Tribute Minerals Inc.
TSX VENTURE : TBM

Tribute Minerals Inc.
Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

April 02, 2009 08:30 ET

Tribute Minerals Announces It Has Signed a Letter of Intent With Goldeye Explorations to Acquire 100% of the McFaulds Lake "Ring of Fire" Properties

TORONTO, ONTARIO--(Marketwire - April 2, 2009) - Tribute Minerals Inc. (TSX VENTURE:TBM) and Goldeye Explorations Limited (TSX VENTURE:GGY) are pleased to jointly announce that TBM and GGY have signed a Letter of Intent pursuant to which TBM will acquire the 50% interest of GGY in a group of 127 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 in consideration for TBM issuing an aggregate of 11,671,250 of its common shares to GGY at a deemed price of Cdn$0.05 per share, the payment of $115,000 in cash and the retention by GGY of a 1.0% Net Smelter Returns Royalty in the McFaulds Lake Property (the "GGY NSR").

The completion of this acquisition will result 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.

The transaction is conditional upon the execution of a formal agreement and TBM raising $1,500,000 within 90 days of the signing of this letter of intent. The transaction is subject to regulatory approval.

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

A large portion of the McFaulds Lake Property has already been flown by VTEM airborne geophysics and several significant targets have been outlined in structurally complex areas that are favourable for copper/nickel and copper/zinc mineralization. TBM will move to complete the total airborne survey of the remaining land holdings as a priority. TBM is waiting for the completion of a NI 43-101 compliant technical report on the McFaulds Lake Property.

Immediately upon completion of financing, TBM intends to commence a program comprised of an airborne survey and followed by deep penetrating ground geophysical surveys to define the VTEM conductors. Defined targets will then be drilled.

Blaine R. Webster, P. Geo., President and CEO of Goldeye, is the qualified person as defined by National Instrument 43-101 who supervised the preparation of the technical information contained in this release.

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. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

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

Contact Information