Claim Made by Director
February 25, 2010, Vancouver, British Columbia: Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the “Company”) reports today that Daniel E. Wolfus, a director of the Company, has commenced a lawsuit against the Company, in the state of California claiming fees of approximately $300,000 allegedly owed to him in respect of the Company’s recently completed private placement.
It is the Company’s position that Mr. Wolfus in his capacity as a director of the Company is not entitled to remuneration as a “finder” or broker in respect of any private placement of securities. The Company intends to defend the claim vigorously. The directors and management of the Company believe that the claim being made by Mr. Wolfus is groundless as no agreement or understanding existed to pay Mr. Wolfus a success or finder’s fee, and to do so would require the Company to contravene the TSX Venture Exchange policies.
The Company has not yet filed any defense in respect of the action and is considering with legal counsel its options in respect of jurisdiction and defenses. The directors have requested that he resign his position as a director, due to the obvious conflict of interest represented by Mr. Wolfus’ lawsuit against the Company.
About Evolving Gold Corp.
Evolving Gold is focused on exploring its significant discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado and on five gold properties in and adjacent to the productive Carlin district of northern Nevada.
In addition to its wholly owned properties in Nevada, the Company has a lease agreement with subsidiaries of Newmont Mining Corporation on four prospective gold properties (North Carlin District Properties).
For more information about Evolving Gold please visit: www.evolvinggold.com. To receive regular updates or to receive a follow-up call from Investor Relations please sign up at: http://evolvinggold.com/sign-
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
“Robert Barker”
Robert Barker
CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Evolving Gold Corp.
Robert Bick, Executive Chairman
Direct: 604 685 6375
Toll Free: 1-866-604-3864
Investor Relations:
Leo Karabelas
Tel: 416-543-3120
leo@frontlineir.com
Shiro Rae
Senergy Communications Inc.
Tel: 778 331-2095
shiro@senergyir.com
Investors can post questions and receive answers at the Evolving Gold Corp IR Hub at http://www.agoracom.com/IR/
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.