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Goldeye Explorations Agrees to Be Acquired by Treasury Metals

Treasury Metals, a future gold producer in northwestern Ontario, is adding to its assets by acquiring Goldeye Explorations and its very promising gold property, north of Red Lake.

Treasury Metals, a future gold producer in northwestern Ontario, is adding to its assets by acquiring Goldeye Explorations and its very promising gold property, north of Red Lake.

Goldeye Explorations announced July 11 that it has agreed to a proposal to the company’s acquisition by Treasury.

Goldeye's main asset is the Weebigee Project, a high-grade gold project near Sandy Lake, 225 kilometres north of Red Lake.

Goldeye Explorations is a gold-focused junior exploration company engaged in the exploration and evaluation of mineral properties in Ontario, Canada. Goldeye's flagship Weebigee Project is located near Sandy Lake in Northwestern Ontario. The company has additional properties at Gold Rock near Dryden and Shining Tree in Northeastern Ontario.

Weebigee is a high-grade gold project near Sandy Lake, 225 km north of Red Lake.

Results from a 2,200-metre shallow drill program produced significant gold results.

Weebigee is subject to an earn-in option and joint-venture agreement between Goldeye and GPM Metals.

Treasury Metals’ main project is its Goliath Gold project, east of Dryden, where it is the permitting process toward starting production of an open-pit gold mine and mill facility.

Goldeye president Robin Luke Webster said it’s a good deal for shareholders and the acquisition offers “substantial upside potential through exposure to Treasury's development-stage Goliath Gold Project. Goldeye will also benefit from the extensive experience of the Treasury team with an integrated group working to manage Goldeye's Weebigee Project.”

Both companies have agreed to an exclusivity period until Aug. 1 during which due diligence will be conducted and the definitive agreement finalized. In the event that Goldeye terminates the Proposal on or prior to August 1, 2016 for any reason, Goldeye shall pay to Treasury a one-time break-fee in the amount of C$250,000.