Goldeye Explorations Limited

Goldeye Explorations Limited

February 26, 2008 11:23 ET

Goldeye Announces Diamond Drill Program on Juby North Gold Project

RICHMOND HILL, ONTARIO--(Marketwire - Feb. 26, 2008) - Goldeye Explorations Limited (TSX VENTURE:GGY), ("Goldeye" or "the Company") is pleased to announce that a 2,000 metre diamond drill program has commenced on the Juby North Gold Property located 20 kilometres west of Gowganda, Ontario. The drill program is the second phase of drilling, part of a $250,000 approved exploration program recently expanded to $400,000 based on positive results of the previous drill programs. Highlights:

- Exploration program expanded based on positive results

- Induced Polarization ("IP") geophysical survey completed January 2008

- 2,000 metre drill program in progress to test several target areas

The current drill campaign, which commenced February 20, is testing the strike and depth extensions of several new gold zones discovered in the previous two drill programs, as well as several untested IP and soil geochemical anomalies. The drill campaign completed in October, 2007 yielded the highest grade gold intersection discovered to date on the property. Drill hole JU 07-89 (news release Nov. 07, 2007), which intersected 15.0 g/t gold over 2.15 metres including 33.74 g/t gold over 0.94 metres, was the first hole to test a 650 metre long IP anomaly. Three other gold mineralized zones were also intersected above and below the high grade zone. Gold mineralization is associated with up to 10% pyrite and minor chalcopyrite, indicating a direct correlation to the IP anomaly. The gold zones, wide open along strike and at depth, will be tested by the current drill program. Several new IP anomalies detailed in January, 2008, some of which have coincident gold-in-soil anomalies, will also be tested during the current drill campaign.

The drill program will also test for the depth extension of gold mineralization intersected in several holes on a gold zone located on the main gold bearing structure in the area known as the Tyrrell Structural Zone ("TSZ"). To date, this zone has been tested over a 50 metre strike length and to a vertical depth of 120 metres where it remains open at depth. Previous results include: hole JU 07-92 intersected 3.23 g/t gold over 9.37 metres; hole JU 07-93 intersected 3.31 g/t gold over 6.76 metres including 7.46 g/t gold over 2.52 metres; hole JU 04-57 intersected 4.77 g/t gold over 4.91 metres, within a broader gold bearing zone that averaged 1.19 g/t gold over a core length of 29.53 metres. The property lies in the central portion of the 8 kilometre long TSZ, which is analogous to the Cadillac-Larder Lake Break that is associated with the gold deposits in the Kirkland Lake-Larder Lake area.

The Juby North Gold Property comprises 5,520 acres and is subject to the terms of a 60:40 Joint Venture agreement between Temex Resources Corp. ("Temex") and Goldeye. Temex is the operator of the Joint Venture. The areas to be drilled are located within 2 km to the northwest of the Juby Main Zone, which contains a significant NI43-101 compliant gold resource on the 100% Temex owned Juby Lease Property (Temex news release Feb 16, 2005). The gold resource includes an indicated resource of 479,000 ounces of gold grading 1.73 g/t gold at a cut-off grade of 1.0 g/t gold, including a core of 315,000 ounces of gold at 2.20 g/t gold at a cut-off grade of 1.5 g/t, and an inferred resource of 120,000 ounces of gold grading 2.03 g/t gold at a cut-off grade of 1.5 g/t gold. This resource is contained from surface to a vertical depth of 400 metres and the area is unexplored at depth.

Blaine Webster, P.Geo., President, and William Hamilton, P.Geo., Geological Consultant, are the designated Qualified Persons as defined by National Instrument 43-101 who are responsible for the preparation of this news release.

Shares issued: 79,506,986

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