Goldeye Explorations Limited

Goldeye Explorations Limited

May 21, 2010 19:58 ET

Goldeye Announces Completion of $212,500 Private Placement

TORONTO, ONTARIO--(Marketwire - May 21, 2010) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce the completion of a private placement for gross proceeds totaling $212,500 through the sale of 2,500,000 flow-through units at $0.085 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. One full warrant entitles the holder to purchase an additional common share for two years at a price of $0.10 per share. The securities are subject to a four month hold period.

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

Goldeye is a Canadian gold-focused exploration company with properties in mineral-rich, politically secure jurisdictions with long traditions of mining (Canada and Chile). Goldeye's approach is to advance precious metal deposits to the development stage, employing, in part, technologically advanced geophysical techniques and occasionally joint venture funding.

There were 122,986,125 common shares of Goldeye issued prior to the abovementioned 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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