Goldeye Exercises Option to Acquire Balance of Sonia-Puma Property in Chile
Monday July 21, 7:00 am ET
TORONTO, ONTARIO--(Marketwire - July 21, 2008) - Goldeye Explorations Limited (Goldeye) (TSX VENTURE:GGY - OTC:GEYEF) previously announced (January 12, 2004) that it had entered into an option agreement with Olympus Exploration Inc. (Olympus), a private Ontario corporation, to acquire a 100% interest in their Sonia-Puma low sulphidization, epithermal, gold-silver exploration Project in Chile, subject to a 2% Net Smelter Return royalty (NSR) which may be repurchased at a price of $500,000 per 0.5% NSR. A 50% undivided interest in the Sonia-Puma property vested in Goldeye by Goldeye's making certain cash and share payments and incurring certain exploration expenditures. Goldeye has met all requirements under the option agreement and can earn a 100% interest by making a further payment of $250,000 in either cash or the equivalent sum in common shares of Goldeye based on the average closing trading price on the ten trading days prior to the date of delivery of the shares. Subject to acceptance by the TSX Venture Exchange, Goldeye intends to exercise its option to acquire the remaining 50% of the Sonia-Puma property by delivering 2,840,909 common shares of Goldeye to Olympus at a deemed price of $0.088 per share.
Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. Data sets are currently being compiled for the Chile property where, to the end of May 2008, 780 samples had been collected from 243 trenches cut along 6,245 metres of veins.
Shares issued prior to this private placement: 79,506,986
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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