GGY Goldeye Explorations Ltd

Goldeye Explorations Limited (TSX VENTURE:GGY) ("Goldeye" or the "Company")
announces that it has agreed with Dutch Flats Gold Inc. ("Dutch Flats") to
terminate the agreement to acquire the Hot Springs Peak property in Nevada which
was first announced on January 18, 2013. The termination of the agreement was
mutually agreed based on current market conditions. Goldeye may revisit the
acquisition of the Hot Springs Peak property at a future date.


In a press release dated March 5, 2013, the Company stated that the original
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. The Company
announces that in view of the termination of the Dutch Flats agreement, and
current market conditions, it has no current intention of distributing any Temex
shares to its shareholders. 


Blaine Webster, President and CEO of Goldeye said: "Recent market conditions
have created a difficult environment for all junior exploration companies.
Goldeye's plan is to conserve cash while increasing shareholder value through
the joint-venture or sale of select properties. Simultaneously, Goldeye will
focus on the Weebigee project (Sandy Lake), as management believes in the
potential of this area to deliver a significant discovery."


Weebigee (Sandy Lake) is a potential high grade lode gold project in an area of
northwestern Ontario that remains extremely underexplored. The property covers
the most prospective portions of the Sandy Lake Greenstone belt with
similarities to the geology of several mines (Red Lake, Madsen, and
Starratt-Olsen) in the Red Lake District. High grade grab samples of up to 187
grams per tonne (g/t) gold (Au) have been collected in the Northwest Arm block.
Base metal showings up to 4.5% zinc (Zn) and 3% copper (Cu) occur 5km to the
south at Sandborn Bay along with grab samples of 352 g/t silver (Ag) and 1 g/t
Au.


Goldeye is committed to a strong and mutually beneficial relationship with Sandy
Lake First Nation (SLFN), the closest Aboriginal community to the project.
Management has spent several years developing this relationship and continues to
engage in on-going consultative dialogue with the community. The combination of
extremely high mineral potential, along with the social and physical
infrastructure in the area, including a nearby hydro dam, make Weebigee (Sandy
Lake) an ideal project. This project holds the potential to bring significant
value to both Goldeye shareholders and SLFN.


Exploration plan and exploration permit applications respecting the project were
submitted to the Ministry of Northern Development and Mines in March. Goldeye's
summer 2013 exploration program will include geological mapping, lake-bottom
geochemistry and geophysical surveys. Upon receipt of an exploration permit,
Goldeye will begin planning a drill program.


While management expects a challenging environment for junior explorers to
continue, Goldeye is well positioned to see the upside and bring value to
shareholders as market conditions improve.


On behalf of the Board of Directors

Blaine Webster, P.Geo., President and CEO

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.


ABOUT GOLDEYE 

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 Leonard-Fawcett
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.


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: Weebigee
(Sandy Lake) is a potential high grade lode gold project; this project holds the
potential to bring significant value to both Goldeye shareholders and SLFN; and
statements regarding Goldeye's proposed summer 2013 exploration program.
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.


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
Investor Relations
416-877-6389
rwebster@goldeye.ca

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