Goldeye Explorations Limited Big Dome & Hydro Creek gold zones in Timmins - McFaulds Lake
| April 2, 2009 |
| Tribute Minerals Announces It Has Signed a Letter of Intent With Goldeye Explorations to Acquire 100% of the McFaulds Lake "Ring of Fire" Properties |
TORONTO, ONTARIO--(Marketwire - April 2, 2009) - Tribute Minerals Inc. (TSX VENTURE:TBM) and Goldeye Explorations Limited (TSX VENTURE:GGY) are pleased to jointly announce that TBM and GGY have signed a Letter of Intent pursuant to which TBM will acquire the 50% interest of GGY in a group of 127 unpatented mining claims in the James Bay Lowlands in the area known as the Ring of Fire (the "McFaulds Lake Property") held jointly by TBM and GGY in consideration for TBM issuing an aggregate of 11,671,250 of its common shares to GGY at a deemed price of Cdn$0.05 per share, the payment of $115,000 in cash and the retention by GGY of a 1.0% Net Smelter Returns Royalty in the McFaulds Lake Property (the "GGY NSR").
The completion of this acquisition will result in TBM holding a 100% working interest (subject to the GGY NSR) in the McFaulds Lake Property which consists of a total of 68,239 acres. The acquisition makes this one of the largest land packages wholly-owned by any junior company situated in the Ring of Fire area.
The transaction is conditional upon the execution of a formal agreement and TBM raising $1,500,000 within 90 days of the signing of this letter of intent. The transaction is subject to regulatory approval.
TBM's corporate strategy is to continue to acquire land in the Ring of Fire area, in a 100% ownership model.
A large portion of the McFaulds Lake Property has already been flown by VTEM airborne geophysics and several significant targets have been outlined in structurally complex areas that are favourable for copper/nickel and copper/zinc mineralization. TBM will move to complete the total airborne survey of the remaining land holdings as a priority. TBM is waiting for the completion of a NI 43-101 compliant technical report on the McFaulds Lake Property.
Immediately upon completion of financing, TBM intends to commence a program comprised of an airborne survey and followed by deep penetrating ground geophysical surveys to define the VTEM conductors. Defined targets will then be drilled.
Blaine R. Webster, P. Geo., President and CEO of Goldeye, is the qualified person as defined by National Instrument 43-101 who supervised the preparation of the technical information contained in this release. |
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