Goldeye Explorations Limited

Goldeye Explorations Limited

March 25, 2008 11:26 ET

Goldeye Explorations Limited: Sonia Property, Chile

TORONTO, ONTARIO--(Marketwire - March 25, 2008) - Goldeye Explorations Limited ("Goldeye" or "the Company") (TSX VENTURE:GGY) announces the termination of the exploration joint venture with Polar Star Mining Corporation ("Polar Star") on the Sonia and Puma properties located in Region V, Chile, approximately 180 kilometres north of Santiago. In an agreement dated September 6, 2006, Goldeye had granted Polar the right to acquire up to 60% of Goldeye's interest in the properties. In consideration for the termination of the joint venture, Goldeye made a cash payment of $75,000 to Polar on March 19, 2008. Polar Star stated that the Corporation needed to concentrate its efforts on its wholly owned portfolio of properties for the time being and the Companies concluded that termination of the Sonia-Puma Option Agreement would serve both parties well.

Mapping and sampling undertaken on the Sonia property last year has identified an extensive vein swarm containing in excess of 30 epithermal veins hosting polymetallic Ag-Au-Cu-Pb-Zn mineralization. The main veins are clustered into three north-northeast-trending corridors, the Sonia corridor, the Paso del Inca corridor and the Condor-Darcie corridor. Sonia Vein corridor consists of two veins, the Sonia and Sloe veins, of which the Sonia vein is the most important. The Sonia vein has been traced over a strike length of 900 metres and over a vertical interval of 315 metres. It consists of a brecciated felsic dyke with argillic alteration and quartz veining. The best gold value obtained from sampling of this vein reported 26.73 g/t Au and 56.3 g/t Ag from three contiguous chip samples over a cumulative width of 3 metres.

The Paso del Inca Vein corridor is situated about 3,000 metres west of the Sonia Vein System, and it consists of six known veins based on historical data. These data demonstrate a minimum strike length of 400 metres for the vein swarm, with a possible strike length of 900 metres. The veins occur over a horizontal width of approximately 600 metres. Historical sample results indicate values to 2.67 g/t Au and 7.1 g/t Ag from a 3 metre chip sample as well as 1.13 g/t Au and 87.9 g/t Ag over 2.4 metres from two of the veins.

The Condor corridor is located approximately 1,500 metres west of the Paso del Inca area, and it consists of 14 individual veins over situated in an area measuring 3,000 metres east-west by 1,500 metres north-south and between 2,250 and 2,750 metres in elevation. Within this corridor, the main vein target is the Condor vein, which consists of quartz vein breccias and very closely spaced parallel quartz veins that form a composite vein structure with a width in excess of 20 metres over a strike length of 350 metres. Preliminary sampling of this vein has reported values up to 8.11 g/t Au, 20 g/t Ag and greater than 0.5% Pb from a 1 metre chip sample. Trenching is currently underway to better expose and sample this target.

Companhia Vale do Rio Doce ("CRVD") is currently exploring a porphyry copper target near the eastern boundary of the Goldeye property. The Chilean subsidiary of Yamana Gold Inc. recently acquired a number of claims adjoining the Sonia property to the south, whereas Codelco Chile has tied onto the northern claim boundary.

Quality assurance/quality control (QA/QC) procedures for the Sonia project rock sampling program are described in the news release of April 16, 2007.

Blaine R. Webster, President and CEO, 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.

About Goldeye Explorations Limited

Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. Current exploration efforts are focused on the Company's Joint Venture with Tribute Minerals Inc., in the vicinity of Noront Resources Ltd.'s Ni-Cu-PGM discovery in the James Bay Lowlands.

Forward-Looking Statements

The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors, refer to Goldeye Corporation's filings with Canadian securities regulators available on or the Company's website at

Share Capitalization:

Shares Outstanding: 79,506,986 as at March 25, 2008.

The Toronto Stock Exchange Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.

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