Evolving Gold Mobilizes 4th Core Drill Rig
to Expand High Grade Zone at Rattlesnake Hills
July 23, 2009, Vancouver, British Columbia: Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the “Company”) is pleased to announce that it is mobilizing a fourth core drill rig at Rattlesnake to define the true width and size potential of the high grade gold mineralization. The Company has an option to acquire 100% of the Rattlesnake Hills property.
With the recent exercise of a portion of the outstanding warrants, the Company now has approximately $18 million in its Treasury allowing it to aggressively explore and advance this project.
• The recent intersection of 67.1 meters at 10.8 gpt Au in drill hole RSC-020 has expanded the high grade zone of mineralization at Rattlesnake approximately 145 meters southwest of the high grade previously reported in RSC-007 and RSC-003.
• The fourth drill rig will be focused on offset drilling to better define the true width and size potential of the high grade gold mineralization at Rattlesnake.
• Two other drill rigs will continue to focus on North Stock, to test other targets and to better define the geometry, size and grade of the bulk tonnage gold mineralization.
• One drill rig will continue to test the gold mineralization in the Antelope Basin and South Stock areas, up to one kilometer south of the North Stock target.
• Consultations with the permitting authorities in Wyoming have indicated that the fourth drill rig is within the scope of our current permit. The added rig is on the property and drilling.
“This fourth drill rig will allow us to continue with our overall drilling plans, while giving us the capacity to properly define the high grade gold mineralization at Rattlesnake and offset the existing high grade intersections,” says Quinton Hennigh, President and Chief Geologist. “This will allow us to effectively explore the exciting high grade portion of this major gold system. We hope to drill 25,000 meters at Rattlesnake this year, an increase of 10,000 meters over our original plan.”
Robert Barker, CEO, adds, “It is critical in our drill program that we properly test both the high grade and the bulk tonnage targets at Rattlesnake. This added drill rig will help ensure that we have enough information by the end of the drill season on both of these gold targets to complete a scoping study and a preliminary resource estimate by the first quarter of 2010.”
About Evolving Gold Corp.
Evolving Gold is focused on its discovery property – Rattlesnake Hills, Wyoming. Evolving has the option to acquire 100% of the Rattlesnake Hills project.
Evolving also has gold properties in New Mexico and Nevada including a lease agreement with Newmont Mining Corporation on four prospective gold properties (North Carlin District Properties) located within the prolific Carlin Gold Trend (see press release 12/5/2007).
In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.
For more information about Evolving Gold Corp please visit: www.evolvinggold.com. To receive regular updates from EVG or to receive a follow-up call from Investor Relations please sign up at: http://evolvinggold.com/sign-up.php
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
_________________
Robert Barker
CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Evolving Gold Corp.
Robert Bick, Executive Chairman
robert@evolvinggold.com
Direct: 604 685 6375
Toll Free: 1-866-604-3864
www.EvolvingGold.com
Investor Relations:
First Canadian Capital Corp.
Leo Karabelas
Tel: 416 742-5600 ext. 235
lkarabelas@firstcanadiancapital.com
Senergy Communications Inc.
Shiro Rae
Tel: 778 331-2097
shiro@senergyir.com
Investors can post questions and receive answers at the Evolving Gold Corp IR Hub at
http://www.agoracom.com/IR/evolving
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company’s actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.