VANCOUVER, June 17 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") announces that on May 25, 2010, the Company and Daniel E. Wolfus reached a settlement in connection with Mr. Wolfus' claim against the Company. As a result of the settlement, Mr. Wolfus' lawsuit will be discontinued in consideration for a one-time payment of $150,000. Mr. Wolfus' claim was for services rendered to the Company in connection with its most recently completed private placement. The Company strongly believes in the merits of its defense and neither the settlement amount nor the settlement itself should be considered an admission of any liability by the Company, which agreed to the settlement for reasons related to the adverse economics and management diversion created by defending this lawsuit in California.
The Company also reports that Mr. Wolfus has resigned as a director of the Company effective immediately in order to focus his efforts on other resource issuers with which he is involved. The Company thanks Mr. Wolfus for his service as a director.
About Evolving Gold Corp.
Evolving Gold is exploring its 100 percent owned Rattlesnake Hills project in central Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado. Evolving Gold is also currently drilling on its Carlin project, in the south portion of the Carlin Trend of northern Nevada.
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
EVOLVING GOLD CORP.
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.
SOURCE EVOLVING GOLD CORPORATION
For further information: For further information: Evolving Gold Corp., Direct: 604 685 6375, Toll Free: 1-866-604-3864, www.EvolvingGold.com; Investor Relations: Leo Karabelas, Tel: 416-543-3120, firstname.lastname@example.org