Business News

Evolving Gold Exploration Update

2008-08-05 13:40:00

Evolving Gold Exploration Update

    VANCOUVER, Aug. 5 /EMWNews/ - Evolving Gold Corp.

(TSX-V:EVG) (OTCBB:EVOGF) is pleased to provide an update on the status of

its active properties. Assay results are expected in early Fall from the

Rattlesnake Hills Diatreme Complex and from the North Carlin District

Properties.



    Rattlesnake Hills Diatreme Complex, Wyoming



    Phase One drilling, 24,000 ft (7,300 m) is currently underway at

Evolving Gold's Rattlesnake Hills Diatreme Complex Property in Wyoming. Two

LF-90 diamond core drills rigs began drilling on June 21, 2008 on the South

Stock, Antelope Basin and North Stock targets. To date, they have drilled

approximately 8,100 ft (2,455 m) of core in four holes, RSC-001 (Antelope

Basin), RSC-002 (South Stock) and RSC-003 and RSC-004 (North Stock). Holes

RSC-005 and RSC-006, also in the North Stock target, are in progress. Assay

results from the first three holes are anticipated within 6 - 8 weeks.

Phase One drilling should be completed by late October, 2008.



    Hole RSC-003 twinned an historic Newmont diamond drill hole that

intersected 489 ft (149 m) grading 1.62 grams per tonne (gpt) gold in a

zone of adularia-carbonate-sulfide veinlets to depths of 815 ft (247 m).

RSC-003 encountered similar veinlets to depths of 1,320 ft (400 m). Hole

RSC-001 is located near an historic reverse circulation hole drilled by

American Copper and Nickel Company that intersected 335 ft (101 m) grading

0.78 gpt gold in stockwork carbonate-sulfide veinlets hosted in a mafic

intrusion. RSC-001 encountered similar stockwork mineralization to a depth

of 1,150 ft (348 m), then intersected a carbonate-adularia-sulfide cemented

breccia to the end of the hole at 1,417 ft (472 m). Hole RSC-002, drilled

to 1,316 ft (399 m) in the South Stock target, encountered

carbonate-adularia-sulfide cemented breccia from 620 to 1,170 ft (188-355

m). Gold assays from these three holes are pending.



    North Carlin District Properties, Nevada



    Drilling resumed in the Sheep Creeks area on June 2, 2008 after

flooding from unusually heavy snowmelt delayed access to the drill sites.

The sixth and last diamond drill hole of Phase One is currently underway

and is expected to be completed by mid-August, 2008. Complete assay results

are anticipated by early Fall. Once the Sheep Creeks drill program is

complete, drilling will begin on the Carlin and Cottonwood Creek properties

to evaluate stratigraphy and depth to favorable host rocks. At the Jake

Creek property, Evolving plans to drill approximately 6 holes in late 2008

to test targets resulting from our recently completed mercury vapor and

induced polarization surveys. After several failed attempts to drill

through overburden at Boulder Valley, Evolving will evaluate other drilling

options to complete the test of the target in late 2008.



    Sleeper District Project, Nevada



    Evolving completed Phase One drilling at the Sleeper District Project

in late May, 2008 and has received the assay results. Thirty-four reverse

circulation drill holes ranging in depth from 100-300 meters were drilled

testing geophysical targets over this extensive property. The goal of this

drill program was to identify areas underlain by favorable host-rocks. Six

widely spaced, yet strategically placed holes in the southeast and central

portions of the property encountered similar volcanic and sedimentary rocks

to those that host the adjacent Sandman deposits (Fronteer and Newmont

Mining joint venture) at shallow depths of 30-80 meters. Evolving believes

these six drill holes define an area of approximately 12 square kilometers

underlain by reworked tuffaceous volcaniclastic rocks like those that host

the North Hill and Silca Ridge deposits of the Sandman project,

approximately 2-4 km southeast of Evolving's claimblock. Clay alteration

and minor silicification were encountered in four holes indicating that

hydrothermal fluids have affected these favorable host rocks. Anomalous

gold values of 10-249 parts per billion have been identified within the

altered intervals. Five drill holes in the northern part of the property in

close proximity to Gabica Butte were terminated when they encountered

water-saturated sands at depths of about 160 meters resulting in the

collapse of the holes.



