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
"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.
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
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