Goldeye Explorations Limited

Goldeye Explorations Limited

April 02, 2009 14:47 ET

Goldeye Announces Its Intention to Sell Its Interest in McFaulds Lake Claims to Tribute Minerals

TORONTO, ONTARIO--(Marketwire - April 2, 2009) - Goldeye Explorations Limited ("GGY") (TSX VENTURE:GGY) is pleased to announce that it has entered into a Letter of Intent to sell its 50% interest in mining claims in the McFaulds Lake Property to Tribute Minerals (TBM), its partner in the original acquisition of the claims. The property is comprised of 1733 claim units consisting of ten (10) non-contiguous blocks covering an area of 27,728 hectares situated 510 km north of Thunder Bay in the mining camp known as 'The Ring of Fire'.

Tribute will make a cash payment of $115,000 to GGY, grant GGY a 1% Net Smelter Returns Royalty in the McFaulds Lake Property, and issue to GGY an aggregate of 11,671,250 of TBM common shares at a deemed price of $ 0.05 CDN. As a result of the sale, Goldeye will own 13.25% of Tribute Minerals Inc.

TBM must raise $1,500,000 within 90 days of the signing of this Letter of Intent, as a condition of completing the transaction. The transaction is subject to completion of a formal agreement and regulatory approval.

GGY and TBM had planned to consolidate their interests in the McFaulds Lake Property through McFaulds Resources Inc. as announced in the joint press release issued on June 25, 2008. They have now decided that financing, exploration and development of the McFaulds Lake Property would be optimized by rolling the entire property package into TBM. Goldeye is pleased with TBM's intention to fully explore the McFaulds Lake Property due to the high mineral potential in the Ring of Fire.

Due to record high prices of gold, Goldeye is pursuing its three large gold projects in Canada: Tyrrell and Sandy Lake (Ontario) and Todd Creek (Stewart Mining Camp, BC.); and its gold/ silver project in central Chile, Sonia Puma.

Blaine R. Webster, P. Geo., President and CEO of Goldeye, is the Qualified Person as defined by National Instrument 43-101 who supervised the preparation of the technical information contained in this release.

Forward-Looking Statements

The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations or projections. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other actors, refer to Goldeye Explorations Limited's filings with Canadian securities regulators available on or the Company's website.

SHARES ISSUED: 85,656,228

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

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