    Fisher Canyon, Nevada



    Evolving plans Phase Two drilling at Fisher Canyon for late 2008 to

follow up on last winter's encouraging drill results (25.9 m grading 0.87

gpt gold in hole FC-006) and to test additional targets on the property.

One new target lies approximately 500 meters northeast of the area drilled

last winter. In this new target area, surface sampling of rocks similar to

those encountered in drilling has returned assays as high as 6.0 gpt gold.

Prospecting this spring identified favorable host rocks for about three

kilometers to the northeast from the drilled area.



    Malone Silver Gold Project, New Mexico



    Evolving is presently permitting Phase Two drilling for late 2008 or

early 2009. The objective of the second phase of drilling is to define the

dimensions of the near surface, disseminated gold-silver mineralization

encountered in Phase One drilling which was completed in January, 2008.

Results from Phase One drilling include 24.7 meters at 56.2 gpt silver and

0.60 gpt gold including a high grade interval of 0.91 m grading 833 gpt

silver and 6.62 gpt gold in MAL-06, 12.8 meters at 57.2 gpt silver and 0.58

gpt gold in MAL-07 and 36.6 meters at 35.65 gpt silver and 0.30 gpt gold in

MAL-04. Phase One drilling was shallow, generally less than 100 meters, and

several holes terminated in mineralized rock. Phase Two drilling will test

mineralization at depths of up to 300 meters.



    Incentive Stock Options



    The Company announces today that it will issue 50,000 incentive stock

options at a price of $0.65 to Lewis Kleinhans, geological consultant,

pursuant to his service contract. These options have a 5 year term and are

subject to regulatory approval.



    About Evolving Gold Corp.



    -------------------------



    Evolving Gold is actively exploring nine separate gold properties,

primarily in known, producing gold trends in the southwestern United

States. In total, Evolving holds over 36,400 ha (90,000 acres) of

exploration lands. Evolving currently has over $21 million in its treasury.



    Evolving owns 100% of the Rattlesnake Hills Diatreme Complex in Wyoming

(see press release 1/18/2008). Evolving has entered into a lease agreement

with Newmont Mining Corporation on four prospective gold properties (North

Carlin District Properties) located within the prolific Carlin Gold Trend

(see press release 12/5/2007).



    Evolving Gold is continuing its aggressive drilling and acquisition



    strategy.



    In compliance with National Instrument 43-101, Robert W. Barker, Ph.D.,

P.Geo., is the Qualified Person responsible for the accuracy of this news

release.



    On behalf of Evolving Gold Corp.



    "Quinton Hennigh"



    -----------------



    Quinton Hennigh



    President and Director



    FORWARD LOOKING STATEMENTS: This document includes forward-looking

statements as well as historical information. Forward-looking statements

include, but are not limited to, the continued advancement of Evolving's

general business development, research development and Evolving's

development of mineral exploration projects. When used in this document,

the words "anticipate", "believe", "estimate", "expect", "intent", "may",

"project", "plan", "should" and similar expressions may identify

forward-looking statements. Although Evolving Gold Corp. believes that

their expectations reflected in these forward looking statements are

reasonable, such statements involve risks and uncertainties and no

assurance can be given that actual results will be consistent with these

forward-looking statement. Important factors that could cause actual

results to differ from these forward-looking statements include the

potential that Evolving's mineral deposit(s), fluctuations in the

marketplace for the sale of minerals, the inability to implement corporate

strategies, the ability to obtain financing and other risks disclosed in

our annual report on Form 20F filed with the U.S. Securities and Exchange

Commission and filings made with the Canadian Securities Regulations.



    The TSX Venture Exchange does not accept responsibility for the

adequacy



    or accuracy of this release.





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Blake Masterson

Freelance Writer, Journalist and Father of 5

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