Goldeye Explorations Limited

Goldeye Explorations Limited

November 23, 2012 08:00 ET

Goldeye Explorations Limited Announces Sale of Tyrrell Township Property to Temex

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2012) - Goldeye Explorations Limited (TSX VENTURE:GGY) announces that it has completed the sale of certain of its mining claims in Tyrrell Township, northeastern Ontario, to Temex Resources Corp. (TSX VENTURE:TME)(FRANKFURT:TQ1) ("Temex"). The sale was described in detail in Goldeye's news release dated November 15, 2012.

The claims are contiguous and complementary to the existing Temex assets in Tyrrell Township. The combined assets create the dominant landholdings in this emerging gold district located 45 kilometres southwest of AuRico's Young Davidson Project and 70 kilometres east of IAMGOLD's Cote Lake Project. Importantly, they consolidate the land in the immediate vicinity of Temex's Juby Main Zone gold resources and the major gold zones identified by Goldeye along the important Tyrrell Structural Zone ("TSZ"), host to all of the major gold occurrences in the region. The TSZ is a major structural feature similar in many geological respects to the Cadillac-Larder Lake and Destor-Porcupine major faults zones, hosts to the world class Kirkland Lake and Timmins gold camps in the region.

Major gold zones identified by Goldeye along the TSZ include the Big Dome from which Goldeye has reported drill intersections including 217.50 g/t gold over 2.10 metres, 13.10 g/t gold over 3.00 metres and 80.70 g/t gold over 2.10 metres, and, the Hydro Creek zone which includes drill intersections of 5.89 g/t gold over 12.50 metres, 3.58 g/t gold over 20.20 metres and 4.28 g/t gold over 14.00 metres.

The Big Dome and Hydro Creek gold zones are located 4 and 5 kilometres directly on strike along the TSZ west of the Juby Main Zone NI 43-101 gold resources which are 935,000 ounces of gold grading 1.30 g/t in the Indicated category and 906,000 ounces of gold grading 1.00 g/t in the Inferred category (news release January 16, 2012) utilizing a 0.40 g/t cut-off grade.

The Purchase and Sale also delivers significant "blue sky" exploration potential for the discovery of both high grade and bulk tonnage gold resources in numerous areas including an untested 3 kilometre stretch along the "TSZ" between Golden Lake and the Big Dome gold systems, as well as the large area south of the TSZ where numerous drill targets have been identified.

Temex has reported that they are immediately mobilizing two drills to begin expanding the Juby Main Zone gold resources and aggressively explore the project area. This transaction has provided cash to enable Goldeye to pursue exploration programs on its other projects and has freed Goldeye from the responsibility of financing continuing exploration on the Tyrrell project. At the same time, Goldeye will continue to benefit from any exploration success in this project, and others owned by Temex, through its ownership of the Temex shares being paid as part of the consideration for the transaction. Temex has paid Goldeye $500,000 and issued to Goldeye 5 million common shares of Temex. The Common Shares are subject to a hold period expiring on March 23, 2013.

On behalf of the Board of Directors

Blaine Webster, President and CEO


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 a 24.5 % interest in the Todd Property in British Columbia, a 100 % interest in the Gold Rock and Sandy Lake properties in Ontario and a remaining block in Tyrrell Twp. after the completion of the proposed sale of the main block to Temex Resources Corp. In Chile, Goldeye owns 100 % of the Sonia-Puma property located 180 km north of Santiago.

Goldeye will focus on getting full value from its portfolio of excellent gold projects. With regard to the Sandy Lake project, upon signing the exploration agreement with the Sandy Lake First Nation, a 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 drill program is expected to commence in about one week. The Sonia project in Chile is also drill ready and Goldeye is presently looking for a partner to continue the exploration of this property.

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 except as required by law.

Common shares of Goldeye issued and outstanding: 20,173,645.

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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