Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

July 18, 2012 18:43 ET

Goldeye Consolidation Effective at Opening July 20, 2012

TORONTO, ONTARIO--(Marketwire - July 18, 2012) - Goldeye Explorations Limited (TSX VENTURE:GGY) (the "Company" or "Goldeye") is pleased to announce that TSX Venture Exchange has accepted the consolidation of the outstanding capital of the Company on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares. The name of the Company and the trading symbol will remain unchanged. Trading of the shares on a consolidated basis will be effective at the opening July 20, 2012.

The special resolution authorizing the consolidation was overwhelmingly approved at the Company's Annual and Special Meeting of Shareholders held on July 4, 2012. Following the consolidation, there will be 19,019,642 common shares of the Company issued and outstanding (approximately 23,712,895 fully-diluted). A letter of transmittal will be mailed to registered shareholders and a copy will be filed on SEDAR (www.sedar.com) with this press release as well as on the Company's website (www.goldeye.ca). The letter can be downloaded and completed by shareholders and returned in accordance with the instructions contained therein. In the event that the consolidation would otherwise result in the issuance of a fractional common share, no common share shall be issued and such fractional common share will be rounded down to the nearest whole number.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining. In Canada, Goldeye holds Todd Property in British Columbia and the Tyrrell, Gold Rock and Sandy Lake properties in Ontario. In Chile, Goldeye has the Sonia-Puma property north of Santiago.

Post consolidation, Goldeye will focus on getting full value from its portfolio of excellent gold projects. On the Tyrrell project, the high grade Big Dome zone will be defined and expanded, the Hanging Wall zone will be explored at depth and on strike and the Hydro Creek zone will be defined and expanded. With regard to the Sandy Lake project, upon signing the exploration agreement with the Sandy Lake First Nation, an aggressive program of geological mapping and geophysics will be started, to be followed by diamond drilling during the winter season. The Gold Rock project is drill ready and a winter drill program is being formulated. The Sonia project in Chile is also drill ready and Goldeye is presently looking for a partner to continue the exploration of this property.

On behalf of the board of directors of Goldeye Explorations Limited

Jorma Hannila, Chief Executive Officer

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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