Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

July 28, 2016 17:00 ET

Goldeye Explorations Responds to Sandy Lake Gold

TORONTO, ONTARIO--(Marketwired - July 28, 2016) - Goldeye Explorations Limited (TSX VENUTRE:GGY) ("Goldeye" or the "Company") reports that Sandy Lake Gold Inc. ("Sandy Lake Gold") has purported to invoke the force majeure provisions of the option agreement between Goldeye and GPM Metals Inc. ("GPM") concerning the Weebigee Project (the "Option Agreement") as announced in their press release issued on July 27, 2016. Sandy Lake Gold previously announced on July 21, 2016 that it had acquired GPM's rights under the Option Agreement.

While Goldeye fully supports on-going engagement and meaningful discussion and consultation with local First Nations, it does not accept the position taken by Sandy Lake Gold that the Option Agreement's force majeure clause has been triggered.

Goldeye is disappointed that Sandy Lake Gold has added another issue to the ongoing dispute between the companies. The Company will continue to seek resolution of all items in dispute pursuant to the terms of the Option Agreement.

On behalf of the Board of Directors,

Robin Luke Webster, President and Chief Executive Officer

About Goldeye Explorations Limited

Goldeye Explorations is a gold-focused junior exploration company engaged in the exploration and evaluation of mineral properties in Ontario, Canada. Goldeye's flagship Weebigee Project is located near Sandy Lake in Northwestern Ontario. The company has additional properties at Gold Rock near Dryden and Shining Tree in Northeastern Ontario.

For additional information about Goldeye, please visit Goldeye's website at www.goldeye.ca

Forward Looking Statements

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Actual results could differ materially due to a number of factors. Although Goldeye believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in Goldeye's securities should not place undue reliance on forward-looking statements because Goldeye can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release Goldeye assume no obligation to update or revise this forward-looking information and statements except as required by law.

Neither the 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 and/or accuracy of this release.

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