Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

May 01, 2008 08:30 ET

Goldeye Explorations and Tribute Minerals Receive Positive Analysis of Airborne Data and Aquire Ground in The 'Ring of Fire'

TORONTO, ONTARIO--(Marketwire - May 1, 2008) - Goldeye Explorations Limited ("Goldeye")(TSX VENTURE:GGY) and Tribute Minerals Inc. ("Tribute")(TSX VENTURE:TBM) are pleased to jointly announce that they have received the interpretation of the VTEM airborne geophysical survey data and that positive targets have been identified. The companies are also pleased to report that further ground has been staked in the region.

Upon reviewing the EM conductors, the interpretation shows two very good magmatic sulphide targets and two excellent volcanogenic massive sulphide targets. The data also identified several other conductors which exhibit geophysical characteristics that require follow-up with more detailed ground geophysics.

Some of the new claim blocks have been staked adjacent to land held by Noront and KWG/Spider. Total land holdings in the James Bay lowlands, McFaulds Lake, 'Ring of Fire' now total 17,792 hectares.

The Joint Venture is selecting the top priority targets, which will be subjected to ground geophysical surveying, in order to prepare these projects for drilling. Further claims may be staked in the Ring of Fire based on the continued interpretation of geophysics and ongoing data acquisition.

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

Goldeye Explorations Limited is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada.

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 Exploration Limited's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.goldeye.ca.

Share Capitalization

Shares Outstanding: 79,506,986 as at April 30, 2008.

The TSX Venture Exchange 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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