Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
For Immediate Release June 24, 2010
Trading Symbol: GBK - TSX-V
NEWS RELEASE
Goldbrook's Raglan Project Mobilizes Summer Field Crews
Vancouver, British Columbia - Goldbrook Ventures Inc., ("Goldbrook" or the "Company") is pleased to announce mobilization of men and equipment to its Raglan project, Ungava, Quebec in order to carry out a planned summer field season exploration program. The Raglan project is an Option Joint-Venture Agreement with Jilin Jien Nickel Industry Co., Ltd. of Panshi, Jilin, China. Contractors, equipment and support personnel have been arriving at the Belanger and Kangiqsujuaq (Wakeham Bay) camp sites since mid June in preparation for an aggressive exploration and drilling program during the summer season.
Belanger Camp will support a large exploration program on the western portion of the Goldbrook properties, and an eastern camp in Kangiqsujuaq (Wakeham Bay) will support activities in the eastern tenures. Both camps are now operational and receiving field crews. Geological field crews mobilized to these camps during the week of June 21st.
Drill crews will arrive at Belanger Camp the last week of June, with three drills allocated to the western properties. Drill crews for eastern properties will deploy in early July, once the sea lift arrives with drill equipment at Deception Bay. Two diamond drill crews and one base-of-till drill crew will be employed on the eastern properties.
In total five diamond drill rigs are scheduled for up to 25,000 metres during the 2010 summer season and one base-of-till rig will test geochemical anomalies identified from regional data as well as testing coincident Magnetic-EM targets identified from Airborne data. Geophysical crews to conduct borehole geophysics and surface EM and magnetic surveys will be deployed in early July.
Six prospecting teams will mobilize in early July to begin an extensive program designed to identify prospective areas for more detailed follow-up and possible drilling.
The 2010 exploration program, with a budget of over $17,500,000, includes a goal of 25,000 metres of diamond drilling in conjunction with an extensive program of prospecting, geochemical surveys and ground geophysics over both the east and west extensions of the productive north and south Raglan horizons. This is an aggressive expansion from the previous, and successful, exploration focus on the Belanger Trend into new, and high potential geological target areas. This program will follow-up on the positive results of geological, geophysical and remote sensing surveys completed in these areas over the previous years and which helped with discoveries of extensive nickel-copper-PGE sulphides at the Mystery and Timtu zones.
The planned geoscience fieldwork and exploration drill program is designed to define new sulphide nickel occurrences within the company's extensive Raglan Nickel Belt property holdings.
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 is the District's single largest holder of mineral rights, with a 100% interest in 861,000 acres.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:
Telephone: 604-683-8083
Website: www.goldbrookventures.com
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 as sumptions 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.
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