Eagle Eye Metals Limited (ASX:EYE) Successfully Completed A$3.4 Million Capital Raising Program

Perth, July 6, 2011 AEST (ABN Newswire) - Eagle Eye Metals Limited (ASX:EYE) is pleased to advise that, following the placement of the shortfall in its Renounceable Rights Issue, it has successfully completed its A$3.4 million capital raising program.

In May 2011 the Company completed the acquisition of 100% of unlisted Birimian Gold Limited, providing it substantial interests in numerous highly prospective gold projects in Mali and Liberia, together with an enhanced and very experienced management team.

In order to finance the exploration and development of these new gold projects in West Africa the Company has raised approximately A$3.4 million over the past 3 months by way of a 15% placement to sophisticated investors, a A$500,000 placement to cornerstone investor Macquarie Bank Limited, and a recently completed renounceable rights issue that was fully underwritten by Patersons Securities.

The Company is now very well financed to continue to aggressively explore its gold projects in West Africa and to continue to assess new opportunities to continue to grow the business.

The Company's inaugural drilling and soil sampling programs at the Dankassa Gold Project in Mali are progressing well, with results anticipated in the near term.

Contact

Wayne Ryder FCA Finance Director Ph: +61-8-9389-4450 Eagle Eye Metals Limited http://www.eagleeyemetals.com