Evolving Gold Finalizes Joint Venture On the Rattlesnake Hills Gold Project in Wyoming

VANCOUVER, June 27, 2011 /CNW/ - Evolving Gold Corp. (TSX: EVG) (FSE: EV7) (the "Company") reports that, it has entered into definitive agreements with Agnico-Eagle Mines Limited and its operating subsidiaries (collectively "Agnico-Eagle") with respect to the Company's Rattlesnake Hills project in Wyoming, USA.

Evolving Gold and Agnico-Eagle have executed the definitive Joint Venture agreement, an Exploration Services agreement and a Subscription agreement on the terms of the non-binding Letter Agreement dated May 9, 2011. Under these agreements, Agnico-Eagle has the option to earn up to a 70% interest in the Rattlesnake Hills project over a seven year period.  Requirements to earn the 70% interest include a total of US$12 million in cash payments to EVG, the purchase of C$23 million of the common shares of EVG, and exploration and development expenditures of US$41 million. The Company is carried through to completion of a feasibility study. The agreements are subject to final approval by the TSX exchange.

"Even before the ink was dry on the definitive agreements, we have cooperated on a seamless start up to this year's exploration program.  Additional drill pads have been constructed, and two core rigs are expected on site in the second week of July", comments William Gee, CEO of the Company.  "We are excited about the potential of this fully-funded program at Rattlesnake, as well as the flexibility the Rattlesnake relationship provides for Evolving Gold to focus its exploration attention on the exceptional gold discovery potential of its properties in Nevada."

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.

"William Gee"
William Gee
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:

Investor Relations:
Graham Johnstone
Tel: 778-331-2023
info@evolvinggold.com

Profil de l'entreprise

Evolving Gold Corporation

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.