In c2677 transmitted at 13:09e today, an error occured in the seventh
paragraph. The link to the corporate presentation is wrong and should
have been "http://www.evolvinggold.com/assets/files/pdf/evgpresentation9may2011.pdf" not "http://www.evolvinggold.com/assets/files/pdf/evg_ppt_april19_2011.pdf". Corrected copy follows:
Evolving Gold and Agnico-Eagle to Joint Venture Rattlesnake Hills
Project in Wyoming
VANCOUVER, May 9 /CNW/ - Evolving Gold Corp. (TSX: EVG) (FSE: EV7) (the "Company") is pleased to announce that it has signed a Letter Agreement with a
subsidiary of Agnico-Eagle Mines Ltd. to form a joint venture on its
Rattlesnake Hills project in Wyoming.
Under the terms of the Letter Agreement, Agnico-Eagle (USA) Ltd.
(Agnico-Eagle) has the option to earn up to a 70% interest in the
Rattlesnake Hills project by carrying Evolving Gold through completion
of a feasibility study. In order to earn a 70% interest over a
seven-year period Agnico-Eagle is required to make payments to EVG
totaling $12 million, to purchase $23 million in the common shares of
EVG, and to expend a minimum of $41 million on exploration/development
work on the project.
"The partnership with Agnico-Eagle will provide the Rattlesnake Hills
project with the financial strength required for sustained exploration
and development programs," comments Bill Gee, CEO of Evolving Gold.
"Agnico-Eagle also brings experience and expertise for successful mine
development. This agreement provides $76 million in benefits to the
Company and to the project, while Evolving Gold retains fully-funded
exposure to the project's exploration potential and development
success, all with minimal shareholder dilution."
"A joint venture at Rattlesnake is a significant and positive step in
the Company's strategy for providing shareholder returns", continues
Mr. Gee. "This agreement allows the Company to focus on its core
strength, the discovery of major new gold deposits. With this agreement
now in place, Evolving Gold plans to focus its assets and expertise on
the exceptional opportunity for a major gold discovery on the prolific
Carlin Trend and on our other properties in Nevada."
Under the terms of the Letter Agreement, a binding joint venture
agreement is to be completed by June 1st, 2011, with a drill program ensuing shortly after. Agnico-Eagle's
minimum work expenditure for the first year is $3 million. The 2011
exploration program will include drilling extensions of the two main
gold zones, drilling targets between these two zones, testing
previously identified targets in the core area, and a regional program
to define additional drill targets on the large Rattlesnake Hills
"We are pleased with Agnico-Eagle's enthusiasm for the Rattlesnake Hills
project, and our exploration team looks forward to supporting its
efforts and providing continuity during the transition to a joint
venture program," remarks Quinton Hennigh, President and Chief
Geologist of Evolving Gold.
On the Company's website an updated corporate presentation is available
containing additional discussion on the Rattlesnake agreement and its
impact on our exploration strategy going forward. Please click here to
view it: http://www.evolvinggold.com/assets/files/pdf/evgpresentation9may2011.pdf.
About Evolving Gold Corp.
Evolving Gold is focused on exploring its four gold properties in and
adjacent to the productive Carlin district of northern Nevada, and on
its gold discovery at Rattlesnake Hills, Wyoming. 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 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-up.php.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
CEO and Director
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, except as required by law. We seek safe harbour.
SOURCE Evolving Gold Corporation
For further information: