Goldeye Explorations Limited

Goldeye Explorations Limited

March 28, 2007 13:04 ET

Goldeye Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 28, 2007) - Goldeye (TSX VENTURE:GGY) has arranged to complete a partially brokered arm's length private placement for gross proceeds of up to $1,100,000 pursuant to the "Accredited Investor" exemption in NI 45-106 subject to the acceptance by the TSX Venture Exchange. Up to 10,000,000 units of Goldeye are to be issued at a price of $0.11 per unit. Each unit will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder to purchase an additional common share for $0.15 per share for a two year period. The securities will be subject to a four month hold period. A finder's fee may be payable where permitted.

All proceeds will be used for exploration on Goldeye's non-Canadian mineral projects and for working capital and administrative expenses.

As previously reported, a current geological program underway in Chile has sampled the main, northerly trending Sonia zone over a horizontal distance of about 900 metres, and over a vertical interval of 315 metres. A total of 205 one-metre long chip samples collected from the zone, have reported values of up to 265 g/t Ag and 0.42 g/t Au over 10 m, as well as 462 g/t Ag and 1.49 g/t Au over 4 m. Both of these sample SITES remain open to the west. These two samples are about 10 metres apart, and are located approximately 100 metres north of an historic sample that reported 218 g/t ag and 7.75 g/t Au over 5 m. Additional work is underway on the El Condor and Paso del Inca vein systems, also located on the Sonia property. It is anticipated that, following further geological and geophysical work, a small drill program will be carried out on the main Sonia zone in 2007.

The target on the properties is low-sulphidation epithermal gold-silver deposits, similar to Meridian Gold's El Penon mine. The properties are about 30 km from the producing El Bronce mine, which has spare milling capacity.

Goldeye is a Canadian mineral exploration company which, in addition to its two joint venture projects with Polar Mining Corporation in Chile and Todd Creek, Stewart mining camp, B.C., has properties in NW Ontario (Gold Rock and Sandy Lake) and NE Ontario (Tyrrell and Fawcett townships).

Shares issued prior to this private placement: 53,987,666

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

Contact Information

  • Goldeye Explorations Limited
    B. Webster
    C.E.O. and President
    (905) 886-2538
    (905) 886-8210 (FAX)