Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

November 30, 2009 19:26 ET

Goldeye Explorations Limited Completes Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2009) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce the completion of a non-brokered arm's length private placement for gross proceeds of $160,000. A total of 2,000,000 flow-through units were issued at a price of $0.08 per unit. Each flow-through unit consists of one flow-through common share and one-half of a non-flow-through common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at $0.10 per share for a two year term. The securities are subject to a four month hold period.

The proceeds of this offering will be used for mineral exploration on Goldeye's Canadian mineral properties qualifying as Canadian Exploration Expense (CEE) under the Income Tax Act (Canada) enabling the subscriber to obtain applicable tax credits and deductions.

The 3,000-meter drill program which commenced in early October on Goldeye's Tyrrell Township property has been completed on the Big Dome gold zone. Drilling of borehole IP targets 400 meters to the west and 75 meters to the east of the previously reported high grade mineralization encountered several meters of sulphidized altered silicified gabbros, sediments, and basalts. Initial assays are not expected for at least two weeks. In the meantime, Goldeye has decided to continue drilling an additional 1,500 meters to follow-up on these results.

This financing is the latest of small private placements successfully completed by Goldeye in 2009 as reported in press releases dated August 12, September 21, October 8 and November 17, 2009. Goldeye has raised a total of $1,815,000 in 2009 ($1,742,720 net of commissions and finders' fees). This compares to a total of $100,000 raised in private placements in all of 2008 (press release dated December 30, 2008). Collectively, these proceeds have enabled Goldeye to advance its three gold projects in Canada: Tyrrell and Sandy Lake (Ontario), Todd Creek (Stewart Mining Camp, BC), and its gold/silver project in central Chile, Sonia Puma.

Tribute Minerals Inc. ("Tribute") and Goldeye announced that they closed the acquisition of Goldeye's 50% interest in a group of 126 unpatented mining claims in the James Bay Lowlands in the area known as the Ring of Fire (the "McFaulds Lake Property") held jointly by them (press release dated July 7, 2009). Tribute issued 11,671,500 of its common shares to Goldeye, paid $115,000 in cash, and Goldeye retained a 1.0% Net Smelter Returns Royalty in the McFaulds Lake Property. On closing, Tribute also repaid a debt owed to Goldeye of $85,000. As part of the closing, Tribute and Goldeye unwound the proposed transaction announced in the Press Release date June 25, 2008 to roll the McFaulds Lake Property into McFaulds Resources Inc. and to take that company public. This transaction freed-up Goldeye to focus on its other properties while, at the same time, giving it a substantial interest in the McFaulds Lake Property.

During 2009, 825,000 stock options were issued to certain directors and consultants as reported in Goldeye's press release dated October 19, 2009 compared to 860,000 issued in 2008. 295,000 stock options expired in 2009, leaving a balance outstanding of 2,175,000 having a weighted average exercise price of $0.13.

There are 116,030,245 common shares of Goldeye issued and outstanding following this latest private placement.

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

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