GGY Goldeye Explorations Ltd

Goldeye Explorations Limited (TSX VENTURE:GGY) ("Goldeye" or "the Company") is
pleased to announce results from the NW Arm claim block of the Weebigee Project.
Recent prospecting, mapping and channel sampling programs on five areas within
the NW Arm claim block have returned numerous significant gold values. 


Individual saw-cut channel sample results include:



--  43.5 g/t Au over 0.28 metres BERNADETTE Area 
--  34.1 g/t Au over 0.35 metres KNOLL Area 
--  22.0 g/t Au over 0.3 metres KNOLL Area 
--  20.9 g/t Au over 0.25 metres KNOLL Area 
--  18.3 g/t Au over 0.25 metres KNOLL Area 
--  17.5 g/t Au over 0.4 metres WAVANO Area



Composite sample results (where sampling was continuous) include:



--  25.5 g/t Au over 0.85 metres KNOLL 
--  13.4 g/t Au over 0.6 metres KNOLL 
--  18.28 g/t Au over 0.68 metres BERNADETTE 
--  7.72 g/t Au over 1.7 metres WAVANO, incl. 12.55 g/t Au over 0.9 metres



Generally, samples should be within 95% of true width of each structure sampled.
Detailed mapping indicates mineralized structures are steeply dipping. A total
of 155 samples were taken (154 channels and one grab) with gold values ranging
from less than 0.005 g/t Au to 43.5 g/t Au.


Blaine Webster, President and CEO of Goldeye, comments: "It is gratifying to see
high-grade gold being confirmed over several showings in a wide area in the
Northwest Arm. The alteration and gold mineralization at Knoll is much more
extensive than we imagined going into this program. Goldeye plans to conduct a
winter drill program to start characterizing the strength and size of this gold
mineralized system.


We also have a high priority structure near these showings, under Sandy Lake.
The Strathcona Report (Technical Report by R. von Guttenberg, 2003; available on
SEDAR and www.goldeye.ca) states: 'a serpentinized ultramafic sill or flow in
the ash-flow tuff traces a fold structure which is cut by a shear zone
(Northwest Arm Shear Zone) under the Northwest Arm. The setting has similarities
with those described from mines in the Red Lake district (e.g. Madsen-Starrat
and the Goldcorp Red Lake mine).'"


Knoll Zone

The intensity and extent of strain, multiphase silicification, quartz veining
and gold mineralization at the Knoll Zone provides a compelling exploration
target. Alteration and anomalous gold values occur over a 25 metre width. There
had been no previous systematic sampling of this zone. Of 80 samples cut at
Knoll, 14 samples assayed greater than 2 g/t Au, 27 samples assayed greater than
1 g/t Au and only 4 assayed less than 30 ppb Au. Five samples assayed greater
than 8 g/t (see highlights). Previous chip sampling in the centre of the zone
returned an assay of 11.7 g/t Au over 6 metres. Four holes drilled by
Prospectors Airways in 1937 returned gold intersections up to 4.6 g/t Au over
5.7 metres core length (R. von Guttenberg, 2003). Only 90 metres of strike
length was tested by historic drilling; 20 meters of strike length was exposed
during this channel sampling program.


Wavano

Numerous folded and boudinaged quartz and quartz tourmaline veins are exposed
1.7 km northwest of the Knoll Zone at Wavano. Visible gold was observed in a
tight double drag fold on the westernmost set of veins. Channel sampling
confirmed a two metre wide zone of highly anomalous gold mineralization in this
area that included assays of 17.5 g/t Au over 0.4 metres, 8.59 g/t Au over 0.5
metres, 2.54 g/t Au over 0.55 metres and 1.73 g/t Au over 0.25 metres.


Sandborn

Quartz-tourmaline veins and associated silicification occupy a narrow high
strain zone 600 metres southwest of Wavano. A channel across the main vein at
the shoreline returned 5.62 g/t Au over 0.3 metres.


Bernadette

This showing consists of a number of parallel quartz-tourmaline veins that have
returned narrow high grade gold intersections in historic drilling and surface
sampling. Gold values appear to be dominantly within the quartz-tourmaline
veins, unlike the widespread values at Knoll, despite being only 100 m away.
Channel sampling confirmed the presence of high-grade gold values, including
43.5 g/t Au over 0.28 metres, 16.1 g/t Au over 0.28 metres, 11.7 g/t Au over
0.38 metres, 8.78 g/t Au over 0.28 metres and 7.43 g/t over 0.27 metres.


Project Logistics and QA/QC

All analyses reported in this release are from assay certificates which passed
both Goldeye's and Activation Laboratories' QA/QC procedures. All channel
sampling was supervised in the field by David R. Jamieson, P.Geo. Samples were
securely stored and delivered to Wasaya Airways aircraft at Sandy Lake Airport.
The samples were picked up in Red Lake by Activation's personnel and driven to
Activation's Thunder Bay facility. Samples were fire assayed for gold. Any
analysis greater than 3000 ppb gold was re-assayed using a gravimetric finish.
Activation Laboratories is a fully accredited laboratory and conforms to the
requirements of ISO/IEC 17025 (ISO 9001) and CAN-P-1579 by the Standards Council
of Canada. QA/QC programs include the use of Goldeye supplied standard and blank
samples inserted into the assay stream every 20 samples in addition to the
laboratory's internal QA/QC programs. Assays reported in ppb were converted to
g/t (grams gold per tonne of rock). Screen metallic assaying was used where
visible gold was observed in the field.


About the Weebigee Project

Goldeye's 100% owned Weebigee Project is located 230 kilometres north of Red
Lake in Northwestern Ontario and is comprised of 220 claims totaling over 5000
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 Wavano areas.


Goldeye is engaged in ongoing consultations with Sandy Lake First Nation and
discussions surrounding an Exploration Agreement between Goldeye and Sandy Lake
First Nation are in their final stages. 


About Goldeye

Goldeye is a Canadian exploration company with precious metals projects in
Canada and Chile. In addition to its flagship Weebigee Project, Goldeye holds
100% interests in the West Shining Tree and Gold Rock Projects in Ontario, a
100% interest in the Sonia-Puma Project in Chile and a 24.5% interest in the
Todd Project north of Stewart, British Columbia. 


Common shares issued and outstanding: 30,998,642 

Blaine Webster, P. Geo., is the Qualified Person as defined under NI 43-101 who
has reviewed and is responsible for the technical information presented in this
news release.


On behalf of the Board of Directors of Goldeye Explorations Limited,

Blaine Webster, President and CEO

For additional information on Goldeye Explorations Limited, please visit
www.goldeye.ca.


FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information which is not comprised of
historical facts. Forward-looking information involves risks, uncertainties and
other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such
forward-looking information. Such statements include the following: "Goldeye
plans to conduct a winter drill program" and "discussions surrounding an
Exploration Agreement between Goldeye and Sandy Lake First Nation are in their
final stages." Although the Company believes that the assumptions and factors
used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise,
other than as required by law.


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
www.goldeye.ca

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