Tribute Minerals Inc.

Tribute Minerals Inc.
Goldeye Explorations Limited

Goldeye Explorations Limited

July 07, 2009 13:01 ET

Tribute Minerals Announces it has Closed the Acquisition of a 100% Interest in the McFaulds Lake "Ring Of Fire" Properties

TORONTO, ONTARIO--(Marketwire - July 7, 2009) - Tribute Minerals Inc. (TSX VENTURE:TBM) and Goldeye Explorations Limited (TSX VENTURE:GGY) are pleased to jointly announce that TBM and GGY have closed the acquisition of the 50% interest of GGY in a group of 126 unpatented mining claims in the James Bay Lowlands in the area known as the Ring of Fire (the "McFaulds Lake Property") held jointly by TBM and GGY announced in the Press Release dated April 2, 2009. TBM issued 11,671,500 of its common shares to GGY, paid $115,000 in cash and GGY retained a 1.0% Net Smelter Returns Royalty in the McFaulds Lake Property (the "GGY NSR"). On closing, TBM also repaid a debt owed to GGY of $85,000.

As part of the closing, TBM and GGY unwound the proposed transaction announced in the Press Release date June 25, 2008 to roll the McFaulds Lake Property into McFaulds Resources Inc. and to take that company public.

The completion of this acquisition results in TBM holding a 100% working interest (subject to the GGY NSR) in the McFaulds Lake Property which consists of a total of 68,239 acres. The acquisition makes this one of the largest land packages wholly-owned by any junior company situated in the Ring of Fire area.

TBM's corporate strategy is to continue to acquire land in the Ring of Fire area, in a 100% ownership model.

As a result of this transaction, Goldeye Explorations Limited holds directly 11,671,500 common shares of TBM representing 10.82% of current outstanding capital. Goldeye has informed TBM that it has acquired the common shares for investment purposes and has no present intention to either increase or decrease its holdings in TBM. Notwithstanding the foregoing, Goldeye stated that it may decrease or increase its beneficial ownership, control, or direction over common shares of TBM through market transactions, private agreements, other treasury issuances or otherwise.

The Company currently has 107,855,230 common shares issued and outstanding.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Neither 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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