Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
For Immediate Release June 29, 2010 Trading Symbol: GBK - TSX-V
NEWS RELEASE
Goldbrook Announces SNC Lavalin Inc. Signs Letter-of-Intent to Negotiate EPCM Services Agreement for Nunavik Nickel Project
Vancouver, British Columbia - Goldbrook Ventures Inc., ("Goldbrook" or the "Company") announces that a Letter of Intent has been signed with SNC Lavalin Inc., part of the process of awarding a contract with respect to engineering, procurement and construction management services (EPCM services) related to start-up of the Nunavik Nickel Project, located in Ungava, Northern Quebec. This is preliminary to continuation of the construction and development of Jien Canada Mining Ltd.'s extensive nickel-copper-PGE deposits in the Raglan Belt.
Jien Canada Mining Ltd., a wholly owned subsidiary of Vancouver based Goldbrook Ventures Inc. (25%) (TSX-V: GBK) and Jilin Jien Nickel Industry Co., Ltd. (75%) of China, acquired Canadian Royalties (and its Nunavik Nickel Project) in November 2009. In connection with the EPCM Services, Goldbrook's Chairman, Mr. David Baker, stated, "Goldbrook welcomes the development that SNC Lavalin is now taking the lead on moving the Company's Nunavik Nickel Project forward."
Exploration and preliminary work will continue at the Nunavik Nickel Project site this year. It is anticipated that further announcements concerning any possible construction and development of the Nunavik Nickel Project will be made by the Company later this year.
Goldbrook 2010 Exploration Program
In addition to the Jien Canada Mining properties, Goldbrook is also focused on the exploration of its 861,000 acre land package that is host to Goldbrook's Mystery, Getty, Sylvie, Timtu and Pad deposits. The 2010 Goldbrook exploration program on these properties is allocated a budget of over $17,500,000, including a goal of 25,000 metres of Diamond drilling in conjunction with a 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.&nb sp;
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'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 $39.5 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: Telephone: 604-683-8083 Website: http://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 construction and development of the Nunavik Nickel Project.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 obt ain 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. |