IF this information is accurate (which I highly, highly doubt), this is a godly spell-interrupting item.. not to count the DPS in insta-click for a level 20 effect!
This item is only available in a monster mission, War Machines in Lavastorm. Also the insta-click isn't really a factor since there is also a 60 second recast timer. The point of the item is to inturrupt spells from the goblins that really tear you apart in the mission where you have little to no gear.