Goldbrook Ventures Inc.
TSX VENTURE : GBK

Goldbrook Ventures Inc.

December 10, 2010 10:59 ET

Goldbrook Increases Size Potential of the Sylvie Deposit

DDH SYL10-001 Intersects 19.85 Metres 1.15% Ni, 0.62% Cu and 1.50 g/t PGE+Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2010) -

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 results from its 2010 Raglan project diamond drilling program. The Raglan Project located in Ungava, northern Quebec, is an Option-Joint Venture Agreement with Jilin Jien Nickel Industry Co Ltd of Panshi, Jilin, China. This release reports results from 2010 drilling at the Sylvie Deposit.

Sylvie Deposit

The Sylvie Deposit is estimated to contain 111,000 tonnes of 1.37% Ni, 0.91% Cu, 0.06% Co, 0.05 g/t Au, 0.42 g/t Pt, 1.38 g/t Pd in a NI43-101 compliant resource estimate recently completed by P & E Mining Consultants Inc. (Goldbrook November 4, 2010 press release). The Sylvie Deposit is located approximately 1.2 km east of the Getty Deposit and 7.5 km southwest of the Timtu Deposit and forms a part of the large Getty-Sylvie Ultramafic Complex on the Belanger Trend.

Goldbrook completed two diamond drillholes totaling 404 metres at the Sylvie Deposit at the end of the 2010 field campaign. These holes were drilled just to the west of the current resource to test for a postulated extension to the known massive sulphide mineralization down-plunge and along strike a further 25 metres beyond the current resource. Both drillholes which were targeted through a combination of geological re-interpretation of previous drillcore and multi-borehole pulse EM modeling were successful in intersecting sulphide ore material and thereby demonstrating the further potential for additional resources at Sylvie.

Composited assay results of the 2010 Sylvie drilling are listed in Table 1 and drillhole locations are listed in Table 2.

Drilling to date demonstrates potential for further mineralization along strike and down the interpreted plunge to the west of Sylvie. Sylvie remains completely open to the west and may still be open to the north, down the dip plane. Further drilling in 2011 is required to allow for an updating of the resource estimate.

Table 1. Composited assay results 2010 - Sylvie Deposit      
Hole ID Interval From To Interval Ni Cu Co Pt Pd Au PGE+Au
metres percent grams per tonne g/t
SYL10-001 1 156.00 175.85 19.85 1.15 0.62 0.06 0.38 1.09 0.03 1.50
SYL10-002 1 151.00 160.10 9.10 1.13 0.66 0.05 0.34 1.54 0.03 1.91
NOTE: intersections are reported as actual core lengths, true widths may be less than core widths depending on the angle of the hole and orientation of the intersection
Table 2. Drillholes collar coordinates and details 2010 - Sylvie Deposit  
HOLE ID Datum UTM Zone Easting Northing Elevation Length (m) Dip Azimuth
SYL10-001 NAD1983 18 501074.8 6807101.9 445.3 214.00 -52 180
SYL10-002 NAD1983 18 501074.8 6807101.9 445.3 189.90 -47 180

Analyses

Drillcore samples from the 2010 drill program were assayed by ALS Chemex Laboratories in Vancouver, BC (ISO 17025:2005 certified). Sample preparation was completed at the ALS Sudbury facility. Assay results for nickel, copper and cobalt were determined by 4-acid digestion and ICP-AES finish and report total nickel. Platinum, palladium and gold were determined by fire assay fusion and ICP-AES finish. In addition to the ALS Chemex quality control procedures, Goldbrook inserts Certified Reference Materials, blanks and duplicates into the sample batches for independent quality control.

Mr. Kevin W. Wells, P.Geo., (Quebec SA# 155), General Manager, Goldbrook Ventures is a qualified person as defined by National Instrument 43-101 and has reviewed and verified the information contained and is responsible for the technical content of this press 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 government rebates.

Goldbrook is a shareholder of Jien Canada Mining Ltd. ("Jien Canada") (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. The board of Jien Canada has recently purported to approve an issuance of voting common shares of Jien Canada that would reduce Goldbrook's percentage of voting shares, and consequently Goldbrook's interest in the project, from 25% to 4.21%. Goldbrook has commenced arbitration proceedings against Jilin Jien and others seeking remedies, including declarations that the share issuance violated the terms of the Shareholder Agreement between the parties and that Goldbrook continues to hold 25% of the voting shares of Jien Canada.

ON BEHALF OF THE BOARD:

Brian Grant, PGeo., President 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 and the results of any arbitration proceedings against Jilin Jien and others.

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.
    Brian Grant, PGeo.
    President and Director
    604-683-8083 or Toll Free: 1-888-488-9884
    604-683-8087 (FAX)
    www.goldbrookventures.com