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Chile (Sonia-Puma) | Ontario ( Tyrrell | Boyer Lake | Gold Rock | Sandy Lake | McFaulds Lake ) | British Columbia ( Todd Creek)
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
October 15, 2003
TSX trade symbol: GGY.V
Shares issued: 15,600,180
Toronto, Canada - Goldeye Explorations Limited announces that it has completed a non-brokered private placement for proceeds of $200,000 with CMP 2003 Resource Limited Partnership. 1,000,000 units were issued at a price of $0.20 per unit consisting of one-flow-through common share and one-half of one warrant. The warrants are non-flow-through and non-transferable and each whole warrant entitles the holder to purchase an additional common share at a price of $0.25 per share until October 9, 2005 . The securities issued pursuant to this placement are subject to resale restrictions which expire on October 9, 2004.
The proceeds will be used to finance Goldeye's exploration program on the LaCarte, the Big Dome and the Iron Formation in Tyrrell Township in Northeastern Ontario which is scheduled to start immediately. The LaCarte program will consist of trenching and sampling on the main trench which assayed 21m of 5.79 g/t gold in July of this year. On the Big Dome, where in 1998 1.4m if 149 g/t gold were intersected in drill hole GE-98-9, several trenches will be excavated to test the surface projection of the High Grade gold zone. A soil geochemistry survey with geophysics will be done on the iron formation 10 km to the west on the Tyrrell-MacMurchy Township boundary where International KRL intersected 20 feet of 0.1 opt gold and 7.2 feet of 0.2 opt gold in a spring drill program. The drill intersection is approximately 100 meters west of the Goldeye property boundary on the same iron formation. The program will form the basis of a drill program that will take place when the present work is completed.
Goldeye is a Canadian exploration company with projects in Northwestern Ontario ( Sandy Lake , Boyer Lake and Gold Rock) and Northeastern Ontario (Tyrrell Project). Goldeye will have 15,600,180 issued and outstanding shares following the offering.
For further information please contact Blaine Webster, Chairman and C.E.O. at (905) 731-9367, Fax ( 905) 731-9312. Goldeye's web-site address is http:www.pathcom.com/~goldeye.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.