Goldbrook Ventures Inc.
TSX VENTURE : GBK

Goldbrook Ventures Inc.

September 15, 2008 03:15 ET

Goldbrook Expands the Ni-Cu-PGE Sulphide Zone at Mystery

DDH MYS08-006 intersects 73.1 metres of 0.72% Ni, 0.99% Cu and 3.25 g/t PGE+Au DDH MYS08-005 intersects 4 metres of 0.64% Ni, 3.11% Cu and 41.29 g/t PGE+Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2008) -

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

Goldbrook Ventures Inc. ("Goldbrook") (TSX VENTURE:GBK) is pleased to announce further results from its 2008 Raglan project diamond drilling program. The company contracted three drill rigs from Bradley-Nuvumiut (Rouyn-Noranda) for a minimum of 12,000 metres of BQ-size core. The program also includes geological mapping, prospecting and an extensive remote sensing survey. Field crews mobilized to the Belanger base camp in early July. As of early September over 35 drillholes totaling about 9,062 metres had been completed.

Mystery Prospect

As of September Goldbrook completed 26 drillholes totaling over 6,160 metres on the Mystery prospect. These holes are drilled on nine vertical sections along a strike length of about 525 metres. This release reports lab assay data for an additional four drillholes. Three drillholes are on section 490850 (see Goldbrook website for sections and drillhole location map), located 50 metres east of the drilling data on Section 490800 released on September 3, 2008; and, one hole is on section 490775, located 25 metres west of the 490800 section. As of this news release 26 drillholes have been sampled, and have been submitted, or are in transit, to ALS Chemex in Vancouver for assay. Assays are pending.

Drilling to date indicates the potential for a major new Ni-Cu-PGE sulphide zone at the Mystery prospect, which is about 10 kilometres west of Goldbrook's Getty-Sylvie deposits. The Mystery drill program is focused on testing an extensive, coincident EM and magnetic response from a 2007 airborne geophysical VTEM survey, and a very strong downhole EM anomaly obtained during the 2007 drill program.

Highlights of the Mystery drilling to date include:

MYS08-005, -006 and -007 were drilled on Section 490850 East, below the previously reported MYS08-004 and 50 metres east of the first drillholes on Section 490800 East (see September 3, 2008 press release), to further delineate the discovery of the sulphide mineralized zone at the Mystery prospect.

- MYS08-005 intersected sulphides over 46 metres from 186.0 to 232.0 metres downhole, with an average grade of 0.74% Ni, 1.58% Cu and 6.80 g/t PGE+Au. This 46-metre section includes a 4 metre section from 200 to 204 metres with an average grade of 0.64% Ni, 3.11% Cu and 41.30 g/t PGE+Au.

- MYS08-006 intersected 73.1 metres from 252 to 325.1 metres downhole, with an average grade of 0.72% Ni, 0.99% Cu and 3.25 g/t PGE+Au.

MYS08-008 was drilled at -55 degrees on Section 490775 East, 75 metres west of the drilling reported above, and 25 metres west of Section 490800 containing Mystery drillholes MYS08-001, -002 and -003 (see press release Sept 3, 2008) and MYS07-001, -002.

- MYS08-008 intersected 46 metres from 145.0 to 191.0 metres downhole, with an average grade of 0.65% Ni, 0.90% Cu and 2.14 g/t PGE+Au



Table 1. Composited assay results 2008 - Mystery Prospect
---------------------------------------------------------------------------
Inter-
Inter- From To val Ni Cu Co Pt Pd Au PGE+Au
sec- ------------------ --------------- ----------------------
Hole ID tion meters Percent grams/tonne
---------------------------------------------------------------------------
Section 490850 East
MYS08-005 1 17.1 28.0 10.9 0.26 1.83 na 0.11 1.52 0.04 1.67
MYS08-005 2 186.0 232.0 46.0 0.74 1.58 na 1.60 4.90 0.30 6.80
MYS08-005 2-a 200.0 204.0 4.0 0.64 3.11 na 9.85 29.73 1.72 41.30

