Evolving Gold Closes Non-Brokered, Private Placement

Vancouver, British Columbia, January 10, 2005: Evolving Gold Corporation (CNQ:GOLD) (the”Company”) reports today that further to the Company’s press release of December 6, 2004, the Company has closed the non-brokered private placement. The financing is comprised of 600,000 units at a price of $0.16 per unit. Each unit consists of one common share and one non-transferable share purchase warrant which will entitle the holder to purchase an additional common share of the Company at a price of $0.25 per share for a period of two years expiring January 9, 2007.

The Company received gross proceeds of $96,000. All shares and warrants are subject to a four-month hold period, expiring May 9, 2005, in accordance with the Canadian National Quotation System (“CNQ”) and the provisions of the BC Securities Act.

The proceeds of the private placement will be used for the acquisition of the Company’s mineral properties and general working capital.

On behalf of Evolving Gold Corporation.

Lawrence A. Dick, Ph.D., P.Geo
President