Evolving Gold Continues Aggressive Drilling Programs on
Nevada Gold Prospects
January 10, 2008, Vancouver, British Columbia: Evolving Gold Corp. (TSX-V:EVG) (OTCBB: EVOGF) (FSE:EV7) (the “Company” or “Evolving”) is pleased to announce its exploration progress to date and plans for its 2008 program of exploration drilling on its portfolio of gold projects in the south-west United States. In total, the Company controls approximately 100,000 acres of exploration lands, mainly in north-central Nevada
Drilling has begun on the Company’s Siesta gold/silver project, immediately south of the Sleeper gold deposit in Humboldt County, Nevada and the Company will release an update on the same as soon as results become available. In addition, the first-phase drill programs at the Malone (New Mexico) and Fisher Canyon (Humboldt Range, Nevada) prospects have recently been completed (assays are pending on both) and drilling at the Company’s Sheep Creeks project near the Carlin Trend in Nevada is ongoing.
The Company’s exploration plans call for the continuous drilling of its entire portfolio of gold prospects in south-west United States throughout 2008 and such exploration plans will use at a minimum the three drill rigs currently in operation. Drilling is also set to begin on the Company’s Carlin District properties. Such properties are being explored as part of an earn-in agreement from Newmont Mining Corporation as previously announced in the Company’s news release dated December 5, 2007.
Evolving’s Vice President of Exploration, Dr. Quinton Hennigh states: “We are extremely excited to have begun drill testing our portfolio of gold prospects in Nevada and New Mexico. 2007 was a year of property acquisition, establishing a portfolio of projects based on sound geological criteria as a foundation towards our goal of discovering potentially world-class gold deposits in one of the world’s most gold-endowed regions. In contrast, 2008 will be a year of drilling and generating news for our shareholders.”
Siesta Gold/Silver Project (Nevada)
Drilling began January 7 at the Company’s 14,000 acre Siesta gold/silver project. The Siesta property, which was staked and is controlled 100 percent by the Company is located immediately south of the high-grade Sleeper epithermal gold/silver deposit in
To date, the covered property has been explored by gravity, magnetic, and induced polarization (IP) surveys, and multiple drill targets have been generated, based on structural and alteration criteria.
The reverse circulation drill is currently on site, and ready to initiate the program. The planned program will include approximately 34 holes on multiple targets as a first phase with holes averaging over 150 meters in depth.
Sheep Creeks (Nevada) Project
Reverse circulation drilling at the Company’s approximately 50,000 acre Sheep Creeks project, located near the Carlin trend in north-central
The first hole has been partially twinned and cased by the reverse circulation rig, and will be completed by conventional diamond drilling to the planned final depth. At least 2,000 additional meters of drilling is planned in the vicinity of the first hole using reverse circulation pre-collaring to depths of 200 to 300 meters and diamond drilling to complete the holes. Both the reverse circulation and diamond drills are currently operating on the property.
The objective at Sheep Creeks project is to assess the Company’s geologic model which anticipates a northern continuation of the prolific Carlin trend of gold deposits.
Malone Gold Project (New Mexico)
Diamond drilling at the Malone gold project in New Mexico was completed on January 2, 2008. Approximately 850 meters of drilling were completed in 9 holes, to depths of up to 183 meters. All holes targeted vein and stock work gold-silver mineralization in crystalline basement rocks, which is exposed at surface and which was mined historically on a small scale.
Fisher Canyon Project (Nevada)
The first phase of drilling at the Fisher Canyon project, located on the eastern flank of the prolific Humboldt Range in north-central Nevada was completed on December 17, 2007. A total of approximately 1000 meters were completed in 13 shallow holes ranging between 40 meters and 137 meters deep along a strike length of approximately 500 meters. The purpose of the shallow drilling was to test a gold-silver-mineralized calcareous shale horizon which was discovered cropping out at surface on the property. Drill samples have been submitted for assay and results are pending.
Other Projects
Three additional Newmont earn-in properties including Boulder Valley, Carlin and Cottonwood will be drilled during 2008 include the four land packages recently acquired from Newmont Mining Corporation (the “Evolving-Newmont earn-in properties”) in the prolific Carlin trend (see the Company’s news release dated December 5, 2007) and the Rattlesnake gold prospect located in Wyoming.
The Evolving-Newmont earn-in properties include approximately 30,000 acres of exploration ground along the prolific Carlin gold trend. Also included in the Newmont earn-in properties are approximately 10,500 acres which adjoins the Company’s Sheep Creeks project. Collectively, the Sheep Creeks property gives the Company the opportunity to test several critical geophysical anomalies that the Company’s geological team suggests may represent “pieces” of the Carlin trend that became dismembered during younger, Miocene-age tectonism.
At the Winnemucca Mountain gold project located in Humboldt County, near the town of Winnemucca, Nevada, Meridian Gold Company has terminated their earn-in agreement with the Company as of December 28, 2007.
About Evolving Gold Corp.
Evolving Gold Corp. is an emerging gold exploration and development company focused on building value through the acquisition and exploration of world class prospective gold prospects in the southwestern
The Company recently signed a letter of intent to enter into an agreement with Newmont Mining Corporation concerning an exploration partnership on four prospective gold properties located within the prolific Carlin Gold Trend (please see the Company’s press release dated October 2, 2007). In total, the Company holds over 100,000 acres of exploration lands in Nevada, Wyoming and New Mexico.
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.
For more information visit www.evolvinggold.com.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
President and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Renmark Financial Communications Inc
Christopher Wells: cwells@renmarkfinancial.com
James Buchanan: jbuchanan@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
OR
Excelsior Communications Inc.
Miranda Bradley, Managing Partner
miranda@excelsiorcommunications.com
Direct (416) 860-2509
www.excelsiorcommunications.com
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/or 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 are intended to be among the statements that 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 British Columbia Securities Commission.
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