QUEBEC – Goldbrook Ventures of Vancouver has announced that the tribunal arbitrating a dispute between it and joint venture partner Jilin Jien Nickel has ruled to restore Goldbrook’s 25% interest in the Nunavik nickel project in the Raglan Mining District.
The Nunavik deposit belongs to Jien Canada Mining, originally owned 75% by Jilin Jien and 25% by Goldbrook. The dispute arose in 2010 when Jilin Jien issued voting common shares of Jien Canada. Goldbrook said that move resulted in a dilution of its interest in Jien Canada to 4.21% and violated the terms of the joint venture agreement.
The tribunal agreed with Goldbrook and is insisting that the shares and units be cancelled so that Goldbrook’s interest remains at 25%. The tribunal is retaining jurisdiction in the case for a further 30 days and has yet to rule on matters relating to the costs of the proceeding.
The 43-101 report put Nunavik indicated resources at 5.6 million tonnes grading 0.60% Ni, 0.64% Cu, 0.03% Co plus gold, platinum and palladium values. The inferred resource was 1.8 million tonnes grading 0.56% Ni, 0.55% Cu, 0.03% Co as well as precious metals.
More information about the project is posted at www.GoldbrookVentures.com.