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VANCOUVER, Jan. 10 /CNW/ - Evolving Gold Corp. (TSX-V:EVG) (OTCBB: EVOGF)
(FSE:EV7) (the "Company" or "Evolving") is pleased to announce its exploration
progress to date and plans for its 2008 program of exploration drilling on its
portfolio of gold projects in the south-west United States. In total, the
Company controls approximately 100,000 acres of exploration lands, mainly in
Drilling has begun on the Company's Siesta gold/silver project,
immediately south of the Sleeper gold deposit in Humboldt County, Nevada and
the Company will release an update on the same as soon as results become
available. In addition, the first-phase drill programs at the Malone (New
Mexico) and Fisher Canyon (Humboldt Range, Nevada) prospects have recently
been completed (assays are pending on both) and drilling at the Company's
Sheep Creeks project near the Carlin Trend in Nevada is ongoing.
The Company's exploration plans call for the continuous drilling of its
entire portfolio of gold prospects in south-west United States throughout 2008
and such exploration plans will use at a minimum the three drill rigs
currently in operation. Drilling is also set to begin on the Company's Carlin
District properties. Such properties are being explored as part of an earn-in
agreement from Newmont Mining Corporation as previously announced in the
Company's news release dated December 5, 2007.
Evolving's Vice President of Exploration, Dr. Quinton Hennigh states: "We
are extremely excited to have begun drill testing our portfolio of gold
prospects in Nevada and New Mexico. 2007 was a year of property acquisition,
establishing a portfolio of projects based on sound geological criteria as a
foundation towards our goal of discovering potentially world-class gold
deposits in one of the world's most gold-endowed regions. In contrast, 2008
will be a year of drilling and generating news for our shareholders."
Siesta Gold/Silver Project (Nevada)
Drilling began January 7 at the Company's 14,000 acre Siesta gold/silver
project. The Siesta property, which was staked and is controlled 100 percent
by the Company is located immediately south of the high-grade Sleeper
epithermal gold/silver deposit in Humboldt County, Nevada. It covers
approximately 18 kilometers of strike length of favorable host rocks between
Sleeper to the north and the new discoveries at Sandman (Fronteer Development
Group Inc.) to the south. Sleeper was the highest-grade epithermal gold
deposit discovered in Nevada.
To date, the covered property has been explored by gravity, magnetic, and
induced polarization (IP) surveys, and multiple drill targets have been
generated, based on structural and alteration criteria.
The reverse circulation drill is currently on site, and ready to initiate
the program. The planned program will include approximately 34 holes on
multiple targets as a first phase with holes averaging over 150 meters in
Sheep Creeks (Nevada) Project
Reverse circulation drilling at the Company's approximately 50,000 acre
Sheep Creeks project, located near the Carlin trend in north-central Nevada,
was initiated in late November and is ongoing. The first hole was partially
completed to 463 meters but was stopped short of the planned depth of
approximately 550 meters due to mechanical problems.
The first hole has been partially twinned and cased by the reverse
circulation rig, and will be completed by conventional diamond drilling to the
planned final depth. At least 2,000 additional meters of drilling is planned
in the vicinity of the first hole using reverse circulation pre-collaring to
depths of 200 to 300 meters and diamond drilling to complete the holes. Both
the reverse circulation and diamond drills are currently operating on the
The objective at Sheep Creeks project is to assess the Company's geologic
model which anticipates a northern continuation of the prolific Carlin trend
of gold deposits.
Malone Gold Project (New Mexico)
Diamond drilling at the Malone gold project in New Mexico was completed
on January 2, 2008. Approximately 850 meters of drilling were completed in
9 holes, to depths of up to 183 meters. All holes targeted vein and stock work
gold-silver mineralization in crystalline basement rocks, which is exposed at
surface and which was mined historically on a small scale.
Fisher Canyon Project (Nevada)
The first phase of drilling at the Fisher Canyon project, located on the
eastern flank of the prolific Humboldt Range in north-central Nevada was
completed on December 17, 2007. A total of approximately 1000 meters were
completed in 13 shallow holes ranging between 40 meters and 137 meters deep
along a strike length of approximately 500 meters. The purpose of the shallow
drilling was to test a gold-silver-mineralized calcareous shale horizon which
was discovered cropping out at surface on the property. Drill samples have
been submitted for assay and results are pending.
Three additional Newmont earn-in properties including Boulder Valley,
Carlin and Cottonwood will be drilled during 2008 include the four land
packages recently acquired from Newmont Mining Corporation (the
"Evolving-Newmont earn-in properties") in the prolific Carlin trend (see the
Company's news release dated December 5, 2007) and the Rattlesnake gold
prospect located in Wyoming.
The Evolving-Newmont earn-in properties include approximately
30,000 acres of exploration ground along the prolific Carlin gold trend. Also
included in the Newmont earn-in properties are approximately 10,500 acres
which adjoins the Company's Sheep Creeks project. Collectively, the Sheep
Creeks property gives the Company the opportunity to test several critical
geophysical anomalies that the Company's geological team suggests may
represent "pieces" of the Carlin trend that became dismembered during younger,
At the Winnemucca Mountain gold project located in Humboldt County, near
the town of Winnemucca, Nevada, Meridian Gold Company has terminated their
earn-in agreement with the Company as of December 28, 2007.
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 gold properties, primarily in known, producing
gold trends in the state of Nevada.
The Company recently signed a letter of intent to enter into an agreement
with Newmont Mining Corporation concerning an exploration partnership on four
prospective gold properties located within the prolific Carlin Gold Trend
(please see the Company's press release dated October 2, 2007). In total, the
Company holds over 100,000 acres of exploration lands in Nevada, Wyoming and
In compliance with National Instrument 43-101 ("NI 43-101") Lawrence A.
Dick, Ph.D., P.Geo. is the Qualified Person responsible for the accuracy of
this news release.
For more information visit www.evolvinggold.com.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
Lawrence A. Dick, Ph.D., P.Geo.
President and Director
FORWARD LOOKING STATEMENTS: This document includes forward-looking
statements as well as historical information. Forward-looking statements
include, but are not limited to the continued advancement of Evolving's
general business development, research development and/or Evolving's
development of mineral exploration projects. When used in this document, the
words "anticipate", "believe", "estimate", "expect", "intent", "may",
"project", "plan", "should" and similar expressions are intended to be among
the statements that identify forward-looking statements. Although Evolving
Gold Corp. believes that their expectations reflected in these forward looking
statements are reasonable, such statements involve risks and uncertainties and
no assurance can be given that actual results will be consistent with these
forward-looking statement. Important factors that could cause actual results
to differ from these forward-looking statements include the potential that
Evolving's mineral deposit(s), fluctuations in the marketplace for the sale of
minerals, the inability to implement corporate strategies, the ability to
obtain financing and other risks disclosed in our annual report on Form 20F
filed with the U.S. Securities and Exchange Commission and filings made with
the British Columbia Securities Commission.
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The United States
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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