Goldeye Explorations Limited-Todd Creek Property, BC
Thu Apr 10, 9:53 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - April 10, 2008) - Goldeye Explorations Limited ("Goldeye" or "the Company") (TSX VENTURE: GGY.V) announces an Agreement effective April 3, 2008, granting to Intuitive Exploration Inc. ("NTX") an exclusive right and option to earn up to a 70% ownership interest in the Todd Creek Property (the "Property") located near Stewart in northwestern British Columbia. The Agreement is between Goldeye and Polar Star Mining Corporation (the "Optionees"), NTX and Geofine Exploration Consultants Ltd. ("Geofine").
NTX may acquire the following ownership interests in the Property by incurring the exploration expenditures by the dates shown in the table:
Due Exploration Expenditures
October 31,
--------------------------------------------------
2008 $ 2,000,000
2009 $ 1,500,000
2010 $ 1,500,000
Upon incurring exploration expenditures of $2,500,000, NTX will acquire a 51% interest in the property, with the Optionees retaining a 49% interest. By incurring further expenditures of $1,500,000 and $1,000,000, NTX will earn cumulative interests of 60% and 70% respectively (the corresponding interests of the Optionees will be 40% and 30%). In addition, NTX agreed to make cash payments up to an aggregate of $180,000 and to deliver up to 170,000 shares of NTX to Geofine.
The parties also acknowledged that the expenditure requirement of $1.5 million made under the original agreement between Geofine and Goldeye dated December 6, 2005 has been fulfilled. The Optionees and NTX retain reciprocal rights of first offer if either party wishes to sell, assign or transfer any of its interest in the Agreement to a third party.
About Goldeye
Goldeye Explorations Limited is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. Current exploration efforts are focussed on the Company's Joint Venture with Tribute Minerals Inc., in the vicinity of Noront resources Ltd.'s Ni-Cu-PGM discovery in the James Bay Lowlands.
About Intuitive Exploration
Intuitive Exploration Inc. is a private exploration company recently incorporated in British Columbia.
Forward-Looking Statements
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors, refer to Goldeye Exploration Limited's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.goldeye.ca.
Share Capitalization
Shares Outstanding: 79,506,986 as at April 10, 2008.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.
Contacts
B. Webster
Goldeye Explorations Limited
C.E.O and President
(905) 886-2538
(905) 886-8210 (FAX)
Email: goldeye@goldeye.ca
Website: www.goldeye.ca |
