Additional 2010 Exploration Program Funding
Vancouver, British Columbia - Goldbrook Ventures Inc. ("Goldbrook", TSX-V: GBK) is pleased to announce that it has received additional funding of $4,500,000 for the 2010 exploration program from Jilin Jien Nickel Industry Co., Ltd. of Panshi, Jilin, China ("Jilin Jien"). Goldbrook has now received a total of $16,500,000 for the 2010 exploration program from Jilin Jien which is the total of initial instalments against program funding planned to be $17,500,000 plus received government rebates. Goldbrook is not required to raise any money in order to fund the planned 2010 exploration program.
This year's exploration program has plans for up to 25,000 metres of diamond drilling in addition to a regional mapping program, prospecting, geochemical surveys and ground geophysical surveys over the east and west extensions of both the North and the South Raglan horizons. This is an aggressive expansion from the previous exploration focus on the Belanger Trend into new, high potential geological target areas. This program will follow-up on the highly successful previous programs of the last several years, which resulted in discoveries of extensive nickel sulphides at the Mystery and Timtu zones and other priority drill targets across the property. The planned exploration program will also test new and positive results from previous geophysical, geological, remote sensing and other work to better define the Ni-Cu-Co-PGE sulphide potential within the company's extensive Raglan N ickel Belt property holdings.
Kevin Wells, PGeo, (Quebec Special Authorization No. 155), General Manager, is a Qualified Person as defined by NI 43-101 and has reviewed and verified the information contained and is responsible for the technical content of this news release.
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 rebates). To date, Jilin Jien has funded exploration costs totaling approximately $44 million, and we expect that they will reach the required total expenditures to complete their earn-in by the completion of the 2010 exploration program.
Goldbrook also owns 25% of the voting shares of Jien Canada Mining Ltd. (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.
ON BEHALF OF THE BOARD:
(signed) "David Baker," Chairman and Director
For further information please contact:
Cautionary Note Regarding Forward-Looking StatementsCertain 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.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 o r 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.