Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

March 30, 2006 15:20 ET

Goldeye Explorations Ltd. to Raise $1,250,010

TORONTO, ONTARIO--(CCNMatthews - March 30, 2006) -

Not for dissemination into the United States or through U.S. Newswire Services.

Goldeye Explorations Ltd. (TSX VENTURE:GGY) ("Goldeye") announces that it intends to complete a financing to raise gross proceeds of up to approximately $1,250,010 by way of a non-brokered private placement. The financing will consist of the sale of up to 5,882,400 "flow through" units (the "Flow Through Units") at a price of $0.17 per Flow-Through Unit and up to 1,470,600 non-flow-through units (the "Hard Dollar Units") at a price of $0.17 per Hard Dollar Unit.

Each Hard Dollar Unit will consist of one common share ("Common Share") and one share purchase warrant (a "Warrant"). Each Warrant will be exercisable to acquire one common share which is not a flow through share (a "Warrant Share") at a price of $0.25 for a period of 24 months (the "Warrant Term") from the closing date of the financing.

Each Flow Through Unit will consist of one common share (a "Flow Through Share") and one share purchase warrant (a "Flow Through Warrant"). Each of the Flow Through Shares and Flow Through Warrants will be a "flow through share" under the Income Tax Act, Canada. Each Flow Through Warrant will be exercisable to acquire one Warrant Share for a period of 24 months from the closing date of the financing at a price of $0.25 during the first year and at a price of $0.35 during the second year.

Goldeye intends to use the gross proceeds from the sale of the Flow-Through Units to further explore Goldeye's properties located in Ontario and B.C. and to use the net proceeds from the sale of the Hard Dollar Units for general corporate purposes and exploring the Sonia and Puma properties in central Chile.

Goldeye Explorations is a junior exploration company with a portfolio of geographically and geologically diversified properties with drill ready targets for gold, silver and base metals. Winter drilling in Tyrrell Twp. located multiple veins of high-grade gold mineralzation (0.4m of 1,097 g/t Au). Winter drilling in Fawcett Twp. located high silica F2 rhyolites which have the potential to host Selbaie type base metal deposits. Additional staking covering favourable litholgy and airborne conductors has been completed. The Sandy Lake project located 220km north of Red Lake continues to be a focus for Goldeye. A 43-101 report by Strathcona Minerals Services of Toronto has stated that the geology and alteration of the NW Arm of Sandy Lake is similar to that at Red Lake. In Chile the road to the Sonia vein is being planned to follow up chip samples of 5m of 7.7 g/t Au and 218 g/t Ag. At the Todd Creek project in the Stewart area in NW B.C. contracts are in place for an 1100m drill program to follow-up the South Zone gold-copper deposit where previous drilling returned 6.12g Au/t and 0.35% Cu over 6.1m, and 8.83gAu/t and 0.45% Cu and 0.45% Cu over 11.7m.

The Tyrrell project is located 90km south of Timmins and consists of over 200 claim units owned 100% by Goldeye, a Canadian exploration company with projects in NE Ontario (Tyrrell and Fawcett Twp., B.C. ( Todd Creek property, Stewart gold camp), NW Ontario ( Sandy Lake, Gold Rock) and Region V of central Chile. Gerald Harron, P. Eng. is the qualified person responsible for the technical information contained in this release.

Shares issued: 31,940,682

Goldeye's web-site address is http://www.tor.axxent.ca/%7Egoldeye

Note: We have replaced the tilde symbol with '%7E' in the above URL.

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

Contact Information

  • Goldeye Explorations Ltd.
    B. Webster
    CEO and President
    (905) 731-9367
    (905) 731-9312 (FAX)