Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

February 27, 2008 10:42 ET

Goldeye Exploration & Tribute Minerals Initiate an Airborne Geophysical Survey in the James Bay Lowlands 'Ring of Fire'

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2008) - The Goldeye Explorations Limited ("Goldeye") (TSX VENTURE:GGY) and Tribute Minerals Inc. ("Tribute") Joint Venture announce the commencement of an airborne electromagnetic ("VTEM") survey of their properties in the James Bay Lowlands 'Ring of Fire' region, where Noront Resources Ltd. has made two significant nickel, copper, gold and platinum group mineral discoveries.

Goldeye and Tribute are pleased to announce that they have contracted an airborne VTEM survey on their land package in the Southwestern 'Ring of Fire' area. The survey will encompass approximately 1,860 line kilometers and will cover all the joint venture's claim blocks, including an area with a significant structure exhibiting a 90 degree flexure on the western end of the "Ring of Fire". Magnetic anomalies similar to that associated with the Double Eagle Ni/Cu/PGM discovery have been defined as priority targets within this flexure.

The Joint Venture's land holding now total 600 claim units in six blocks covering 24,000 hectares. The properties are located in the vicinity of, or are contiguous with, the original MacNugget property of MacDonald Mines Exploration Limited.

Airborne data for the Joint Venture claims located on the eastern side of Macdonald Mines McNugget property and west-southwest of the Noront discoveries have been completed. Interpretation is underway.

Blaine R. Webster, P. Geo., President and CEO of Goldeye, and William S. Hamilton, P. Geo., geological consultant, are the qualified persons as defined by National Instrument 43-101, who supervised the preparation of the technical information contained in this release.

Shares Issued and Outstanding: 79,506,986

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

Contact Information

  • Goldeye Explorations Limited
    Blaine R. Webster, P. Geo.
    President and CEO
    (905) 886-2538
    (905) 886-8210 (FAX)
    Email: goldeye@goldeye.ca
    Website: www.goldeye.ca
    or
    Tribute Minerals Inc.
    (416) 368-2929