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Chile (Sonia-Puma) | Ontario ( Tyrrell | Boyer Lake | Gold Rock | Sandy Lake | McFaulds Lake ) | British Columbia ( Todd Creek)
Goldeye Explorations Limited
105 West Beaver Creek Rd., Suite 5A, Richmond Hill, ON, L4B 1C6, Canada
For Immediate Release TSX Venture Exchange Symbol GGY Shares Issued: 85,656,228
GOLDEYE ANNOUNCES ITS INTENTION TO SELL ITS INTEREST IN MCFAULDS LAKE CLAIMS TO TRIBUTE MINERALS
April 2, 2009 - Toronto, Canada - Goldeye Explorations Limited ("GGY") is pleased to announce that it has entered into a Letter of Intent to sell its 50% interest in mining claims in the McFaulds Lake Property to Tribute Minerals (TBM), its partner in the original acquisition of the claims. The property is comprised of 1733 claim units consisting of ten (10) non-contiguous blocks covering an area of 27,728 hectares situated 510 km north of Thunder Bay in the mining camp known as 'The Ring of Fire'.
Tribute will make a cash payment of $115,000 to GGY, grant GGY a 1% Net Smelter Returns Royalty in the McFaulds Lake Property, and issue to GGY an aggregate of 11,671,250 of TBM common shares at a deemed price of $ 0.05 CDN. As a result of the sale, Goldeye will own 13.25% of Tribute Minerals Inc.
TBM must raise $1,500,000 within 90 days of the signing of this Letter of Intent, as a condition of completing the transaction. The transaction is subject to completion of a formal agreement and regulatory approval.
GGY and TBM had planned to consolidate their interests in the McFaulds Lake Property through McFaulds Resources Inc. as announced in the joint press release issued on June 25, 2008. They have now decided that financing, exploration and development of the McFaulds Lake Property would be optimized by rolling the entire property package into TBM. Goldeye is pleased with TBM's intention to fully explore the McFaulds Lake Property due to the high mineral potential in the Ring of Fire.
Due to record high prices of gold, Goldeye is pursuing its three large gold projects in Canada: Tyrrell and Sandy Lake (Ontario) and Todd Creek (Stewart Mining Camp, BC.); and its gold/ silver project in central Chile, Sonia Puma.
Blaine R. Webster, P. Geo., President and CEO of Goldeye, is the Qualified Person as defined by National Instrument 43-101 who supervised the preparation of the technical information contained in this release.
The Toronto Stock Exchange Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.