February 16, 2011 / 4:00 PM / in 7 years

Goldeye Explorations finds new gold zone, shares rise

* Says finds new gold zone at Cigar Lake, Ontario

* Drilling program increased depth extent of West Zone

Feb 16 (Reuters) - Goldeye Explorations said it discovered a new gold zone at its property in northeastern Ontario, sending its shares up as much as 22 percent on Wednesday.

The company said a drilling program, conducted on seven holes at Tyrrell property, increased the depth extent of the West Zone at the property and found a significant new gold zone at Cigar Lake near the Tyrrell Shear Zone.

Future drilling will continue to test the Cigar Lake gold zone to depth and along strike, the company, which also has properties in Chile, said in a statement.

Goldeye Explorations, which also owns the Sandy Lake and Gold Rock properties in Northern Ontario, had adopted poison pill defense against takeovers in October.

The Toronto, Ontario-based company’s shares were trading up more than 7 percent at 7.5 Canadian cents on Wednesday morning on the Toronto Venture Exchange. They touched a high of 8.5 Canadian cents earlier in the session. (Reporting by Arnika Thakur;Editing by Vyas Mohan)

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