Goldbrook Ventures Inc.

Goldbrook Ventures Inc.

March 24, 2010 11:22 ET

Goldbrook Receives Additional Funding for 2010 Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2010) -


Goldbrook Ventures Inc. ("Goldbrook") (TSX VENTURE:GBK) is pleased to announce that it has received additional funding of $3,500,000 for the 2010 exploration program from Jilin Jien Nickel Industry Co., Ltd. of Panshi, Jilin, China ("Jilin Jien"). Goldbrook has now received a total of $6,500,000 for the 2010 exploration program from Jilin Jien. The $6,500,000 funded by Jilin Jien to date is the initial instalment of exploration program funding from Jilin Jien in 2010, which is planned to be $17,500,000 plus received government rebates. Goldbrook is not required to raise any money in order to fund the planned 2010 exploration program.

This year's planned exploration program will include up to 25,000 metres of diamond drilling in addition to a regional mapping program, geochemical surveys and ground geophysical surveys. This program will follow-up on the highly successful previous programs of the last several years, which resulted in discoveries of extensive nickel sulphides at the Mystery and Timtu zones and other priority drill targets across the property. The program will also test new and positive results from previous geophysical, geological, remote sensing and other work to better define the Ni-Cu-Co-PGE sulphide potential within Goldbrook's extensive Raglan Nickel Belt property holdings.

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.


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 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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