Oct 15 2014
Goldeye Explorations Limited ("Goldeye" or "the Company") is pleased to announce that pursuant to section 57(a) of the Exploration Agreement between the Company and Sandy Lake First Nation ("SLFN") dated November 12, 2013 (the "Exploration Agreement"), Goldeye and SLFN have agreed to a two (2) year renewal (the "Renewal") on the same terms commencing on November 12, 2014.
As part of the Renewal, Goldeye will issue to SLFN five hundred thousand (500,000) common shares of the Company ("Common Shares") by December 27, 2014. The Exploration Agreement has an overall term of five (5) years, and is renewable on the same terms for an additional two (2) year term on November 12, 2016.
Blaine Webster, Chief Executive Officer of Goldeye comments, "During the first year of the Exploration Agreement we made two significant discoveries at Weebigee -- Knoll and RvG4 -- and have shown that Weebigee has the potential to be one of the most exciting high-grade gold projects in Ontario. This first renewal, in conjunction with the Letter of Intent regarding potential mineral exploration activities on SLFN Indian Reserve #88 (see press release dated July 30, 2014), gives Goldeye a strong platform from which to advance the Weebigee Project and build long-term value for the Company's shareholders and opportunities for SLFN."
Corporate Update
Goldeye is also pleased to announce that Robin Luke Webster has been appointed President of the Company. Mr. Webster has been with Goldeye since 2012 and previously held the position of Vice President of Corporate Affairs and Community Relations. Mr. Blaine Webster, who founded the Company and compiled Goldeye's claims at Sandy Lake, will remain as CEO and a director of the Company.
Blaine Webster comments, "Robin has taken on steadily increasing responsibilities since joining the Company and with his focus and dedication has come to be a key member of management. His wide-ranging experience at Goldeye -- including working with SLFN, liaising with the investment community, and carrying out a variety of project and administrative functions for the Company -- has amply prepared him to be President and I look forward to working with him in his new role as Goldeye focuses on the exciting opportunity at Weebigee."
Goldeye would also like to provide an update on the status of its Sonia-Puma Project, located in Chile's Region V. After conducting an extensive but ultimately unsuccessful search for partners, the Company has decided to drop the project and will begin the process of dissolving its Chilean subsidiary, Minera Goldeye Chile Limitada, shortly, unless an offer materializes in the meantime. While the Company continues to believe in the merits of the Sonia-Puma Project, this cost-cutting measure will allow the company to focus its resources on advancing the flagship Weebigee project. Goldeye's other Canadian properties will be maintained while they remain in good standing and subject to review before significant expenditures are required.
On behalf of the Board of Directors,
Blaine Webster, P.Geo., CEO