Goldbrook Ventures Inc.
TSX VENTURE : GBK

Goldbrook Ventures Inc.

April 14, 2010 13:39 ET

Goldbrook Receives NI 43-101 Compliant Technical Report for Allammaq, Expo, Ivakkak, Mequillon, Mesamax and Puimajuq Deposits

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Goldbrook Ventures Inc. ("Goldbrook") (TSX VENTURE:GBK) has received, and filed on SEDAR, a NI 43-101 compliant Technical Report titled, "Technical Report on the Allammaq, Expo, Ivakkak, Mequillon, Mesamax and Puimajuq Ni-Cu-PGE Deposits of the Nunavik Nickel Project, Nunavik, Quebec," dated April 14, 2010 (the "Technical Report").

The Nunavik Nickel Project was previously held by Canadian Royalties Inc. ("Canadian Royalties"). As of January 13, 2010 Jien Canada Mining Ltd. ("JCM") acquired all of the outstanding common shares of Canadian Royalties (being the Shares held by holders other than JCM) in exchange for $0.80 per Share. As a result of the Arrangement, JCM now owns 100% of the outstanding shares of Canadian Royalties. Goldbrook Ventures Inc. owns 25% of the voting shares of JCM, and Jilin Jien Nickel Industry Co., Ltd. ("JJ") owns 75% of the voting shares. JJ is responsible for providing 100% of the funding to bring the Nunavik Nickel Project into production and will be repaid for its contribution out of cash flow from production on the Property if commercial production occurs.

Goldbrook Ventures Inc. commissioned P&E Mining Consultants Inc. to write an independent Technical Report on the Nunavik Nickel Project in order to document all previously released, NI 43-101 compliant resource estimates for the Allammaq, Expo, Ivakkak, Mequillon, Mesamax and Puimajuq Deposits. The resource estimates for all of the six deposits were completed by P&E Mining Consultants Inc. to current and compliant NI 43-101 reporting standards for mineral disclosure.

All metal prices and $C/$US exchange rates were derived from the prevailing 24 month trailing average at the time the individual deposit resources were calculated. With one exception (Mequillon, which has an open pit and an underground component) all $C NSR cut-off values are $C40/tonne. For Mequillon, the NSR open pit cut-off value used was $42.50/tonne and for the underground component it was $75/tonne.

Current Resources Estimated for the Nunavik Nickel Project

Category 1 tonnes Ni % Cu % Co % Pt g/t Pd g/t Au g/t
Measured Resources 560,000 0.93 1.10 0.04 0.60 2.66 0.10
Indicated Resources 21,342,000 0.93 1.15 0.05 0.54 2.17 0.14
Inferred Resources 2 5,244,000 0.73 0.92 0.04 0.51 2.03 0.13

Parameters used for Resource Estimation of Each Deposit

Deposit & Estimate Date  NSR cut-off $C/tonne $C/$US Exch. rate Ni Price $US/lb. Cu Price $US/lb. Co Price $US/lb. Au Price $US/oz. Pt Price $US/oz. Pd Price $US/oz.
                 
Expo Jan 2007 $ 40 $ 0.80 $ 5.50 $ 1.50 $ 15 $ 425 $ 900 $ 300
Mesamax Jan 2007 $ 40 $ 0.80 $ 5.50 $ 1.50 $ 15 $ 425 $ 900 $ 300
Mequillon Sept 2007   $ 0.80 $ 5.50 $ 1.50 $ 15 $ 425 $ 900 $ 300
Open Pit $ 43              
Underground $ 75              
Ivakkak Feb 2007 $ 40 $ 0.80 $ 5.50 $ 1.50 $ 15 $ 425 $ 900 $ 300
Allammaq Oct 2009 $ 40 $ 0.92 $ 9.02 $ 2.84 $ 20 $ 871 $ 1,398 $ 311
Puimajuq Oct 2009 $ 40 $ 0.92 $ 9.02 $ 2.84 $ 20 $ 871 $ 1,398 $ 311
  1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  2. The quantity and grade reported in this inferred resource estimation are conceptual in nature and there has been insufficient exploration to define an indicated mineral resource on the property and it is uncertain if further exploration will result in discovery of an indicated or measured mineral resource on the property

The mineral resources in these estimates were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

The Expo database contained 30 drill cross sections over a strike length of 870 metres. There were 204 drill holes used in the Expo resource estimate. The Ni, Cu, Co, Au, Pt and Pd composites were extracted from the Microsoft Access database composite table into separate files for each Mineralized Zone. Inverse distance squared (1/d2) grade interpolation was utilized. There were two interpolation passes performed on each domain for each element for the Indicated and Inferred classifications.

