TORONTO, ONTARIO -- (Marketwire) -- 03/05/13 -- Goldeye Explorations Limited ("Goldeye") (TSX VENTURE: GGY) is pleased to announce that it has received conditional approval from the TSX Venture Exchange for its acquisition from a private company, Dutch Flats Gold Inc. ("Dutch Flats"), of 100% of the issued and outstanding shares of Dutch Flats, which in turn owns 100% of the legal and beneficial interest in certain mining and mineral exploration claims known as the "Hot Springs Peak Property" in Humboldt County, Nevada. The agreement which was first announced on January 18, 2013 provided that, in addition to a $50,000 non-refundable payment made to the shareholders of Dutch Flats, on closing, 11,000,000 Goldeye shares will be exchanged for all 11,000,000 of the issued and outstanding shares of Dutch Flats. The agreement was subsequently amended to provide that Goldeye may distribute by way of a dividend or return of capital, 2,500,000 of the 5,000,000 shares of Temex Resources Corp. owned by Goldeye to its shareholders holding shares of Goldeye immediately prior to the closing of the Dutch Flats agreement, thereby excluding participation in such distribution by the Dutch Flats Shareholders. In consideration therefor, the Dutch Flats Shareholders will retain a 4% NSR royalty on the Dutch Flats Property, of which 3 of the 4 percentage points may be repurchased by Goldeye for the price of US$1,250,000 per percentage point. Any such distribution of Temex shares will be subject to all required notifications and regulatory or stock exchange approvals.
It is a condition of closing that the Dutch Flats Shareholders and Dutch Flats Gold Inc. shall have arranged and completed, concurrently with the closing, a private placement of Goldeye's common shares of a minimum of $1,000,000 at a price of not less than $0.10 per share unless agreed to otherwise by Goldeye.
About Hot Springs Peak
The Hot Springs Peak Property is a gold project that consists of 163 unpatented claims and 4 leased claims totalling 3340 acres. It is located approximately 20 km west of the northwest boundary of the Getchell Trend, which potentially represents deep seated structural control on deposits such as Pinson (Preble), Turquoise Ridge and Getchell gold deposits. The property is also approximately 25 km west of the intersection of the Getchell Trend and the Battle Mountain Trend.
Due diligence work by Goldeye to date has identified potential new drill targets beneath gravel cover, related to gold-bearing mineralized jasperoids previously identified. The due diligence study and field work are ongoing and a targeting report will be forthcoming.
On behalf of the Board of Directors
Blaine Webster, President and CEO
Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining. In Canada, Goldeye holds a 24.5 % interest in the Todd Property in British Columbia, a 100 % interest in the Gold Rock, Sandy Lake and Shining Tree properties in Ontario and additional claims in Tyrrell Twp. after the sale of the main block to Temex Resources Corporation in late 2012. In Chile, Goldeye owns 100 % of the Sonia-Puma property located 180 km north of Santiago.
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.
Goldeye Explorations Limited
Blaine Webster, P.Geo.
President and CEO
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