MYS08-006 1 56.0 58.4 2.4 0.48 1.26 na 0.32 1.87 0.05 2.24
MYS08-006 2 252 325.1 73.1 0.72 0.99 na 0.64 2.44 0.17 3.25
MYS08-006 2-a 263 325.1 62.1 0.81 1.03 na 0.62 2.51 0.13 3.26

MYS08-007 1 65.2 66.2 1.0 1.54 1.95 na 0.76 3.84 0.14 4.74
MYS08-007 2 86.8 88.2 1.4 0.92 0.46 na 0.24 1.10 0.06 1.40
MYS08-007 3 109.1 111.5 2.4 1.91 2.30 na 0.25 1.86 0.34 2.46
Section 490775 East
MYS08-008 1 69.4 76.1 6.7 0.41 1.53 0.02 0.13 0.60 0.07 0.80
MYS08-008 2 145.0 191.0 46.0 0.65 0.90 0.04 0.40 1.62 0.12 2.14
MYS08-008 3 199.8 217.5 17.7 0.41 0.52 0.02 0.17 0.73 0.34 1.24
---------------------------------------------------------------------------
NOTE: intersections are reported as actual core lengths, true widths may be
less than core widths depending on the DDH angle and orientation of
the intersected mineralization zone. na equals no assay completed.


Table 2. Mystery Prospect Drillholes Collar Coordinates and Details 2008
---------------------------------------------------------------------------
UTM Length
HOLE-ID Datum Zone Easting Northing Elevation (m) Dip Azimuth
---------------------------------------------------------------------------
MYS08-005 NAD83 18 490849.9 6806752.6 379.11 423 -55 180
MYS08-006 NAD83 18 490849.9 6806752.6 379.11 366 -65 180
MYS08-007 NAD83 18 490849.9 6806752.6 379.11 414 -73 180
MYS08-008 NAD83 18 490775.5 6806751.8 379.06 300 -55 180
---------------------------------------------------------------------------
Explanatory notes: Elevation and length are in metres; Dip & Azimuth are in
degrees. Survey data is GPS accurate and preliminary
pending final survey differential corrections.


Jilin Jien Nickel Joint Venture Agreement

Goldbrook Ventures has announced (see press release of August 29, 2008) that it has entered into a definitive agreement with Jilin Jien Nickel Industry Co., Ltd. of Panshi, Jilin, China for the exploration and development of Goldbrook's Raglan District properties comprising some 891,000 acres in northern Quebec. 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. Upon Jien acquiring a 50% interest, any government rebate from exploration 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.

Summary

The 2008 exploration program is developing Ni-Cu-PGE sulphide targets, along the Belanger and related trends, as part of the longer term exploration objectives of the company. Drilling at Mystery appears to confirm a vertical to steeply dipping, mineralized zone of about 30 to 50 m thickness at sections 490800 and 490850 East, which is tested to depths of between 250 and 300 metres. Drillhole MYS08-005 also includes a 4-metre section containing an average of 41.30 g/t PGE+Au, which includes 9.85 g/t platinum. Continued drilling of the Mystery zone to define the extent of the sulphide mineralization is a high priority for the 2008 drilling season. Further assay results will be released as they become available.

Jamie Pardy, PGeo, and G. Carter, PGeo, Vancouver, are qualified persons as defined by National Instrument 43-101 and have reviewed and verified the information contained and are responsible for the technical content of this press release.

ON BEHALF OF THE BOARD:

Brian Grant, PGeo, President and COO

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.

Contact Information

  • Goldbrook Ventures Inc.
    Brian Grant, PGeo
    President and COO
    (604) 683-8083 or Toll Free: 1-888-488-9884
    (604) 683-8087 (FAX)
    Website: www.goldbrookventures.com