FORM McFAULDS RESOURCES INC. FOR EXPLORATION IN
THE 'RING AND FIRE'
Tribute Minerals Inc. TSXV Symbol: TBM
Goldeye Explorations Limited TSXV Symbol: GGY
For Immediate Release
june 25, 2008
Tribute Minerals Inc. (TSX-X: TBM) and Goldeye Explorations Limited (TSX-V: GGY) are pleased to jointly announce that they have rolled their respective interests in their land holdings in the James Bay Lowlands, McFaulds Lake area 'Ring of Fire' (the "Property") into a new company known as "McFaulds Resources Inc." ("MFR") Each of Tribute and Goldeye retained a 1% NSR in the Property and each hold 14,000,000 common shares of MFR. The directors of MFR will be Ian Brodie-Brown, William R. Johnstone, Richard Dean, John Harvery, Richard Nemis and Blaine Webster, who will be Chairman of the board of directors. The officers will be Ian Brodie-Brown, President and CEO, Errol Farr, CFO, Trevor Boyd, VP Exploration, and William R. Johnstone, Corporate Secretary.
MFR will be seeking financing by way of an equity private placement of between $6,000,000 and $12,000,000 for further exploration of the Property. It is intended that MFR will file a prospectus to take MFR public as soon as a National Instrument 43-101 technical report is completed, to, among other things, qualify the distribution of 8,000,000 common shares of MFR to the shareholders of Tribute (from its 14,000,000 shares of MFR) and 8,000,000 common shares of MFR to the shareholders of Goldeye (from its 14,000,000 shares of MFR) by way of a dividend in specie.
MFR will hold 17,792 hectares in the James Bay Lowlands, McFaulds Lake, 'Ring of Fire', with additional staking currently in progress. Helicopter airborne electromagnetic surveys (VTEM), flown on one half of the land package have identified numerous Cu/Ni and Cu/Zn targets.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tribute Minerals Inc. Goldeye Explorations Limited
Ian Brodie-Brown Blaine Webster
President and C.E.O. President and C.E.O.
(416) 368-2929 (905) 886-2538
(416) 601-1450 (FAX) (905) 886-8210
info@tributeminerals.com goldeye@goldeye.ca