Goldeye Explorations Limited: 3D borehole IP Inversion Model of Hydro Creek IP Results to be Shown at Today's Annual Meeting 'Cambridge Suites Hotel, 15 Richmond St. E., Toronto, 4:30 PM'.

TORONTO -- Goldeye Explorations Limited (TSX VENTURE:GGY)

Tyrrell Township

Eight trenches have been completed on the Cripple/Cond Lake and Big Dome areas locating several new mineralized quartz veins/silicified zones with disseminated pyrite. Trenching on the Mid Tyrrell zone on Cripple Lake (historic samples of 5g/t Au) has uncovered a 0.5m wide, flat quartz vein in gabbro associated with 5 to 10% sulphide. North of Cigar Lake a trench has indicated geology striking perpendicular to the Tyrrell Shear Zone. On the Big Dome, a trench over the High Grade Zone (G-98-09, 1.4m of 144 g/t Au) has been extended to the west to an area of shallower (1m) overburden revealing several pyritized quartz veins. Trenching will start on Hydro Creek this week, to be followed by a drill program to test Hydro Creek and the Big Dome to depth. Also, two strong airborne conductors on the southeastern extension of International KRL's Golden Sylvia zone will be drilled for gold and base metals.

A 3D inversion model has been completed on drill hole IP survey data from Hydro Creek mineralized zones. The model demonstrates the main zone to measure 40m x 250m x 250m centered at a depth of 280m, and to be open down plunge. Based on Hole HC-23 which intersected 6.6g/t gold over 6.4m within a 40m zone grading 2.03 g/t gold, Goldeye's geological team concludes that Hydro Creek has the potential for wide zones of mineralization.

The inversion has also indicated that a new shallow zone exists northeast of the deep main zone. The body is 200m long, 100m deep, and 50m thick. Leading edge software will be used to correlate drilling results with the inversion model of this zone. In this area, Hole G-18 intersected 5.2g/t Au over 5.9m at a vertical depth of 70m.

A detailed study correlating drill-indicated gold mineralization to the inversion model has been initiated.

Fawcett Twp.

OGS airborne geophysical data of the 205 claim unit property has been reviewed and a strong IP anomaly associated with felsic volcanics has been prospected. A sample 200m from the anomaly assayed 241 ppm copper. Detailed geophysics and trenching will be done on the anomaly this summer. A second strong electromagnetic conductor target, known from assessment files, will be located and tested. The area has potential for copper nickel deposits. A significant deposit is located on adjacent claims and gabbroic/ ultramafic rocks occur on Goldeye's claim block. Several areas of weak conductivity indicated in the airborne data will be followed up. Nickel prices are near sixteen year highs, creating a high level of interest in good nickel projects.

Sandy Lake

A meeting will be held with the Sandy Lake Band in mid July. Goldeye is working to have the Sandy Lake area included in new geological and geophysical projects announced in the recent Provincial budget which allocated a possible $15 million over three years to MNDM for the Far North Initiative.

Chile:

A sampling program will take place in late August when the road is complete. The Sonia property has high silver and gold potential. Channel samples returned 5m of 7.7g/t Au with 218 g/t Ag and 0.84g/t Au, and 284g/t Ag across 11m.

Goldeye anticipates a busy year head.

Gerald Harron, P. Eng is the qualified person responsible for the technical information contained in this release.

Goldeye is a Canadian exploration company with projects in Region V of central Chile, Northwestern Ontario (Sandy Lake, Gold Rock) and Northeastern Ontario (Fawcett and Tyrrell Twp.)

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Goldeye Explorations Limited (TSX VENTURE:GGY)