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Goldbrook Ventures Inc

Publié le 26 juillet 2011

Clarifies Arbitration Award

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Mots clés associés :   Copper | Nickel |

 



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. 
 

Description : http://goldbrookventures.us2.list-manage.com/track/open.php?u=6516514de33845d31b1752993&id=2290f6f880&e=3e7ca2a89a

Goldbrook Ventures Inc

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CODE : GBK.V
ISIN : CA38076R1091
CUSIP : 38076R 10 9
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Goldbrook Ventures est une société d’exploration minière d'or basée au Canada.

Goldbrook Ventures détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont NUVILIK, RAGLAN / BELANGER, SYLVIE, UNGAVA, SCOTT et MASUPARIA PROJECT au Canada.

Goldbrook Ventures est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 80,8 millions CA$ (78,8 millions US$, 62,9 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2003 à 0,80 CA$, et son plus bas niveau récent le 24 décembre 2008 à 0,04 CA$.

Goldbrook Ventures possède 230 989 000 actions en circulation.

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Présentations des Compagnies de Goldbrook Ventures Inc
21/11/2009Goldbrook positioned for nickel production in Quebec
07/04/2008Research note
Rapports annuels de Goldbrook Ventures Inc
2008 Annual Report
Financements de Goldbrook Ventures Inc
12/10/2011Announces Non Brokered Private Placement
Nominations de Goldbrook Ventures Inc
28/03/2011Announces Executive Appointment
30/04/2010Appoints New CEO and Director
Projets de Goldbrook Ventures Inc
19/08/2011(Nunavik)Nunavik Nickel Project Update
21/07/2011(Nunavik)Entitled to 25% Interest in Nunavik Nickel Project
13/07/2010(Raglan / Belanger)Commences 2010 Drill Program on Raglan Project
24/06/2010(Raglan / Belanger)Raglan Project Mobilizes Summer Field Crews
14/04/2010(Nunavik)Receives NI 43-101 on Nunavik Nickel Project
12/11/2009(Raglan / Belanger)2009 Drilling Enhances Mystery Ni-Cu-PGE Sulphides
06/10/2009(Raglan / Belanger)Discovers Deep Extension to Ni-Cu-PGE Sulphides at TIMTU
30/06/2009(Raglan / Belanger)Announces Start of Raglan Drilling Program 2009
26/05/2009(Raglan / Belanger)Exploration Update
07/11/2008Intersects 76.3 metres .91% Ni, 1.11% Cu 2.94 g/t PGE + AU
03/09/2008(Raglan / Belanger)Discovers Ni-Cu-PGE Sulphide Zone at Mystery
09/05/2008(Raglan / Belanger)Announces Multiple Intersections at Getty
01/05/2008(Raglan / Belanger) Announces 6.05 Metres 2.72% Nickel at Sylvie
03/06/2005(Raglan / Belanger)Anglo American form Raglan joint venture
Communiqués de Presse de Goldbrook Ventures Inc
31/01/2012JJ Offer and GBK Directors' Circular Recommending Tender to ...
20/01/2012Executes Support Agreement with Jilin Jien for Friendly $0.3...
22/12/2011Announces Arbitration Award
20/12/2011Announces Results of 2011 Shareholders Meeting
19/12/2011(Nunavik)Noel Nunavik Nickel
30/11/2011Jilin Jien Requests Consent to Make an Offer
22/09/2011Arbitration Update
26/07/2011Clarifies Arbitration Award
19/04/2011Files Petition in the Supreme Court of British Columbia
31/03/2011Announces Notice of Arbitration
13/08/2010from Michael A Berry Morning Notes
08/07/2010Receives Additional 2010 Exploration Funding
29/06/2010(Nunavik)LOI with SNC Lavalin for Nunavik Nickel Project
02/06/20102010 Exploration Update
01/06/2010Are You The Winner ?
26/03/2010Participates in Hong Kong Conference
24/03/2010Receives Additional Funding For 2010 Exploration Program
03/03/2010Receives Initial Funding for 2010 Exploration
21/01/2010Chairman's Update
15/01/2010Confirms Delisting of Canadian Royalties
13/01/2010and Canadian Royalties Complete Plan of Arrangement
05/01/2010/Jien Offer Approved By Canadian Royalties Shareholders
23/11/2009Special Report on Goldbrook Ventures Inc.
12/11/2009Jien Canada Takes Up Shares & Debentures of Canadian Royalti...
29/10/2009Expands Pad Zone
28/10/2009Jien Canada Reports Tender Results
16/10/2009Jien Canada And Canadian Royalties Sign Agreement
21/09/2009Expands Mystery Ni-Cu-PGE Sulphide Zone
10/09/2009Drills 95.4 m of .78% Ni - Discovers New Zone
27/08/2009Offer Represents Full and Fair Value
10/08/2009Jilin Jien and Goldbrook Formally Commence All- Cash Bid for...
26/06/2009Northern Miner Article
17/06/2009Announces Camp Mobilization
11/02/2009Receives Initial Funding for 2009 Exploration
26/11/2008Receives Quebec Refund
26/11/2008and Jilin Jien Nickel Hold Signing Ceremony in Beijing
26/11/2008Re-Elects Directors
03/11/2008Mystery Zone Additional Results
15/09/2008Expands Ni-Cu-PGE Sulphide Zone at Mystery
29/08/2008Signs Agreement with Jilin Jien Nickel
25/08/2008looks to China for partnership
22/08/2008Extends Letter of Intent with Jilin Jien Nickel
07/08/2008Extends LOI with Jilin Jien Nickel
18/07/20082008 Exploration Program at Raglan Underway
20/06/2008Enters LOI with Jilin Jien Nickel
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