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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
December 24, 2003
TSX trade symbol: GGY.V
Toronto, Canada- Goldeye Explorations Limited announces that it has completed a non-brokered private placement for proceeds of $ 235,000 with five arms-length placees. 1,175,000 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 expiring on November 14, 2004 .
The proceeds will be used to finance follow-up of Hydro Creek Hole HC-04 that intersected 6.3 meters of 6.76 g/t gold (20.7ft – 0.2 opt Gold) and hole HC-07 that intersected 17 meters of quartz veining with 1-3% pyrite in altered mafic volcanics. The intersection in HC03-7 correlates with a surface saw cut that assayed 5.79g/t Au over 21 meters in carbonate rocks on section 105+87.5E. Hole HC-07 has been submitted for assay. Hole HC-03-4 intersected a zone of highly altered brecciated felsic/tuff sediment adjacent to the LaCarte North Zone.
A drill program of 4,000 meters is proposed to start in mid January 2004 on the Hydro Creek and Big Dome zones.
In other news Goldeye proposes to complete a financing of up to $ 1,500,000 by way of a non-brokered private placement. The private placement, subject to regulatory and stock exchange acceptance will consist of up to 5,000,000 units at a price of $0.30 per unit. Each unit will consist of one 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 $0.40 per share until December 24, 2005 . The securities issued pursuant to this placement will have a four month hold period.
The proceeds will be used to finance Goldeye Tyrrell, Sandy Lake and Gold Rock properties.
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
17,325,180 issued and outstanding following this 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 www.pathcom.com/~goldeye.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.