Goldeye Explorations Limited

Goldeye Explorations Limited

November 17, 2009 18:18 ET

Goldeye Explorations Limited Closes Another Financing With MineralFields Group

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2009) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce the completion of a private placement for gross proceeds of $500,000 through the sale of 5,882,352 flow-through units at $0.085 each to MineralFields Group. Each flow-through unit consists of one flow-through common share and one-half of a non-flow-through common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at $0.15 per share for a two year term. The securities are subject to a four month hold period. Limited Market Dealer Inc. was paid a 5% cash finder's fee of $25,000 and 588,235 broker options (10% of units sold). Each broker option entitles the holder to acquire one additional unit at an exercise price of $0.085 per option. Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $0.15 per share for a period of two years.

The proceeds of this offering will be used for mineral exploration on Goldeye's Ontario mineral properties qualifying as Canadian Exploration Expense (CEE) under the Income Tax Act (Canada) enabling the subscriber to obtain applicable tax credits and deductions.

2,400 meters of the 3,000-meter drill program that commenced in early October on Goldeye's Tyrrell Township property have been completed on the Big Dome gold zone. This financing will be used for additional drilling in Tyrrell or other Ontario properties.

Goldeye's C.E.O. and President, Blaine R. Webster, stated, "We are very pleased to be continuing our relationship with MineralFields Group. This is an important milestone in the growth of Goldeye Explorations Limited and we appreciate the support from MineralFields Group as we develop Goldeye's holdings in its Canadian exploration projects."

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

Goldeye is pursuing its three gold projects in Canada: Tyrrell and Sandy Lake (Ontario) and Todd Creek (Stewart Mining Camp, BC) and its gold/silver project in central Chile, Sonia Puma. There were 108,147,893 common shares of Goldeye issued prior to this private placement.

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

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