Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

May 25, 2006 19:38 ET

Goldeye to Raise $600,000 for Drill Programs in Ontario and B.C.

TORONTO, ONTARIO--(CCNMatthews - May 25, 2006) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce its plans to conduct a "flow-through" offering of up to $600,000. Up to 4,000,000 Units are being offered to purchasers resident in the Province of Ontario. The purchase price for each Unit is $0.15. Each Unit is comprised of one flow-through common share and one-half of a common share purchase warrant of the Corporation. Each whole common share purchase warrant entitles the holder to purchase one additional non flow-through common share of the Corporation for 24 months following the closing date of the offering at a price of $0.25 per common share.

All proceeds will be used for mineral exploration on Goldeye's Canadian mineral properties qualifying as Canadian Exploration Expense ("CEE") under the Income Tax Act (Canada) to enable subscribers to obtain applicable tax credits and deductions.

An 1100m drill program on the Todd project near Stewart in northwestern B.C. will start in early July to test the South Zone to depth and along strike where, from 1988, Hemlo's drill results include 6.12g gold/t and 0.35% copper over 6.1m; 8.83 g gold/t and 0.45% copper over 11.7m. The Todd Creek project is a joint venture with Polar Mining Corp.

The Todd Creek exploration targets are large and numerous including both epithermal and mesothermal gold mineralization showing strike and down dip continuity. Numerous historic gold copper showings occur along a 10 km strike length and are associated with the lithologies which host Barrick's Eskay Creek Mine.

At Tyrrell Twp., a drill program (2000m) will be carried out on the Big Dome High Grade Zone where Hole 22 intersected 2.05m of 217g/t gold, Hole 23 intersected 2m of 80.6g/t gold, and Hole 26 intersected 1m of 40g/t gold. Each intersection is separated vertically by 100 to 150m. As computer modelling has suggested that the veins may be striking 30 degrees to the previous drilling, a series of 3 holes is planned to be drilled at an azimuth 30 degrees east of the former drilling, centered around the high grade intersection of Hole 23 of 80.6g/t gold over 2m.

Goldeye is a Canadian exploration company with projects in NE Ontario (Fawcett and Tyrrell Twps.), NW Ontario (Sandy Lake, Gold Rock), NW British Columbia Todd Creek), and central Chile (the Sonia property). Gerald Harron is the qualified person responsible for the technical information contained in this press release.

Shares issued 32,745,119

Goldeye's web-site address is www.goldeye.ca.

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

Contact Information

  • Goldeye Explorations Limited
    B. Webster
    C.E.O. and President
    (905) 731-9367
    (905) 731-9312 (FAX)
    www.goldeye.ca