Evolving Gold Corp announces closing of $20 million private placements



    /NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
    UNITED STATES/

    VANCOUVER, Feb. 27 /CNW/ - Evolving Gold Corp. (TSX-V: EVG) (OTCBB:
EVOGF) (FSE:EV7) (the "Company") is pleased to announce that it closed its
previously announced brokered private placement with PI Financial Corp. (the
"Agent") for $18,000,000 (the "Brokered Private Placement") and its previously
announced non-brokered private placement of $2,000,000 (the "Non-Brokered
Private Placement"). Proceeds from the Brokered Private Placement and the
Non-Brokered Private Placement will be used for the further development of the
Company's Wyoming, New Mexico and Nevada properties, to provide initial
funding for the new precious metals company, and for general corporate
purposes.

    Brokered Private Placement

    The Brokered Private Placement consisted of the issuance of 18,000,000
units ("Units") at a price of $1.00 per Unit. Each Unit consisted of one
common share ("Share") and one-half of one common share purchase warrant. Each
whole warrant entitles the holder thereof to purchase one additional Share (a
"Warrant Share") of the Company at an exercise price of $1.50 per Warrant
Share until February 27, 2010.
    The Company paid the Agent a commission of $4,500 and 1,165,500 Units,
which in combination is equal to 6.5% of the gross proceeds of the Units sold
under the Brokered Private Placement. In addition, the Agent received
1,260,000 agent's warrants, equal in number to 7% of the number of Units sold
under the Brokered Private Placement, which will entitle the Agent to purchase
one Share at an exercise price of $1.25 per Share until February 27, 2010.

    Non-Brokered Private Placement

    The Non-Brokered Private Placement consisted of the issuance of 2,000,000
units ("Units") at a price of $1.00 per Unit. Each Unit consisted of one
common share ("Share") and one-half of one common share purchase warrant. Each
whole warrant entitles the holder thereof to purchase one additional Share (a
"Warrant Share") of the Company at an exercise price of $1.50 per Warrant
Share until February 27, 2010.
    The Company paid seven finders an aggregate commission of $39,130.00 and
62,790 Shares. In addition, the finders received an aggregate of 109,760
non-transferable finder's warrants, which will entitle the finders to purchase
one Share at an exercise price of $1.25 per Share until February 27, 2010.
    The securities issued under the Brokered Private Placement and the
Non-Brokered Private Placement are subject to a four month hold period which
will expire on June 28, 2008.

    About Evolving Gold Corp.
    -------------------------
    Evolving Gold Corp. is an emerging gold exploration and development
company focused on building value through the acquisition and exploration of
world class prospective gold prospects in the southwestern United States. The
Company is actively exploring 9 separate gold properties, primarily in known,
producing gold trends in the state of Nevada. Evolving has recently completed
first rounds of drilling at the Malone (NM) and Fisher Canyon (NV) gold
prospects (assays pending) and is currently drilling at their large Sheep
Creeks (Carlin District) and Siesta (Sleeper District) gold prospects which
Evolving has acquired by staking in north-central Nevada.
    In total, Evolving holds over 90,000 acres of exploration lands in
Nevada, Wyoming and New Mexico.
    For more information visit www.evolvinggold.com.

    On Behalf of the Board of Directors
    EVOLVING GOLD CORP.

    "Robert Bick"
    -------------
    Robert Bick
    CEO and Director

    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.





For further information:

For further information: Evolving Gold Corp., Robert Bick, CEO,
robert@evolvinggold.com, Direct (604) 639-0430, Toll Free 1-866-604-3864,
www.evolvinggold.com OR Renmark Financial Communications Inc, Christopher
Wells, cwells@renmarkfinancial.com, James Buchanan,
jbuchanan@renmarkfinancial.com, Tel., (514) 939-3989, Fax, (514) 939-3717,
www.renmarkfinancial.com OR Excelsior Communications Inc., Miranda Bradley,
Managing Partner, miranda@excelsiorcommunications.com, Cell (416) 996-0238,
www.excelsiorcommunications.com

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EVOLVING GOLD CORPORATION

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