Goldeye Explorations Limited

Goldeye Explorations Limited

December 07, 2011 09:00 ET

Goldeye Extends High Grade (58.38 g/t Gold, 531.7 g/t Silver/0.5 m) Vein to 175 m on Chile Property and Obtains 12.14 g/t Gold on Gold Rock Claims, Dryden, Ontario

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2011) - Goldeye Explorations Limited ("Goldeye" or "the Company") (TSX VENTURE:GGY) is pleased to provide an update of exploration activities on its Chilean and Canadian properties.

Sonia - Chile 80 sq km, 250 km north of Santiago

Additional sampling has been carried out on the Lurdes vein ( see press release June 29,2011) with the highest assay received of 58.38 g/t gold, 531 g/t silver, 2.43% copper, 21% lead over 0.5 metres. A total of 27 samples were collected with visible copper, lead and zinc mineralization noted along the entire 175 meter strike length that was sampled. In one area, possible visible gold was reported by the geologist. Sample assays are pending.

Eighteen samples were collected at the San Jorge mine which is a third party gold mining operation located on a small claim within Goldeye's 100% owned Neptune claim. The veins and the geology of the San Jorge Mine extend onto the Goldeye ground. In addition a sample from the Durazno Mine was processed by San Jorge personnel resulting in a residue of fine free gold. Goldeye is currently carrying out further trenching and sampling in the 100% Goldeye owned Durazno Mine area. Assays are pending for the samples.

With the possibility of small scale gold production from the Durazno Mine in particular and the El Sobrante area in general, Goldeye is checking into the cost of mining equipment to set up a gravity circuit to recover the free gold.

Gold Rock 55 sq km in Manitou Lake area, 35 km SW of Dryden Ontario

Assays have been received from the sampling and trenching carried out in November 2011. The best value of 12.14 g/t Au came from a grab sample near an old shaft close to the southern boundary of the Goldeye claims 1km north of the Big Master Historic Gold Mine. The sample consists of quartz veining with pyrite in a sericitic schist. Two samples of similar material collected from another old shaft assayed 1.20 and 1.85 g/t gold. In addition, several samples returned anomalous gold values on or adjacent to untested high priority spectral IP anomalies. A winter drill program is planned to test selected targets.

Goldeye recently announced that it has staked an additional 290 units in 27 claims covering 47 square kilometers in the Upper Manitou (Gold Rock) area (see press release dated Nov. 29, 2011).

Tyrrell Twp. 30 sq km 100%; 20 sq km 40%; 100 km south of Timmins, Ontario

Temex Resources Corp. ("Temex") recently announced significant gold values in soil and bedrock from the Temex (60%) Goldeye (40%) Joint Venture adjacent to the eastern boundary of the 100% Goldeye owned Tyrrell property. A geological reconnaissance survey was carried out last week on the Goldeye ground and it was determined that the units hosting the mineralization announced by Temex extend onto the Goldeye claims. The samples have been submitted to the lab and assays are awaited.


Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining (Canada and Chile). Goldeye's approach is to advance precious metal deposits to the development stage, employing, in part, technically advanced geophysical techniques and occasionally joint venture funding. The qualified person (within the meaning of National Instrument 43-101) who read and approved this press release for Goldeye is Jorma J.Hannila, CEO of Goldeye.

Forward Looking Statements:

This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. The Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

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 or accuracy of this release.

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