Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

April 03, 2014 08:00 ET

Goldeye Completes 23 Hole (2217 m) Drill Program at Weebigee

TORONTO, ONTARIO--(Marketwired - April 3, 2014) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to provide an update on its Weebigee Project near Sandy Lake, Northwestern Ontario.

Goldeye has completed the winter drilling program, drilling 23 holes for a total of 2217 metres. The drill has now been shut down and additional supplies, including fuel and core boxes, have been mobilized into Sandy Lake prior to the closing of the winter road. Minotaur Drilling Inc. has left its drill in Sandy Lake and Goldeye anticipates that drilling will re-commence in May after break-up.

Goldeye continues to compile assay results and project data and will soon release a comprehensive update with new assays, plan maps, drill sections and drill data made available at www.goldeye.ca.

Blaine Webster, President and CEO, comments: "The results to date have confirmed the high grade gold potential at Weebigee. We can now see this project gaining momentum, and anticipate a significant amount of drilling ahead of us to move the Knoll Zone to the next level. We will also use our understanding of controls on gold mineralization to examine a number of other nearby showings that have received little to no drilling, similar to Knoll at the start of this year.

This region of Northwestern Ontario has been historically favourable for the development of large gold deposits such as Red Lake and Opapimiskan Lake (Musselwhite). While our focus will remain on drilling in the NW Arm, specifically at Knoll and the newly discovered RvG4, there are numerous other gold and base metal targets which make Weebigee a project with tremendous blue-sky potential."

Goldeye is also pleased to announce that in recent Band Council elections, held in Sandy Lake on March 31, Chief Bart Meekis, Deputy Chief Robert Kakegamic, and six of eight Band Councillors were re-elected for a 2-year term.

Blaine Webster comments: "Goldeye wishes to congratulate Chief Bart Meekis and Deputy Chief Robert Kakegamic on their recent re-election. We would also like to congratulate the six Councillors who were re-elected and the two new Councillors who will be joining Council. We look forward to continuing to work with Chief Meekis, Council and the people of Sandy Lake First Nation to advance the Weebigee project in a mutually beneficial manner."

Goldeye will be exhibiting at the 2014 Northwestern Ontario Mines & Minerals Symposium being held in Thunder Bay April 8-9 at the Valhalla Inn. On April 9, at 3:20 PM, Blaine Webster will be giving a talk entitled: "Goldeye's Weebigee Project: A High-Grade Gold Discovery at Sandy Lake, Ontario". For more information please visit the Ontario Prospectors Association website at www.ontarioprospectors.com

On behalf of the Board of Directors,

Blaine Webster, P.Geo.

President and CEO

The contents of this news release have been reviewed and approved by David R. Jamieson, P.Geo., Senior Technical Advisor for Goldeye, and Blaine Webster, President and CEO of Goldeye, both of whom are qualified persons as defined in NI 43-101.

About the Weebigee Project

Goldeye's 100% owned Weebigee Project is located 227 kilometres north of Red Lake in Northwestern Ontario and is comprised of 363 claims totaling approximately 6000 hectares. The NW Arm claim block covers approximately 20% of the total project area and hosts the highest density of gold showings in the Sandy Lake Greenstone Belt.

The project is adjacent to Sandy Lake First Nation (population approx. 3000) which has excellent infrastructure including an airport with daily direct flights to Winnipeg, Red Lake and Sioux Lookout and winter road connection to Red Lake. All weather access roads are located within one kilometre of the Knoll, Bernadette and RvG4 areas. Goldeye recently signed a comprehensive Exploration Agreement with Sandy Lake First Nation and is pleased to have a strong, mutually beneficial relationship with the people of Sandy Lake First Nation.

About Goldeye

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions having long traditions of mining. Weebigee is Goldeye's flagship project in Canada. Goldeye also holds a 24.5% interest in the Todd Property in British Columbia's Golden Triangle, a 100% interest in the Gold Rock and West Shining Tree properties in Ontario, and additional claims in Tyrrell Twp. In Chile, Goldeye owns 100% of the Sonia-Puma property located 180 km north of Santiago.

Additional information can be found at www.goldeye.ca.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Such statements include the following: "Goldeye anticipates that drilling will re-commence in May after break-up", "Goldeye continues to compile assay results and project data and will soon release a comprehensive update with new assays, plan maps, drill sections and drill data made available at www.goldeye.ca", "We can now see this project gaining momentum, and anticipate a significant amount of drilling ahead of us to move the Knoll Zone to the next level. We will also use our understanding of controls on gold mineralization to examine a number of other nearby showings that have received little to no drilling, similar to Knoll at the start of this year." "Goldeye will be exhibiting at the 2014 Northwestern Ontario Mines & Minerals Symposium being held in Thunder Bay April 8-9 at the Valhalla Inn. On April 9, at 3:20 PM, Blaine Webster will be giving a talk entitled: Goldeye's Weebigee Project: A High-Grade Gold Discovery at Sandy Lake, Ontario." For more information Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither 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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