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Eagle Eye Metals extends exploration footprint at Korindji Gold Project in Mali

Eagle Eye Metals (ASX: EYE) has acquired two new exploration permits adjacent to its Korindji Gold Project in Mali, expanding its contiguous landholding at the project to 213 square kilometres.

The permits have been secured under an agreement with SODAF SA, a Mali registered company. Eagle Eye will pay cash totaling $95,000 over two years to acquire an 87.5% interest in the permits. A further $50,000 is payable to SODAF when the permit titles are transferred to Eagle Eye.

SODAF will retain a 12.5% free carried interest in the permits until granting of a mining permit. Upon granting of a mining permit SODAF will convert to a contributing interest in the properties.

The project is well located within 20 kilometres of the 13 million ounce Sadiola Gold Mine and the 4.5 million ounce Yatela Gold Mine. The new exploration permits, referred to as Sourokoto and Sourokoto Ouest, cover an area of 83 square kilometres.

The Korindji Gold Project is situated within the Kenieba Inlier, part of the world-class West African Gold Province, which hosts in excess of 45 million ounces of gold.

The Korindji Project area straddles the Kakadian-Kerekoto Shear Zone (KKSZ). Mineralisation at Randgold’s (LON: RRS) 3.5 million ounce Massawa Project in Senegal, occurs in close proximity to the regional-scale KKSZ.

Exploration

Within the recently acquired properties a significant anomalism has been delineated in a previous broadly spaced reconnaissance geochemical sampling program.

The high tenor gold anomalies represent immediate high priority targets for follow up geochemistry and drilling.

The company has now begun an extensive program of fieldwork within the combined project area.

At Korindji three priority areas have been identified for follow up and further target definition. Work will include infill soil and termite mound sampling, sampling of artisanal workings, and geological mapping.

The company expects this work to delineate priority targets for first pass drill testing in the first half of 2012.