early institutional support 4 December 2006$5,000,000 ISSUE...

early institutional support 4 December 2006

$5,000,000 ISSUE CLOSES OVERSUBSCRIBED

Eagle Eye is pleased to advise that the Company’s Prospectus Share and Option issue has closed substantially oversubscribed, raising $5,000,000 from the issue of 25,000,000 Shares with one free attaching Option for each Share issued.

The Company’s securities will List on ASX on 6 December 2006 under the codes EYE for the Shares and EYEO for the Options.

Eagle Eye holds 8 highly prospective nickel and gold exploration and development project areas in the Leonora-Laverton region of Western Australia, with the key project areas ready to drill. The Company’s high priority Waite Kauri adjoins GME Resources announced commercial nickel discovery.

Wayne Ryder, Executive Chairman, says: “ The capital raising programme has been a great success – it is most pleasing to note that not only has it been well supported by leading Stockbrokers but has also attracted substantial institutional funds normally reserved for the blue chip end of the market.

The fund raising will enable us to proceed as soon as practicable with the drilling programme at Waite Kauri and our other priority gold and nickel areas.”

ENDS


For further information please contact:

Wayne Ryder, Executive Chairman
Ph: (08) 9385 4888
Mob: 0418 928 180
[email protected]

David Michie, Investor Relations
Ph: (08) 9381 4494
Mob: 0411 453 404
[email protected]