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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 8, 2004
TSX trade symbol: GGY
Toronto, Canada- Goldeye Explorations Limited announces that a recent mapping project on the Puma Zone on the Sonia-Puma gold-silver project located 150km north of Santiago in central Chile has been completed. The Puma Zone is an 800m diameter zone of argillic alteration with centrally located quartz veins. To the south of the alteration zone a number of north-trending quartz veins show textures typical of low sulphidization epithermal gold-silver mineralization. A total of 43 samples were collected from the alteration zone and quartz veins. The analytical results are expected in 2 to 3 weeks. The Sonia vein located 10 km to the north previously returned 5m of 7.7g/t Au and 218 g/t Ag.
Goldeye also announces that it has completed non-brokered private placements for proceeds totalling $160,000 with arms length placees. 1,066,667 units were issued at a price of $0.15 per unit. Each unit consists of one common share (of which a total of 1,000,000 are flow-through) and one-half of one share purchase 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 $0.20 per share until November 29, 2006. The securities issued pursuant to this placement are subject to resale restrictions expiring on March 29, 2005.
The proceeds will be expended on the Shining Tree (Tyrrell) project in Ontario where a drill program will take place in early January to follow-up drill results including 9.4m of 7.2 g/t Au on the Hydro Creek North Zone and 5.9m of 5.2 g/t Au in the Hydro Creek Main Zone. Follow-up drilling will be done on the Big Dome Zone, where drilling intersected 1.4m of 149g/t Au in 1998.
In other news, Goldeye proposes to complete a financing of up to $900,000 by way of a non-brokered private placement. The private placement, subject to regulatory acceptance, will consist of up to 6,000,000 units at a price of $0.15 per unit. Each unit will consist of one flow-through common share and one-half of one share purchase 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 $0.20 per share for a period of two years following closing. The securities issued pursuant to this placement will be subject to resale restrictions for a 4 month period following closing. The proceeds will be expended on Goldeye's Tyrrell, Sandy Lake, Gold Rock and Fawcett Twp. Properties.
Goldeye is a Canadian exploration company with projects in Northwestern Ontario (Sandy Lake, Boyer Lake and Gold Rock) and Northeastern Ontario (Tyrrell Project) in Canada. In central Chile, Goldeye has the Sonia-Puma gold-silver project which totals 45 square km in area. Goldeye currently has 23,674,347 shares outstanding.
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.