Arbitration Tribunal Declares Jilin Jien Nickel Industry Co., Ltd. in Breach of Shareholders Agreement; Goldbrook's 25% Inter...

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As Goldbrook Ventures Inc. ("Goldbrook") (TSX VENTURE:GBK) previously announced,
on July 20, 2011 the Arbitration Tribunal issued a partial final award in
respect of the arbitration relating to the purported dilution of Goldbrook's
interest in the Nunavik Nickel Project. In that partial final award, the
Arbitration Tribunal found that Goldbrook is entitled under the Shareholder,
Joint Bid and Operating Agreement between Jilin Jien Nickel Industry Co., Ltd.
("JJNI"), Jien International Investment Ltd. ("JIIL") and Jien Canada Mining
Ltd. ("Jien Canada"), dated August 6, 2009 (the "Shareholders Agreement") to be
the holder of 25% of the voting shares of Jien Canada, the owner of the Nunavik
Nickel Project, and that the purported dilution of Goldbrook's interest (the
"September 21 Resolution") was not authorized by, and was contrary to the
Shareholders Agreement. The Tribunal further directed that the parties make
supplemental submissions on the issue of which parties were in breach of the
Shareholders Agreement and the appropriate steps to be taken to restore
Goldbrook's 25% interest.


On September 27, 2011, the Arbitration Tribunal issued a further partial final
award on the supplementary issues (the "Award"). In the Award, the Arbitration
Tribunal found that JJNI and JIIL breached the Shareholders Agreement by
proposing and taking the benefit of the September 21 Resolution. The Arbitration
Tribunal also found that Jien Canada breached the Shareholders Agreement by
approving the September 21 Resolution.


In the Award, the Arbitration Tribunal further declared that the Units issued
pursuant to the September 21 Resolution are invalid, null and void and directed
the parties to discuss the steps that should be taken to cancel the Units, and
to use their best efforts to agree on and implement those steps. The Arbitration
Tribunal continues to reserve its jurisdiction to determine any further steps
that the parties must take in light of that declaration for a further 30 days.
The Arbitration Tribunal also continues to reserve its jurisdiction to decide
all matters relating to the costs of this proceeding.


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's Raglan project is a joint venture with Jilin Jien Nickel Industry
Co., Ltd. ("Jilin Jien") under which Goldbrook and Jilin Jien each hold a fifty
percent interest in the Goldbrook properties. Goldbrook Ventures Inc. and Jilin
Jien Nickel Industry Co., Ltd. are also the shareholders in Jien Canada Mining
Ltd., owner of 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 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.