News :-(GPM Metals Inc. and Goldeye Explorations Limited Announce Signing of Earn-in Option Agreement for the Weebigee Gold Project, Sandy Lake, Ontario Wednesday, April 15, 2015 GPM Metals Inc. and Goldeye Explorations Limited Announce Signing of Earn-in Option Agreement for the Weebigee Gold Project, Sandy Lake, Ontario 11:15 EDT Wednesday, April 15, 2015 TORONTO, ONTARIO--(Marketwired - April 15, 2015) - GPM Metals Inc. (TSX VENTURE:GPM) ("GPM") and Goldeye Explorations Limited (TSX VENTURE:GGY) ("Goldeye") are pleased to announce that they have entered into a definitive earn-in option agreement (the "Agreement") whereby GPM has the right and option (the "50.1% Option") to earn an undivided 50.1% legal and beneficial interest in the Weebigee Project ("Weebigee" or the "Project") and the right and option (the "70% Option") to acquire a further 19.9% legal and beneficial interest in the Project for an aggregate undivided 70% legal and beneficial interest in the Project. The Agreement is subject to any further required regulatory approvals including without limitation, the approval of the TSX Venture Exchange. About Weebigee Weebigee is a high-grade gold project located near Sandy Lake, approximately 225 kilometers north of Red Lake and 200 kilometers west of Goldcorp's Musselwhite mine, in Northwestern Ontario. The Project comprises a 100% interest in 225 contiguous claims (363 claim units) covering approximately 6,000 hectares in the highly prospective and underexplored Sandy Lake greenstone belt. Certain of the claims are subject to a 2% net smelter returns (NSR) royalty. The Project has a very promising potential based on its greenstone geology and known mineralization showings. Weebigee lies within the traditional territory of Sandy Lake First Nation ("SLFN") with whom Goldeye signed a comprehensive Exploration Agreement in 2013. Recent drilling at Weebigee (23 holes totaling 2,219 metres) confirmed the presence of significant high-grade gold mineralization in the Northwest Arm claim block. Highlights included: 12.86 g/t Au over 6.85 metres core length in hole BK-14-03 (Bernadette Zone), 12.45 g/t Au over 3.5 metres core length in hole BK-14-05 (Knoll Zone), and 23.15 g/t Au over 3.97 metres core length in hole BK-14-18 (RvG4 Zone). Visible gold was noted in 50% of the drill holes. A complete database of assays from the recent drill program is available on Goldeye's website at www.goldeye.ca. The Northwest Arm claim block covers approximately 20% of the total project area and hosts the highest density of gold showings in the Sandy Lake greenstone belt. The Project is adjacent to SLFN Reserve #88 which has excellent infrastructure including an airport with daily direct flights to Winnipeg, Red Lake and Sioux Lookout and winter road connection to Red Lake. All weather access roads are located within one kilometre of the Knoll, Bernadette and RvG4 areas. The Agreement Pursuant to the Agreement, Goldeye, as optionor, has granted to GPM, as optionee, the right to earn up to a 70% legal and beneficial interest in the Project under certain conditions. Stage 1 The 50.1% Option To exercise the 50.1% Option, GPM must: 1. Make payment of $50,000 in cash and issue such number of Common Shares (the "Consideration Shares") to Goldeye as shall have an aggregate fair market value of Cdn$25,000, following receipt of all necessary approvals, (based on the volume weighted average price of such Consideration Shares over the next five business days; 2. Make three additional cash payments of an aggregate total of $500,000 to Goldeye over 3 years; and 3. Complete expenditures on the Project of an aggregate total of $5,000,000 over 4 years. Stage 2 The 70% Option To exercise the 70% Option, GPM, after having exercised the 50.1% Option, must, at its election, either: 1. Deliver a feasibility study to Goldeye on or prior to the date which is five years following the date upon which GPM exercises the 50.1% Option; or, 2. Make cash payments to Goldeye and complete exploration expenditures on the Project as follows: a. Three cash payments to Goldeye of an aggregate total of $1,500,000 over 2 years; b. Complete expenditures on the Project of $1,000,000 prior to the 1st anniversary of the 70% Option notice date; and c. Complete additional expenditures on the Project of $2,000,000 prior to the 2nd anniversary of the 70% Option notice date. In the event GPM exercises the 50.1% Option and/or the 70% Option, GPM and Goldeye shall be deemed to have formed a new joint venture (the "Joint Venture") and shall enter into and deliver a Joint Venture Agreement, which shall govern their relationship in respect of the Project. GPM will be the operator of the Project during the term of the option and the manager of the Project following the formation of the Joint Venture. Under the Joint Venture Agreement, GPM and Goldeye will be required to contribute their pro rata share of further expenditures on the Project based on their respective percentage interest in the Joint Venture from time to time on standard industry terms. The Agreement is subject to the terms of the Exploration Agreement signed between Goldeye and SLFN dated November 12, 2013, which recognizes the importance of opportunities for Sandy Lake First Nation to secure benefits as the Weebigee Project progresses and the importance of the SLFN Traditional Territory to the people of SLFN. Through the Agreement, GPM and Goldeye will continue to work collaboratively with SLFN, and build on the existing relationship for the mutual benefit of all parties. John Patrick Sheridan, Chief Executive Officer of GPM, comments: "GPM Metals is very excited to work with Goldeye and SLFN in the exploration and development of this exciting project. The Weebigee Project has the potential to develop into a significant gold district." Blaine Webster, Chief Executive Officer of Goldeye, comments: "Goldeye has had significant success at Weebigee and results to date indicate the Project has tremendous upside potential. This agreement is a natural next-step and we look forward to working with GPM Metals - a group with a proven technical and corporate team, and track record of progressive relationships with aboriginal communities - to advance the Project." All scientific and technical information in this press release has been prepared under the supervision of Dan Noone (Vice President Exploration and Director, GPM Metals Inc.) and Blaine Webster (CEO and Director, Goldeye Explorations Limited), each of whom is a "qualified person" within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Mines and Metallurgy. Mr. Webster (B.Sc., P.Geo.) is a member of the Association of Professional Geoscientists of Ontario.