Goldeye Explorations Limited

Goldeye Explorations Limited

January 05, 2005 09:33 ET

Goldeye Chilean Property Yields Assays up to 3.84 g/t Au


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GOLDEYE EXPLORATIONS LIMITED

TSX VENTURE SYMBOL: GGY

JANUARY 5, 2005 - 09:33 ET

Goldeye Chilean Property Yields Assays up to 3.84 g/t
Au

TORONTO, ONTARIO--(CCNMatthews - Jan. 05, 2004) - Goldeye Explorations
Limited ("Goldeye ") (TSX VENTURE:GGY) wishes to announce the results of
the surface sampling program completed in December on the Puma area of
the Sonia/Puma property, Region V central Chile. The Puma alteration
zone is an 800m diameter area of argillication hosting centrally located
quartz and silica-rich veins. Twenty seven samples of the vein material
assayed from 0.005g/t gold to 3.84g/t gold with associated silver values
to 5.8g/t.

Sixteen samples taken from a zone of north-south trending quartz-silica
veins approximately 1.6km to the south and 400m higher in elevation
assayed from 0.037g/t gold to 1.75 g/t gold and silver values to 21.6
g/t.

Samples varied from composite grab samples of quartz-silica vein
material from boulders in soil to channel and panel samples across veins
up to 1.4m wide. One of the panel samples measuring 0.25m by 1.4m
assayed 3.84g/t Au.

Analyses were carried out by ALS Chemex an ISO 9001:2001 registered
laboratory. Gold analyses were by fire assay techniques with an atomic
absorption finish while silver values were determined by ICP methods as
part of a 34 element assay package.

A program of road building to provide access for geology, geophysics and
drilling to the Sonia and Puma properties will commence in late January.

In other news Goldeye has closed a non-brokered private placement,
announced on Dec 8, with four arms length placees for gross proceeds of
$360,200.10 subject to the acceptance of the TSX Venture Exchange.
2,401,334 units were issued at a price of $ 0.15 per unit consisting of
one common share and one-half of one warrant that may be exercised for
two year to purchase a non flow-through common share. A $10,000 cash
finders fee is payable and 133,334 share purchase warrants are issuable
in connection with the offering in addition to the expenses of the
offering. The securities are subject to a four month hold.

The proceeds of the private placement is planned to fund exploration
work on the Company's mineral properties in Ontario and will qualify as
a Canadian exploration expense and will be renounced by the Company to
investors under the Income Tax Act (Canada).

Gerald Harron, P. Eng. is the qualified person responsible for the
technical information contained in this release

Goldeye is a Canadian exploration company with projects in Region V of
central Chile, Northwestern Ontario (Sandy Lake, Gold Rock) and
Northeastern Ontario (Tyrrell Project). Goldeye has 26,075,681 issued
and outstanding shares following the offering.

Goldeye's web-site address is http://www.pathcom.com/%7Egoldeye

Note: We have replaced the tilde symbol with '%7E' in the above URL.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Goldeye Explorations Limited
    Blaine Webster
    Chairman and C.E.O.
    (905) 731 9367
    (905) 731-9312 (FAX)
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.