Goldbrook Ventures Inc.
TSX VENTURE : GBK

Goldbrook Ventures Inc.

July 13, 2010 10:26 ET

Goldbrook Commences 2010 Drill Program on Raglan Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2010) -

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Goldbrook Ventures Inc. ("Goldbrook" or the "Company") (TSX VENTURE:GBK) reports that drilling has commenced on the Company's extensive Raglan belt mineral tenures within the Cape Smith Nickel belt of northern Quebec. Goldbrook's property includes numerous showings of Ni-Cu-PGE sulphides in ultramafic rocks within both the Raglan Horizon (North Horizon) and the Southern Horizon which includes the productive Belanger Trend.

The 2010 program is planned to include up to 25,000 metres of drilling focused on the Belanger Trend (South Horizon) and the east and west extensions of the northern, Raglan Horizon. The program will have up to 5 drills active on the project throughout the summer. Currently 3 drills based out of the Belanger camp are active and 2 drills for the eastern projects are mobilized and should be operational within days. The western drills based in Belanger will continue to test targets located at the Mystery, Echo and Bravo Ni-Cu-PGE sulphide occurrences as well as new areas defined by the integrated exploration program currently underway. Generally, targets of interest are characterized by ultramafic rocks, characteristic geophysical and geochemical signatures and sulphide showings.

The Company has allocated a budget of over $17,500,000 to complete the program. The program includes 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 is also designed to follow-up on the positive results of geological, geophysical and remote sensing surveys completed in these areas over previous years. Recent work programs were successful in the discovery of extensive nickel-copper-PGE sulphides at the Mystery and Timtu zones.

Kevin Wells, PGeo, (Quebec Special Authorization No. 155), General Manager, is a Qualified Person as defined by NI 43-101 and has reviewed and verified the information contained and is responsible for the technical content of this news release.

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 $44 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:

David Baker, Chairman and Director

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.

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.

Contact Information

  • Goldbrook Ventures Inc.
    David Baker
    Chairman and Director
    604-683-8083 or Toll Free: 1-888-488-9884
    604-683-8087 (FAX)
    www.goldbrookventures.com