Goldeye Explorations Limited

Goldeye Explorations Limited

March 23, 2010 21:59 ET

Goldeye Completes Debt Conversion with Joint Venture Partner

TORONTO, ONTARIO--(Marketwire - March 23, 2010) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce that the TSX Venture Exchange has accepted for filing Goldeye's proposal to issue 500,000 common shares at a deemed price of $0.09 per share to settle an outstanding debt of $45,000. The securities are subject to a four month hold period expiring on July 24, 2010. The amount was the outstanding balance owing by Goldeye to Temex Resources Corp. with respect to their Juby North joint venture property in Tyrrell Township, Ontario. Temex will be proposing a 2010 work program shortly. Goldeye had 121,736,125 shares issued and outstanding prior to this announcement.

On its Tyrrell project contiguous with the Temex-Goldeye joint venture property, Goldeye is progressing on a 6,000 metre initial drilling program of 2010. To date, four diamond drill holes have been completed. At least five specific mineralized areas within the two main target areas, Big Dome and Hydro Creek, will be tested with two drills. The objective of the drilling program is to extend and provide additional definition to the current gold zones.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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