Goldeye Explorations Ltd. Obtains Interim Order for Plan of Arrangement

TORONTO, Oct. 11, 2016 - Goldeye Explorations Ltd. (TSX VENTURE:GGY) ("Goldeye") announces that it has obtained an interim order of the Ontario Superior Court of Justice in connection with its proposed plan of arrangement (the "Arrangement") with Treasury Metals Inc. ("Treasury") previously announced on September 1, 2016. The interim order provides for, among other things, the holding of a special meeting (the "Special Meeting") of the holders of common shares of Goldeye (the "Shareholders") to approve the Arrangement under the Business Corporations Act (Ontario). The Special Meeting is scheduled to be held at the offices of Stikeman Keeley Spiegel Pasternack LLP, 200 Front Street West, Suite 2300, Toronto, Ontario M5V 3K2 on November 15, 2016 at 11:00 a.m. (Toronto time). The record date for determining Shareholders entitled to receive notice of and vote at the Special Meeting was fixed at the close of business on September 26, 2016.

As previously disclosed, Goldeye entered into an arrangement agreement with Treasury pursuant to which Treasury will acquire all of the issued and outstanding common shares of Goldeye and, upon closing, Goldeye will become a wholly owned subsidiary of Treasury. Goldeye's directors and senior officers have agreed to support the Arrangement and vote their common shares in favour of the Arrangement. The Board of Directors of Goldeye has previously approved the Arrangement and has unanimously recommended that Shareholders approve the Arrangement. In accordance with the Notice and Access rules adopted by the Ontario Securities Commission and the Canadian Securities Administrators under NI 54-101, Goldeye is sending its proxy-related materials ("Meeting Materials") to Shareholders using the Notice and Access method. Therefore, although Shareholders still receive the proxy or voting instruction forms in paper copy, the information circular and the notice of meeting will not be physically delivered. Instead, Shareholders may access or download the Meeting Materials from the link at www.goldeye.ca/specialmeeting or may also access them from SEDAR at www.sedar.com under Goldeye's filed documents. Goldeye believes that that this delivery method will expedite the receipt of the Meeting Materials by Shareholders, reduce its printing and mailing expenses, and reduce the environmental impact of disposing of the Meeting Materials after it is no longer useful.

Registered holders or beneficial owners may request paper copies of the notice meeting and information circular booklet be sent to them by postal delivery at no cost to them. Requests may be made up to one year from the date the Meeting Materials are posted on Goldeye's website. In order to receive a paper copy of the Meeting Materials, please call toll free at 1-866-600-5869. If you have questions concerning Notice and Access, please call Goldeye's registrar and transfer agent, TSX Trust Company, at 1-866-600-5869.

The completion of the Arrangement is subject to certain conditions, including the receipt of the requisite approval from the Shareholders, the final approval (the "Final Order") of the Ontario Superior Court of Justice at an application which is scheduled for November 18, 2016, final acceptance by the respective stock exchanges on which Goldeye and Treasury trade, and other closing conditions customary in transactions of this nature. If all necessary approvals are obtained and the conditions to the completion of the Arrangement are satisfied or waived, it is currently anticipated that the Arrangement will be completed on or about November 22, 2016.


ABOUT GOLDEYE

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.

For additional information about Goldeye, please visit Goldeye's website at www.goldeye.ca.


ABOUT WEEBIGEE

Weebigee is a gold and base metals project located near Sandy Lake in Northwestern Ontario. The Project is approximately 225 km north of Red Lake, one of the world's most prolific gold camps, and 200 km west of Goldcorp's world-class Musselwhite mine. The Project comprises a main block of 363 claim units (~6000 ha.) held 100% by Goldeye subject to an option agreement with GPM Metals Inc. ("GPM") and an additional 1421 claim units (~22,000 ha.) staked by GPM, in the highly prospective and underexplored Sandy Lake greenstone belt. Sandy Lake Gold Inc. recently announced that it had acquired all of GPM's rights regarding the project. Certain of the claims are subject to a 1% net smelter returns ("NSR") royalty. Weebigee lies within the traditional territory of Sandy Lake First Nation ("SLFN") with whom Goldeye signed a comprehensive Exploration Agreement in 2013.


Forward-Looking Statements

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). All statements, other than statements of historical fact, are forward-looking statements. Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements include, but are not limited to, statements or information related to the completion and expected timing of the Special Meeting, the hearing of the application for the Final Order, and the closing of the Arrangement. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Actual results could differ materially due to a number of factors including, but not limited to, risks related to Goldeye's or Treasury's inability to satisfy a condition precedent to the completion of the Arrangement (including obtaining the requisite shareholder approval at the Special Meeting and the necessary regulatory approvals), other risks related to the completion of the Arrangement and risks related to the inability of each of Goldeye and Treasury to perform its respective obligations under the Arrangement Agreement as well as certain other risks set out in the respective companies' public documents.

Although Goldeye believe that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in Goldeye's securities should not place undue reliance on forward-looking statements because Goldeye can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and Goldeye assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither the 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 and/or accuracy of this release.



Contact

Goldeye Explorations Ltd.
Robin Luke Webster, President and Chief Executive Officer
1.416.900.0918
info@goldeye.ca
www.goldeye.ca