Evolving Gold Corp Signs Letter Agreement to Acquire
Rattlesnake Hills Property in Wyoming

August 7, 2007, Vancouver, British Columbia: Evolving Gold Corp. (TSX-V: EVG) (OTCBB: EVOGF) (“Evolving”) is pleased to announce that it has entered into a letter of intent with Golden Predator Mines Inc. and Golden Predator Mines (US) Inc. (collective, “Golden Predator”) for the acquisition of Golden Predator’s mining options on a 100% undivided interest in the Rattlesnake Hills Property, located in Natrona County, Wyoming (the “Property Option”). Golden Predator currently holds an option on the Rattlesnake Hills Property with Bald Mountain Mining Company (“Bald Mountain”).

The Rattlesnake Hills Property is underlain by an Eocene alkaline volcanic field, covering about 100 square miles, which is part of the greater Rocky Mountain “alkalic” gold province stretching from British Columbia, to northern Mexico. Other volcanic complexes in this belt host large gold deposits such as Cripple Creek, Colorado (27 million ounces of gold produced), Zortman-Sandusky, Montana (2 million ounces of gold produced), and Ortiz, New Mexico (1.5 million ounces of gold produced). Mineralization in the Rattlesnake Hills is centered on a nested diatreme complex and is associated with widespread potassium feldspar alteration similar to the Cripple Creek deposit. Newmont Mining Corporation and American Copper and Nickel Company (ACNC) each conducted drilling on the property in the 1990’s in two areas, the North Stock and Antelope Basin, respectively. At the North Stock, Newmont reportedly encountered drill intercepts including 149 meters averaging 1.62 grams per tonne (gpt) gold, 75 meters grading 1.28 gpt gold and 60 meters grading 1.05 gpt gold. ACNC reportedly encountered 101 meters grading 0.78 gpt gold in a shallow reverse circulation hole.

Quinton Hennigh, Ph.D., Evolving’s Vice President of Exploration stated: “The Rattlesnake Hills property represents an opportunity of Evolving Gold to explore for a significant gold deposit within the world class Rocky Mountain alkalic province. Although gold mineralization associated with these types of ore bodies can be subtle, alkaline gold deposits can be very large as demonstrated by Cripple Creek”.

The agreement with Golden Predator is subject to certain conditions, including, among other things, due diligence review by Evolving of the Rattlesnake Hills Property’s mineral claims; the negotiation, execution and delivery of a definitive acquisition agreement (the “Evolving Gold Option Agreement”); approval of the Evolving Gold Option Agreement by the board of directors of Evolving; and receipt of all required regulatory approvals.

In order to exercise the proposed option, Evolving has agreed to pay Golden Predator 3 million shares (“Shares”) of Evolving at a deemed price of $0.40 per Share to be issued subject to the policies of the TSX Venture Exchange and subject to any requirement for escrow that may be imposed by the TSX Venture Exchange. In order to exercise the rights under the Evolving Gold Option Agreement, Evolving will issue the Shares as follows: 1,000,000 shares upon closing; 1,000,000 shares upon the one year anniversary of closing; and 1,000,000 shares on the 2 year anniversary of closing. If Evolving fails to make a share payment as contemplated above, Golden Predator may terminate the Evolving Gold Option Agreement. Golden Predator will retain a 0.5% NSR in respect of the Rattlesnake Hills Property and Evolving shall retain the right to buy back 0.25% of that NSR for $375,000(USD) at the option of Evolving. In addition, Golden Predator will retain the right to purchase up to 10% of any shares offered by Evolving during the term of the Evolving Gold Option Agreement (with Golden Predator’s purchase subject to the same terms and conditions as other purchasers participating in the offering).

In compliance with National Instrument 43-101 (“NI 43-101”) Lawrence A. Dick, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.

About Evolving Gold Corp.

Evolving Gold Corporation is an emerging exploration and development company focused on building value through the acquisition and exploration of world class prospective gold properties primarily in the southwestern United States, in particular Nevada, New Mexico, and Wyoming.

For more information on the Company, please visit our web site at www.evolvinggold.com.

On Behalf of the Board of Directors

EVOLVING GOLD CORP.

“Dr. Lawrence Dick”

Dr. Lawrence Dick, P.Geo.

President and Director

lawrence@evolvinggold.com

FOR MORE INFORMATION, PLEASE CONTACT:

Evolving Gold Corp.

Bill Gillies, Investor Relations

billthepilot@evolvinggold.com

Direct (604) 639-0432

Toll free 1-866-604-3864

www.evolvinggold.com

OR

Renmark Financial Communications Inc

Christopher Wells: cwells@renmarkfinancial.com

Philippe Deserres: pdeserres@renmarkfinancial.com

Tel.: (514) 939-3989

Fax: (514) 939-3717

www.renmarkfinancial.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Not For Distribution to U.S. Newswire Services or for Dissemination in the United States

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.