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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 4, 2004
TSX trade symbol: GGY
Goldeye Explorations Limited ("Goldeye") (TSX Venture Exchange-Symbol:GGY) announces that it has closed the first tranche of a private placement, announced on July 14, 2004, for gross proceeds of $ 427,125. Canaccord Capital Corporation acted as the agent for the offering. 2,847,500 units were issued at a price of $ 0.15 per unit consisting of one common share and one-half of one warrant. Canaccord received a $ 34,170 (8%) commission, a $ 7,500 administration fee, and 569,500 agent's warrants. In addition, it received a corporate finance fee of 80,000 units consisting of one common share and one-half of one non-transferable share purchase warrant. All of the warrants, including the agent's warrants, are non-transferable and each whole warrant entitles the holder to purchase an additional common share at a price of $ 0.20 per share until September 30, 2006. A second tranche of the financing is scheduled to close on October 7, 2004 for additional gross proceeds of $ 100,500 from which Canaccord will receive a further $ 8,040 commission and a further 134,000 agent's warrants.
The proceeds will be used to finance Goldeye's 2004 exploration program on the Sonia property located 150 km north of Santiago, Chile. Widespread epithermal Au-Ag (Cu-Pb-Zn) veining of the low sulphidation type characterizes the property. A composite chip sample across the Sonia vein assayed 7.75 g/t Au and 218g/t Ag in a chip across 5 meters. At Tyrrell Twp., Gowganda, Ontario, a review will be taken of the winter drill program that intersected 9m of 7.2 g/t Au on the Hydro Creek property. In NW Ontario on Sandy Lake's North West Arm, a folded ultramafic unit in dacite will be considered for a winter drill program. On the north shore of the North West Arm the knoll zone assayed 11.8 g/t Au over 5.5m in a chip sample. The associated host rock units are depleted in sodium and contain biotite, sericite, and tourmaline that are indicative of hydrothermal alteration. Finally, at the old gold mining camp of Gold Rock located 40 km south of Dryden in NW Ontario, several high priority Spectral IP anomalies will be prospected.
Goldeye is a Canadian exploration company with projects in Region V of central Chile, Northwestern Ontario (Sandy Lake, Gold Rock) and Northeastern Ontario (Tyrrell Project). Goldeye will have 22,507,680 issued and outstanding shares following both tranches of the offering.
Gerald Harron, P. Eng. is the qualified person responsible for the technical information contained in this release.
Goldeye's web-site address is http://www.pathcom.com/~goldeye
FOR FURTHER INFORMATION PLEASE CONTACT:
Goldeye Explorations Limited Blaine Webster Chairman and C.E.O.
(905) 731 9367 (TEL) (905) 731 9312 (FAX)
Goldeyes 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.