Goldbrook Update on Nunavik Nickel Project Construction, Ungava

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


Goldbrook Ventures Inc. ("Goldbrook") (TSX VENTURE:GBK) wishes to provide an
update on the status of the Nunavik Nickel Project, located in Ungava, Northern
Quebec.


During the 2010 construction season work on site resulted in the completion of
the planned fuel storage and personnel accommodations. This work also met the
planned objectives for infrastructure development including initial work on the
road network, granular fill pads and a start in early December of construction
of the Bombardier Lake Dam. Establishment of concrete foundations and structural
steel erection for the concentrator facility was deferred until early 2011
pending receipt of revised engineering specifications reflecting newly
introduced efficiencies and an upgrade to 4500 tonnes per day capacity from the
originally permitted 3500 tpd capacity. The Directors of Jien Canada Mining Ltd.
("Jien Canada") have approved the ongoing construction program which targets end
of Q2 of 2012 for the commissioning and start-up of the concentrator.


In December 2010 SNC Lavalin provided G Mining Services with a life-of-mine plan
for the Allammaq deposit and updated capital and operating cost data, thereby
completing its commitment to the project. Jien Canada thereafter assumed
operational responsibility from SNC Lavalin for the engineering, procurement and
construction management services on the project. Jien Canada is supported in
this role by in-house professional staff and contractors, including BPR-Bechtel
Inc, Kiewit Nuvumiut, Genivar, G Mining Services and Golder Associates Ltd. SNC
Lavalin will bridge through the transition but will have no further role in the
Nunavik Nickel Project. Ongoing roadwork and earthworks (e.g., Bombardier Dam
site) are being executed by Kiewit-Nuvumiut based on a contract approved in late
2010. Current plans anticipate construction of various infrastructure components
(e.g., mine, mill, port and roads) to continue through the winter and summer
months of 2011, leading to an expected start-up targeted for end of Q2 of 2012.


Jien Canada advises that an updated feasibility study on the Nunavik Nickel
Project is being prepared by G-Mining Services and is expected to be delivered
towards the end of Q2 of 2011. The updated feasibility study is anticipated to
incorporate the latest 2010 drilling results.


See Nunavik Nickel construction photos at:
http://www.goldbrookventures.com/EN/photo_gallery/photos_nunavik_nickel.


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:

Dave 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.