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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 13, 2004
TSX trade symbol: GGY
Toronto, Canada B Goldeye Explorations Limited ("Goldeye") announces that it has closed the second tranche of a private placement, announced on July 14, 2004 . The total offering resulted in gross proceeds of $527,625. Canaccord Capital Corporation acted as the agent for the offering. 3,517,500 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 $ 42,210 (8%) commission, a $ 7,500 administration fee, and 703,500 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 for two years.
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.
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.