Goldeye Explorations Limited

Goldeye Explorations Limited

September 30, 2010 19:15 ET

Goldeye Completes Brokered Private Placement Totalling $4,182,500

TORONTO, CANADA--(Marketwire - Sept. 30, 2010) - Goldeye Explorations Limited ("Goldeye") (TSX VENTURE:GGY) announced that Goldeye has successfully completed its private placement through Pope & Company Limited with total proceeds of $4,182,500 consisting of $2,400,500 of non-flow-through units and $1,782,000 of flow-through units on the terms described in Goldeye's news release dated September 28, 2010. The offered securities are subject to a four month hold period expiring January, 30, 2011.

Goldeye is predominantly pursuing gold exploration on its Tyrrell property in the Shining Tree area of Ontario. Goldeye's property consists of a 100% interest in 30 square kilometres. Half of a 10,000 metre diamond drilling program planned to begin in October is expected to be completed by Christmas. The approximately 30 drill holes will test and expand the gold mineralization located in a number of zones along the major Tyrrell Shear Zone, (TSZ), and in additional under-developed promising areas adjacent to the TSZ, an analogous structure to the Porcupine-Destor fault in the 70 million ounce Timmins gold camp.

Exploration work will also be completed by Goldeye's joint venture partner on the contiguous Temex-Juby JV ground. Goldeye's working interest is 40% of 22 square kilometres (immediately adjacent to Temex Resources Corp.'s 1.2 million ounce Juby gold deposit), where a minimum of 1,500 metres of diamond drilling is planned for the fall, following evaluation of the results of the field season exploration.

Work is anticipated to be carried out by Creso Exploration Inc. on the 4.6 square kilometre Athena block optioned from Goldeye, on which Goldeye will retain a minimum 25% interest carried to production. These claims are within 80 metres of Creso's recent Minto gold discovery.

Additionally, Goldeye has commenced the cutting of an 80 line-kilometre grid on the southern part of its 100% owned Tyrrell Township claim block to evaluate gold occurrences and structures related and subparallel to the TSZ.

Blaine Webster is the qualified person responsible for the technical information contained in this release. Goldeye currently has 174,378,125 common shares outstanding after the completion of the financing.

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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