Evolving Reports on Exploration Progress
in
March 4, 2008, Vancouver, British Columbia: Evolving Gold Corp. (TSX-V:EVG) (OTCBB: EVOGF) (FSE:EV7) (the “Company”) is pleased to report on exploration progress at its Sheep Creeks, Malone, Boulder Valley and Siesta properties in the SW U.S. Sheep Creeks and Boulder Valley are situated in the prolific Carlin Gold Trend in North-Central Nevada while Siesta is a large land-holding staked by the Company between the Sleeper gold deposit and the Sandman deposits to the south. Malone is situated in
Malone
Drilling at the Malone prospect in
At Malone, a highly leucocratic Pre-Cambrian granitoid basement has been the focus of historic gold mining on a small scale, dating back to 1884. Evolving completed 10 diamond holes totaling 840 meters, mainly angle holes while two were vertical. The total strike length drilled was approximately 1000 meters, the shallow holes varying from approximately 30 to 181 meters depth.
| Zone | Hole ID | From (m) | To (m) | Width (m) | Au (gpt) | Ag (gpt) |
| Patanke Zone | MAL-01
including |
52.73
54.86 80.16 128.92 |
55.78
55.78 81.99 130.14 |
3.05
0.91 1.83 1.22 |
1.84 *
5.19 * 0.57 * 0.66 * |
41.27 *
109 * 2.72 * 42.65 * |
| MAL-02 | 54.86
62.48 82.29 |
56.39
66.14 83.82 |
1.52
3.66 1.52 |
0.49 *
0.79 * 0.99 * |
45.95 *
32.86 * 0.72 * |
|
| MAL-03 | 68.58
102.10 |
70.10
103.63 |
1.52
1.52 |
0.57 *
0.59 * |
0.69 *
3.42 * |
|
| Hilltop Target | MAL-04
including |
4.57
12.80 24.38 30.48 108.20 |
41.15
13.41 25.91 31.39 110.03 |
36.57
0.61 1.52 0.91 1.83 |
0.3
1.83 2.16 0.74 0.58 |
35.65
241 214 142 25 |
| Canyon Target | MAL-05 | 56.39 | 57.91 | 1.52 | 0.77 | 5 |
| MAL-06
including |
6.71
8.53 25.91 |
31.39
9.45 26.82 |
24.69
0.91 0.91 |
0.6
6.62 2.07 |
56.15
833 179 |
|
| MAL-07
including |
4.57
5.49 14.63 23.77 |
17.37
6.40 15.54 24.69 |
12.80
0.91 0.91 0.92 |
0.58
2.2 1.3 0.92 |
57.21
291 82 43 |
|
| MAL-08 | 18.90 | 21.64 | 2.74 | 0.61 | 17.33 | |
| MAL-09 | 18.29
23.77 |
20.12
29.26 |
1.83
5.49 |
0.54
0.38 |
20.5
19.5 |
|
| Middle Stockwork Zone |
MAL-10 | 46.33
59.13 |
47.24
60.96 |
0.91
1.83 |
0.75
0.66 |
24
43 |
Holes 6 and 7 in the “Canyon Target” returned the highest grade intervals. Hole 6 includes 24.69 meters grading 0.60 gpt gold and 56.15 gpt silver. This interval contains higher grade mineralization grading 6.62 gpt gold and 833 gpt silver over just under one meter width. Hole 7 contains 12.80 meters grading 0.58 gpt gold and 57.21 gpt silver, including an interval just under one meter width which grades 2.2 gpt gold and 291 gpt silver.
At Sheep Creeks, the Company has drilled one reverse circulation and two diamond drill holes. The second diamond drill hole (RCC-002) is nearing completion at approximately 1,700 feet total depth. A complete description of the stratigraphy of the hole was presented in a recent press release (
Photographs of drill core from the Company’s third Sheep Creeks hole can be viewed on the Company’s web site at http://evolvinggold.com/properties2/sheep-creeks/sheep-creeks-photos/.
These three properties fall under the exploration lease and sub-lease agreement with Newmont Mining Corporation as previously announced.. On
Two reverse circulation drills are currently drilling at Siesta, testing geophysical anomalies in the largely sand-covered property. A total of approximately 30 holes have been planned during the first phase. No geochemical results have been received so far.
Company President Lawrence Dick, Ph.D., P.Geo. states: “ Our exploration program in the
Incentive Stock Options
The Company announces today that it will distribute 3,000,000 incentive stock options to directors, officers, employees and consultants of the Company at a price of $1.70. These options will have a 5 year term and are subject to regulatory approval.
The Company has advised Golden Sands Exploration Inc. and AHL Holdings Ltd. that the Company has terminated the Winnemucca Property Amended and Restated Option and Royalty Agreement originally dated December 3, 2004 (announced December 6, 2004), located in
Evolving Gold Corp. is an emerging gold exploration and development company focused on building value through the acquisition and exploration of prospective gold deposits in the southwestern
Evolving has entered into an agreement with Newmont Mining Corporation concerning an exploration partnership on four prospective gold properties located within the prolific Carlin Gold Trend (see press release dated
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:
Evolving Gold Corp.
Robert Bick, CEO
robert@evolvinggold.com
Tel: (604) 685-6375
Toll Free: 1 -866-604-3864
www.evolvinggold.com
Christopher Wells: cwells@renmarkfinancial.com
James Buchanan: jbuchanan@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
OR
Excelsior Communications Inc.
Miranda Bradley, Managing Partner
miranda@excelsiorcommunications.com
Direct (416) 996-0238
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.
Not For Distribution to
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.