03:47 PM EST - Goldeye Explorations Ltd. : has entered into a Letter of Intent to sell its 50-per-cent interest in mining claims in the McFaulds Lake Property to Tribute Minerals, its partner in the original acquisition of the claims. The property is comprised of 1733 claim units consisting of ten non-contiguous blocks covering an area of 27,728 hectares situated 510 km north of Thunder Bay in the mining camp known as 'The Ring of Fire'. Tribute will make a cash payment of $115,000 to Goldeye, grant Goldeye a one-per-cent Net Smelter Returns Royalty in the McFaulds Lake Property, and issue to Goldeye an aggregate of 11,671,250 of Tribute common shares at a deemed price of C$ 0.05. As a result of the sale, Goldeye will own 13.25 per cent of Tribute Minerals Inc. Tribute must raise $1,500,000 within 90 days of the signing of the Letter of Intent, as a condition of completing the deal, which is subject to completion of a formal agreement and regulatory approval.Goldeye Explorations Ltd.
shares V.GGY are trading down $0.01 at $0.05.
