Evolving Gold Corp. Closes $11.1 Million Private Placement Financing

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

VANCOUVER, Nov. 25 /CNW/ - Evolving Gold Corp. (TSX-V:EVG) (FSE:EV7) (the "Company" or "Evolving Gold") is pleased to announce that, further to the Company's news releases of November 3, 2009 and November 19, 2009, it has closed the previously announced brokered offering (the "Brokered Offering") of 10,711,200 units (the "Units") and non-brokered offering of 1,634,578 Units (the "Non-Brokered Offering", and together with the Brokered Offering, the "Offering") at a price of $0.90 per Unit for total gross proceeds of $11,111,200.

Each Unit consisted of one common share (a "Common Share") and one-half of one common share purchase warrant (each whole purchase warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of $1.25 until November 24, 2011.

The Non-Brokered Offering includes the fulfillment of an obligation of the Company pursuant to an option agreement with Golden Predator Mines (US) Inc. ("Golden Predator") which allows Golden Predator to participate in private placements of the Company (see press release dated August 7, 2007). Golden Predator purchased 1,234,578 Units in the Non-Brokered Offering.

The Company has paid to the underwriters, National Bank Financial Inc., Scotia Capital Inc. and PowerOne Capital Markets Limited (collectively, the "Underwriters"), a cash commission of $482,004, equal to 5.0% of the aggregate gross proceeds of the Brokered Offering. In addition, the Underwriters have received that number of warrants to purchase Units that is equal to 5.0% of the number of Units sold pursuant to the Brokered Offering, exercisable at a price of $1.25 per Unit until November 24, 2011.

The proceeds of the Offering will be used for exploration of the Company's properties and for general corporate purposes, in particular for exploration, drilling, permitting, and other studies to move the Rattlesnake Hills project in Wyoming toward prefeasibility.

"With this financing Evolving Gold is in a position to pursue an aggressive exploration program at our exciting Rattlesnake Hills project in Wyoming. We have had an exciting two years and this financing puts Evolving Gold in a position to continue to explore and develop the full value of the Rattlesnake Hills gold discovery in 2010," comments CEO, Dr. Robert Barker.

About Evolving Gold Corp.

Evolving Gold is focused on exploring its significant discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado. Evolving Gold has the option to acquire 100% of the Rattlesnake Hills project.

Evolving also has nine other gold properties in New Mexico, Nevada in the United States, and southern Nunavut in Canada. A lease agreement with subsidiaries of Newmont Mining Corporation on four prospective gold properties (North Carlin District Properties) in the prolific Carlin Trend. The Carlin property drilling described earlier in this news release is on one of these four properties.

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.

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.

    
    On Behalf of the Board of Directors
    EVOLVING GOLD CORP.

    Robert Barker
    CEO and Director
    

Cautionary Statement Regarding "Forward-Looking" Information

This news release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Forward-looking statements can often be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Specifically, this news release includes forward-looking statements regarding the Company's plans, projections, estimates and expectations. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company's ability to predict or control. These risks, uncertainties and other factors include, but are not limited to, the risks involved in the gold exploration and development industry as well as those risk factors listed in the Company's most recent financial statements and management discussion and analysis filed on SEDAR. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither the 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.: Robert Bick, Executive Chairman, robert@evolvinggold.com, Direct: (604) 685-6375, Toll Free: 1-866-604-3864, www.EvolvingGold.com; Investor Relations: Leo Karabelas, Tel: (905) 553-7992, leo@frontlineir.com; Senergy Communications Inc.: Shiro Rae, Tel: (778) 331-2095, shiro@senergyir.com; Investors can post questions and receive answers at the Evolving Gold Corp IR Hub at http://www.agoracom.com/IR/evolving

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EVOLVING GOLD CORPORATION

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