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Evolving Gold Commences Rattlesnake Hills Phase 2 Drill Program
May 19, 09 09:09PM
VANCOUVER, May 19 - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") announces the mobilization of three drill rigs to commence the 15,000 meter (49,000 ft) Phase 2 drill program at its Rattlesnake Hills project in Wyoming. Drilling will begin within days.
The drill program will utilize three diamond rigs from Ruen Drilling. Two rigs will concentrate on the North Stock discovery. The third rig will drill Antelope Basin, South Stock and the area between North Stock and Antelope Basin.
"Our first three holes will test the western extension of the high grade zone at North Stock, the new high grade zone encountered last year at the bottom of hole RSC-006 and begin to evaluate the extent of mineralization at Antelope Basin. We are pleased to get back to work," commentsQuinton Hennigh, Chief Geologist and President of EVG.
Fisher Canyon, Nevada
The Company has entered into an agreement with John E. Watson for the sale of the Company's interest in the Fisher Canyon Property in Nevada. As consideration for its interest in this Property, the Company will receive from John E. Watson US$275,000, with US$25,000 payable immediately upon closing and US$250,000 payable in five equal annual installments over the 5 year period, plus reservation to the Company of a 3% Net Smelter Returns Royalty. In addition the Company will receive a 5% initial equity share interest in any entity holding the Fisher Canyon Property. The Company will be offered, but shall not be obliged to participate in up to 10% of any public or private debt or equity financings for the five year period, on the same terms offered to other participants.
The aforementioned agreement is subject to TSX Venture approval.
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 8 other 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).
Evolving Gold has approximately $17 million in Treasury.
For more information about Evolving Gold Corp please visit: www.evolvinggold.com.
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.
On Behalf of the Board of Directors EVOLVING GOLD CORP.
----------------- Robert Barker CEO and Director
Investors can post questions and receive answers or review questions and answers posted by other investors at the Evolving Gold Corp. IR Hub at
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.
For further information: Evolving Gold Corp., Robert Bick, Executive Chairman, firstname.lastname@example.org, Direct: (604) 685-6375, Toll Free: 1-866-604-3864, www.EvolvingGold.com