The Mesamax database contained 13 drill cross sections over a strike length of 250 metres. There were 104 drill holes used in the Mesamax resource estimate. The Ni, Cu, Co, Au, Pt and Pd composites were extracted from the Microsoft Access database composite table into separate files for each Mineralized Zone. Inverse distance squared (1/d2) grade interpolation was utilized. There were two interpolation passes performed on each domain for each element for the Indicated and Inferred classifications.

The Mequillon database contained 30 drill cross sections over a strike length of 1,450 metres. There were 92 drill holes used in the Mequillon resource estimate. The Ni, Cu, Co, Au, Pt and Pd composites were extracted from the Microsoft Access database composite table into separate files for each Mineralized Zone. Inverse distance squared (1/d2) grade interpolation was utilized. There were two interpolation passes performed on each domain for each element for the Indicated and Inferred classifications.

The Ivakkak database contained 22 drill cross sections over a strike length of 525 metres. There were 80 drill holes used in the Ivakkak resource estimate. The Ni, Cu, Co, Au, Pt and Pd composites were extracted from the Microsoft Access database composite table into separate files for each Mineralized Zone. Inverse distance squared (1/d2) grade interpolation was utilized. There were two interpolation passes performed on each domain for each element for the Indicated and Inferred classifications.

The Allammaq database contained 42 drill cross sections over a strike length of 1,025 metres. There were 84 drill holes used in the Allammaq resource estimate. The Ni, Cu, Co, Au, Pt and Pd composites were extracted from the Microsoft Access database composite table into separate files for each Mineralized Zone. Inverse distance squared (1/d2) grade interpolation was utilized. There were three interpolation passes performed on the hanging wall net textured domain for each element for coding blocks in the Measured, Indicated and Inferred classifications. The remaining domains were subjected to two interpolation passes for the Indicated and Inferred classifications.

The Puimajuq database contained six drill cross sections over a strike length of 125 metres. There were 17 drill holes used in the Puimajuq resource estimate. The Ni, Cu, Co, Au, Pt and Pd composites were extracted from the Microsoft Access database composite table into separate files for each Mineralized Zone. Inverse distance squared (1/d2) grade interpolation was utilized. There were two interpolation passes performed on each domain for each element for the Indicated and Inferred classifications.

Until this report, each of the deposits had been reported on independently. More recent exploration discoveries and extensions to the known deposits have not been included in this NI 43-101 Technical Report. The company considers there is further underexplored potential within the Project and particularly at those exploration showings previously identified such as TK, TooToo, Kehoe, Rob Roy, Giraffe (Gurn), and Cominga East.

All of the deposits of the Nunavik Nickel Project occur within the Southern Raglan horizon, within the Cape Smith Belt (Raglan) which is interpreted as a foreland thrust-fold belt that constitutes the north-eastern extension of the Trans-Hudson Orogen, an early Proterozoic collision zone which separates the Archean Superior Province from the Proterozoic Churchill Province. The Trans-Hudson Orogen includes the Thompson Nickel Belt in Manitoba and the New Quebec Orogen (Labrador Trough) on the opposite sides of the Superior Province. The Cape Smith Belt extends for about 375 km in an east-west direction across the Ungava Peninsula of Nunavik. Together, Goldbrook and Jien Canada control mineral tenure over most of the Southern Raglan horizon and much of the Northern Raglan horizon where the Xstrata Nickel Plc. mines are located. Further details about the Nunavik Nickel Project are included in the Technical Report which is available on SEDAR.

Mr. Antoine Yassa, P. Geo., a qualified person under the terms of NI 43-101, conducted the most recent site visit to the Project from August 25 to 28, 2009. An independent verification sampling program was conducted by Mr. Yassa at that time. Since 2006, Mr. Eugene Puritch, P.Eng., Ms. Tracy Armstrong, P. Geo., and Mr. Antoine Yassa, P. Geo. have visited the Project and each one of the six deposits on several occasions and on each occasion verification samples were collected. Mr. Yassa, Mr. Puritch and Ms. Armstrong, all independent Qualified Persons as defined in NI 43-101, have reviewed and approved the scientific or technical information in this press release.

About Goldbrook

Goldbrook Ventures is engaged in the exploration for Nickel-Copper-Platinum Group Element sulphide deposits – a class of mineral deposit that, due to its poly-metallic nature, has the 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. ("Jien Canada"). Jien Canada 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 GOLDBROOK BOARD:

David Baker, Chairman and CEO

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 statements about mineral resource and reserve estimates and 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 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.

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