Goldeye Announces Proposed Private Placement

Goldeye Explorations Limited (TSX VENTURE:GGY) wishes to announce that it will
be conducting a partially brokered private placement for gross proceeds of up to
$2,500,000 through the sale of up to 25,000,000 flow-through shares at $0.10 per
share or 25,000,000 non-flow-through units at $0.10 per unit. Each unit consists
of one common share and one-half of one common share purchase warrant. Each
whole warrant will entitle the holder to purchase one non-flow-through common
share at a price of $0.18 for a period of 24 months from the date of issue,
subject to possible acceleration if the trading price exceeds $0.30 for 14
consecutive trading days. 


Goldeye will pay 7% cash commissions where permitted. All of the securities will
be subject to a four month hold period.


The proceeds of the flow-through financing will be used to incur mineral
exploration on Goldeye's Weebigee Project qualifying as Canadian Exploration
Expense (CEE) under the Income Tax Act (Canada), enabling the subscriber to
obtain applicable tax credits and deductions. The proceeds of the
non-flow-through financing will be used to pay commissions and costs of the
private placements and to pay for the costs and expenses of this private
placement, general administrative expenses, overhead, and working capital.


On behalf of the Board of Directors,

Blaine Webster, P.Geo., President and CEO

About Goldeye

Goldeye is a Canadian gold-focused exploration company with properties in
mineral rich, politically secure jurisdictions having long traditions of mining.
Weebigee is Goldeye's flagship project in Canada. Goldeye also holds a 24.5%
interest in the Todd Property in British Columbia's Golden Triangle, a 100%
interest in the Gold Rock and West Shining Tree properties in Ontario, and
additional claims in Tyrrell Twp. In Chile, Goldeye owns 100% of the Sonia-Puma
property located 180 km north of Santiago. There are currently 39,503,597 common
shares of Goldeye issued and outstanding.


About the Weebigee Project

Goldeye's 100% owned Weebigee Project is located 227 kilometres north of Red
Lake in Northwestern Ontario and is comprised of 363 claims totaling
approximately 6,000 hectares. The NW Arm claim block covers approximately 20% of
the total project area and hosts the highest density of gold showings in the
Sandy Lake Greenstone Belt. 


The project is adjacent to Sandy Lake First Nation (population approx. 3,000)
which has excellent infrastructure including an airport with daily direct
flights to Winnipeg, Red Lake and Sioux Lookout and winter road connection to
Red Lake. All weather access roads are located within one kilometre of the
Knoll, Bernadette and RvG4 areas. Goldeye recently signed a comprehensive
Exploration Agreement with Sandy Lake First Nation and is pleased to have a
strong, mutually beneficial relationship with the people of Sandy Lake First
Nation.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Goldeye Explorations Limited
Blaine Webster, P. Geo.
President and CEO
416-315-9708
bwebster@goldeye.ca


Goldeye Explorations Limited
Robin Luke Webster
Manager, Corporate Affairs and Community Relations
416-877-6389
rwebster@goldeye.ca
www.goldeye.ca

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