RE: NEWS THIS MORNING!Nickel77,
Here's some more news, slightly off topic, but related to Jilin Jien. I don't know if we look at this as less than positive news - that Jilin Jien tried something that was found to be improper. Or maybe it is positive news - that there is some Canadian securities protection available that protects against some of the dastardly deeds that certain posters were making on this forum.
Arbitration Tribunal Declares Jilin Jien Nickel Industry Co., Ltd. in Breach of Shareholders Agreement; Goldbrook's 25% Interest in Nunavik Nickel Project to Be Restored
9/28/2011 11:18:25 AM - NFD
VANCOUVER, BRITISH COLUMBIA, Sep 28, 2011 (Marketwire via COMTEX News Network) --
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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