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Goldbrook Ventures Inc

Publié le 20 juin 2008

Enters LOI with Jilin Jien Nickel

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Dear Eric,

June 20, 2008

 

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

  

For Immediate Release                                                                              June 20, 2008
Trading Symbol: GBK - TSX-V

 

NEWS RELEASE

Goldbrook Enters into Letter of Intent with Jilin Jien Nickel

 Vancouver, British Columbia - Goldbrook Ventures Inc. ("Goldbrook") today announced that it has entered into a letter of intent (the "LOI") with Jilin Jien Nickel Industry Co., Ltd. of Panshi, Jilin, China ("Jien") with respect to a joint venture for the exploration and development of Goldbrook's Raglan District Properties (the "Property") comprising some 891,000 acres in Northern Quebec.  The LOI is subject to due diligence by Jien which must be completed within 45 days, approval of the TSX Venture Exchange, board approvals and the execution of definitive documentation.  Pursuant to the letter of intent:

  • 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 (at Goldbrook's request) in which case Goldbrook will repay its share of the debt from a portion of the net cashflow from production.

Jien has advanced $5 million to Goldbrook as an advance on the first year's minimum expenditure.  If Goldbrook or Jien decide not to enter into definitive documentation, Goldbrook will repay the $5 million advance plus interest at LIBOR by no later than December 31, 2008.  Goldbrook will repay this amount from rebates from the Quebec government.

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. 

In signing the LOI with Goldbrook, Mr. Wu, CFO of Jien, expressed, "We are pleased at the prospects of becoming a joint-venture partner with the excellent management team of Goldbrook and developing the largest land package in the nickel-copper-PGMs region of Raglan in northern Quebec.  This region is known world-wide as one of the premier locations for its mineral prospects and favourable mining jurisdiction courtesy of the Quebec Government".  

Goldbrook has terminated discussions with Hunter Dickinson with respect to a possible joint venture on the Property.
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 finders' 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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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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