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Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
For Immediate Release December 21, 2011
Trading Symbol: GBK - TSX-V
NEWS RELEASE Goldbrook Announces Arbitration Award Vancouver, British Columbia - Goldbrook Ventures Inc. ("Goldbrook" or the "Company") announces that on December 20, 2011 it received a Final Award in respect of the Arbitration proceeding it commenced on March 30, 2011 against Jilin Jien Nickel Industry Co., Ltd. ("JJ"), Jien International Investments Ltd. ("JIIL"), and Jien Canada Mining Ltd. ("JCML") in respect of JCML's purported approval of a loan of up to $357,497,576 from JJ's affiliate JHG Capital Inc. ("JHG").The unanimous Final Award of the Arbitral Panel declared that JCML breached the Shareholder's Agreement by purporting to approve the JHG loan facility without the unanimous consent of the JCML board. The Tribunal further declared that JCML breached the Agreement by failing to provide information, including the executed commitment letter for the JHG loan facility to the Goldbrook nominee directors. In addition, the Tribunal has made an award of costs in favor of Goldbrook whereby JCML will pay to Goldbrook 75% of Goldbrook's actual reasonable legal fees and expenses related to this Arbitration, including Goldbrook's share of the Arbitrator's remuneration and expenses.
ON BEHALF OF THE BOARD:(signed) "David Baker," Chairman and Director
For further information, please call: (604) 683-8083
Website: www.goldbrookventures.com
We Seek Safe Harbor.
Cautionary Note Regarding Forward-Looking StatementsCertain 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.
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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.
Suite 1550 - 200 Burrard Street, Vancouver, British Columbia, Canada V6C 3L6
T: (604) 683-8083 F: (604) 683-8087 TF: 1-888-488-9884 www.goldbrookventures.com TSX.V:GBK
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