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Dear Eric,
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August 29, 2008
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Not
for Distribution to U.S. Newswire Services or for Dissemination in the
United States
For Immediate
Release
August 29, 2008
Trading Symbol: GBK - TSX-V
NEWS
RELEASE
Goldbrook
Enters into Definitive Agreement with Jilin Jien Nickel
Vancouver, British
Columbia - Goldbrook Ventures Inc. ("Goldbrook")
today announced that further to its press release dated June 20, 2008, it
has entered into a definitive option and joint venture agreement (the
"Agreement") with Jilin Jien Nickel Industry Co. Ltd. of
Panshi, Jilin China ("Jien") for the exploration and
development of Goldbrook's Raglan District Properties (the
"Property") comprising some 891,000 acres in northern
Quebec. Pursuant
to the Agreement:
- Jien may earn a 50% interest in the Property by providing
funding of $45 million over three years for exploration on the
property (plus any funds rebated by the government for expenditures
during the first two years), with a minimum expenditure in the first
year of $12.5 million, a minimum of $15 million in the second year plus
any rebates for expenditures in the first year and a minimum
expenditure in the third year of $17.5 million plus any rebates for
expenditures in the second year.
- Upon Jien acquiring a 50% interest, any government rebate
from exploration expenditures in the third year will be applied to a
fourth year work program and other costs will be funded 50% by Jien
and 50% by Goldbrook.
- Jien may earn an additional 10% interest by funding and
completing a pre-feasibility study.
- Jien may earn an additional 10% interest by funding and
completing a bankable feasibility study.
- Jien may earn an additional 5% interest by providing
Goldbrook its share of financing for development on commercial terms
in which case Goldbrook will repay its share of the debt from a
portion of the net cashflow from production.
Jien has advanced $8 million to Goldbrook as an advance on the
first year's minimum expenditure.
Jien is one of China's largest producers of nickel, copper and
cobalt sulphates, as well as other nickel (Ni) products including Ni
chloride, Ni fluoride, Ni acetate, Ni hydroxide, Ni matte and
electrolytic Ni. With profitable operations spanning exploration,
mining, smelting, refining, and research, Jien brings extensive
experience, technical expertise and financial resources to the benefit of
a joint-venture with Goldbrook.
After signing the agreement, Mr. Wang, Vice-president of Resources
and Investments for Jien, commented,"Both companies' management and
technical teams have worked cooperatively to establish this significant
agreement and new relationship. We look forward to exploring the
great prospects of the Raglan property with Goldbrook, as well as the
opportunities with local communities near the property and throughout
Quebec."
Goldbrook has retained PI Financial Corp. ("PI") as it
financial advisor in connection with the proposed transaction and, as
consideration for such services, has agreed, subject to regulatory
approval, to either issue 250,000 common shares of Goldbrook to PI or pay
$100,000 to PI. A finder's fee is also payable to a third party in
connection with the anticipated Joint Venture, in accordance with the
policies of the TSX Venture Exchange and subject to regulatory approval.
ON BEHALF OF THE BOARD:
(signed) "David Baker,"
Chairman and CEO
For further information please contact: (604) 683-8083.
Website: www.goldbrookventures.com
This news release
does not constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States
or to U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such registration
is available.
This press release
contains "forward-looking information" that is based on
Goldbrook's current expectations, estimates, forecasts and
projections. This forward-looking information includes, among other
things, statements with respect to Goldbrook's mineral discoveries,
plans, outlook and business strategy. The words "may",
"would", "could", "should",
"will", "likely", "expect,"
"anticipate," "intend", "estimate",
"plan", "forecast", "project" and
"believe" or other similar words and phrases are intended to
identify forward-looking information.
Forward-looking information
is subject to known and unknown risks, uncertainties and other factors
that may cause Goldbrook's actual results, level of activity, performance
or achievements to be materially different from those expressed or
implied by such forward-looking information. Such factors include,
but are not limited to: uncertainties related to drilling results; the
ability to raise sufficient capital to fund exploration; changes in
economic conditions or financial markets; changes in prices for
Goldbrook's mineral products or increases in input costs; 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.
This list is not
exhaustive of the factors that may affect our forward-looking
information. These and other factors should be considered carefully
and readers should not place undue reliance on such forward-looking
information. Goldbrook disclaims any intention or obligation to
update or revise forward-looking information, whether as a result of new
information, future events or otherwise.
THE TSX VENTURE
EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
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