Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

March 04, 2011 13:29 ET

Goldeye Commencement of Work on Chilean Epithermal Silver-Gold Veins

Gold Rock Camp, Ontario-Goldeye Property and Activity

TORONTO, ONTARIO--(Marketwire - March 4, 2011) - "Goldeye" or the "Company" (TSX VENTURE:GGY) is pleased to announce that it has commenced field season exploration on its 100% owned Sonia Project approximately 200 kilometres north of Santiago, Chile in Region V.

Over 30 silver-gold (base metal) low sulphidation epithermal veins have been identified on the over 80 square kilometre Sonia property. Mineralization has been exposed over vertical distances of 1,450 metres, with individual veins traced over strike lengths of one kilometre, and strike extents of up to four kilometres suspected for a few of the vein structures. Currently, additional vein sampling and mapping, and magnetometer and VLF-EM surveys are being carried out at lower altitudes, with the imminent commencement of similar evaluation of vein zones which vary up to 20 to 30 metres in width at higher elevations. This detailed mapping and sampling will provide diamond drill targets for a first phase program which is designed to commence before the onset of the Chilean winter at the elevation of the most promising targets.

Mineralization is hosted by a thick sequence of andesite flows and tuffs of Upper Cretaceous age in the metallogenic belt hosting the El Indio and Maricunga gold districts. Previous property sampling has indicated a variable, but silver dominant character to the mineralization in a gold-silver-lead-zinc-copper-(arsenic-antimony) assemblage. Potential bonanza grade precious metal values are indicated by small scale production reported from the Bujo vein at the privately owned Mina Morada, which is a topographically low vein surrounded by Goldeye concessions. From the highest vein elevation, gold values up to 77g Au/t were received from the Sonia vein. Silver grades on surface vary considerably and will be more reliably tested by drilling below the near surface zone of leaching.

Gold Rock Property Area Update

On February 28, 2011, Manitou Gold Inc. reported in a news release a particularly high grade gold intersection approximately one kilometre south of and on trend with Goldeye's seven claim Gold Rock property. The intersection of 53,700g Au/t (uncut) over 0.55 metres is located approximately 350 metres north of the Big Master Mine (#2) in the Upper Manitou Lake area (Gold Rock Mining Camp) where there are 61 known gold occurrences and prospects, including three past producers (Big Master, Laurentian and Elora). Goldeye is evaluating its options regarding the immediate course of action on this prospective claim block.

ABOUT GOLDEYE

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, technically advanced geophysical techniques and occasionally joint venture funding. The qualified person (within the meaning of National Instrument 43-101) who read and approved this press release for Goldeye is Blaine R. Webster President and C.E.O. of Goldeye.

Forward Looking Statements:

This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. The Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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