Evolving Gold Corp. Options Labrador Property from Geocore Exploration

Vancouver, British Columbia, May 10, 2005: Evolving Gold Corp. (CNQ:GOLD) is pleased to announce that it has entered into an option and royalty agreement with Geocore Exploration Inc. (“Geocore”) under which Evolving Gold Corp. (“Evolving”) has been granted the option to acquire an 80% interest in Geocore’s Voisey’s Bay area property (the “Property”) located in Labrador. The option comprises of two parts: (1) the option to acquire a 60% interest in the Property; and (2) the option to acquire a further 20% interest, for a total of 80% interest in the Property. The first option is exercisable by Evolving upon paying Geocore $35,000 on signing the option and royalty agreement, incurring $200,000 of exploration expenses by October 31, 2006 and $500,000 of cumulative exploration expenses by October 31, 2007. The second option is exercisable by Evolving incurring $1 Million of cumulative exploration expenses by October 31, 2008.
The Property adjoins the west side of the Voisey’s Bay Nickel Company Limited (formerly Inco Limited) property that was purchased from Diamond Fields Resources Inc. and lies between 13.5 and 20 kilometers west of the main Voisey’s Bay discovery. The Property is contiguous and covers an area of approximately 4,800 hectares.

The Voisey’s Bay discovery is a resource of massive sulphide mineralization which has an inferred resource in the range of 141 million tones, with grades of approximately 1.6% nickel, 2.0% copper, and 0.12% cobalt (Newfoundland Government Website, 2002).
The Property is in part underlain by layered anorthosite of the Nain Plutonic Suite and has been intruded by NW-trending troctolite dykes. Rocks of troctolite composition (the Reid Brook Troctolite Intrusion) are host to the Ni-Cu-Co mineralization on the adjacent Voisey’s Bay property.

Between 1995 and 1997 work programs totaling in excess of $1,000,000 were conducted on the Property by Polymet Mining Corp.(formerly Fleck Resources Ltd.), Pacific Golden Spike Resources Ltd., and Geocore (formerly Anvil Resources Ltd.). This work included airphoto and satellite imagery studies, geological mapping, prospecting, geochemical soil and rock surveys, geophysical surveys consisting of ground magnetometer, VLF-EM, Horizontal Loop EM and airborne Dighem V EM surveys, and shallow diamond drilling.
During 1996, a total of 1,347 meters of diamond drilling were completed in shallow holes. The highest assay interval was from hole VW-1 which assayed, between 78 and 81.5 feet depth, 1844 ppm copper, 4693 ppm nickel, and 323 ppm cobalt.

Management of Evolving believes that significant potential for the discovery of Voisey’s Bay style of mineralization exists on the Property. This includes:

• The presence of compositionally-layered anorthosite and troctolite which underlies significant parts of the Property;
• Untested, coincident magnetic and VLF-EM anomalies and other geophysical targets;
• Highly-anomalous copper-nickel-cobalt geochemistry in hole VW-1.

Evolving is currently compiling all existing data in preparation for a field program which will include additional geochemical and geophysical surveys (including deep-probing Horizontal Loop EM), geological mapping, and drilling.

For more information please contact Dr. Lawrence A. Dick, President & CEO of Evolving Gold Corp. at (604) 685-6375.

EVOLVING GOLD CORP.

Lawrence A. Dick, President and CEO