Goldeye Explorations Limited

Goldeye Explorations Limited

May 15, 2006 18:52 ET

Goldeye Update: 1000m Drill Program Signed On Todd Creek Property, Stewart B.C.; Big Dome, Tyrrell Twp., NE Ontario High-Grade Zone To Be Drilled

TORONTO, ONTARIO--(CCNMatthews - May 15, 2006) - Goldeye (TSX VENTURE:GGY) is pleased to announce that an 800 to 1000m-drill program has been signed on the Todd Creek project located 30km west of Stewart B.C. The South zone will be tested where previous drilling intersected 8.83g Au/t and 0.45 Cu 0ver 11.7m. The South Zone remains open at depth and along strike.

Also, Goldeye has signed a letter of intent for a 50/50 joint venture with a private company Polar Mining Corporation on the Todd Creek (Stewart, B.C.) and Sonia Chile projects. Precise terms will be announced upon signing of the formal agreement.

A program of drilling on the Big Dome, Tyrrell Township, NE Ontario is being planned to extend the high-grade gold mineralization (G98-09, 1.4m/149g/t, G05-22, 2.05m/217g/t, G05-23, 2.0m/80.7g/t, 1.5m /10g/t, 1.5m/13g/t, and drill hole G-26, 1m/40g/t) along strike and to depth.

In other news, the financing announced on March 30, 2006 will not be completed; however, numerous inquires have been made by parties interested in financing and these will be followed up.

The Tyrrell project is located 90 km south of Timmins and consists of over 200 claim units owned 100% by Goldeye, a Canadian exploration company with projects in NE Ontario (Tyrrell and Fawcett Twps.), NW Ontario (Sandy Lake, Gold Rock), Todd Creek Stewart Area, N.W. B.C. and Region V of central Chile. Gerald Harron, P. Eng. is the qualified person responsible for the technical information contained in this release.

Shares issued: 32,842,619

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

Contact Information

  • Goldeye Explorations Ltd.
    B. Webster
    C.E.O and President
    (905) 731-9367
    (905) 731-9312 (FAX)