VANCOUVER, May 19 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the
"Company") announces the mobilization of three drill rigs to commence the
15,000 meter (49,000 ft) Phase 2 drill program at its Rattlesnake Hills
project in Wyoming. Drilling will begin within days.
The drill program will utilize three diamond rigs from Ruen Drilling. Two
rigs will concentrate on the North Stock discovery. The third rig will drill
Antelope Basin, South Stock and the area between North Stock and Antelope
"Our first three holes will test the western extension of the high grade
zone at North Stock, the new high grade zone encountered last year at the
bottom of hole RSC-006 and begin to evaluate the extent of mineralization at
Antelope Basin. We are pleased to get back to work," comments Quinton Hennigh,
Chief Geologist and President of EVG.
Fisher Canyon, Nevada
The Company has entered into an agreement with John E. Watson for the
sale of the Company's interest in the Fisher Canyon Property in Nevada. As
consideration for its interest in this Property, the Company will receive from
John E. Watson US$275,000, with US$25,000 payable immediately upon closing and
US$250,000 payable in five equal annual installments over the 5 year period,
plus reservation to the Company of a 3% Net Smelter Returns Royalty. In
addition the Company will receive a 5% initial equity share interest in any
entity holding the Fisher Canyon Property. The Company will be offered, but
shall not be obliged to participate in up to 10% of any public or private debt
or equity financings for the five year period, on the same terms offered to
The aforementioned agreement is subject to TSX Venture approval.
About Evolving Gold Corp.
Evolving Gold is focused on its discovery property - Rattlesnake Hills,
Wyoming. Evolving has the option to acquire 100% of the Rattlesnake Hills
Evolving also has 8 other gold properties in New Mexico and Nevada
including a lease agreement with Newmont Mining Corporation on four
prospective gold properties (North Carlin District Properties) located within
the prolific Carlin Gold Trend (see press release 12/5/2007).
Evolving Gold has approximately $17 million in Treasury.
For more information about Evolving Gold Corp please visit:
In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D.,
P.Geo., is the Qualified Person responsible for the accuracy of this news
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
CEO and Director
Investors can post questions and receive answers or review questions and
answers posted by other investors at the Evolving Gold Corp. IR Hub at
http://www.agoracom.com/IR/evolving. Investors can also e-mail
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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.
For further information:
For further information: Evolving Gold Corp., Robert Bick, Executive
Chairman, email@example.com, Direct: (604) 685-6375, Toll Free: