Evolving Gold Corp Closes Non-Brokered Private Placement Raising $5.62M


    VANCOUVER, Aug. 9 /CNW/ - Evolving Gold Corp. (TSX-V: EVG) (OTCBB: EVOGF)
(the "Company") is pleased to announce that it has closed a non-brokered
private placement previously announced June 25, 2007, and July 11, 2007 (the
"Private Placement"). The Private Placement is for 14,050,000 units at a price
of $0.40 per unit for gross proceeds of up to $5,620,000. The private
placement has been approved by the TSX Venture Exchange.
    Each 1 (one) unit consists of one common share of the Company ("Share")
and one half of a share purchase warrant ("Warrant"). Each whole Warrant
entitles the holder thereof to purchase one additional Share (a "Warrant
Share") of the Company at a price of $0.60 per Warrant Share until July 25,
    Finder's fees were issued in the amount of up to 10% of the proceeds in
cash and up to 7% in finder's warrants. The finder warrant is exercisable at a
price of $0.65 per share exercisable until July 25, 2009.
    Shares issued pursuant to this Private Placement, as well as any shares
issued pursuant to the exercise of the warrants, are subject to a hold period
until November 26, 2007.
    Dr Lawrence A. Dick, President, remarks, "We are pleased to have such
supportive financial partners committed to our success in Nevada. Our property
holdings in the SW United States now approximate 60,000 acres, all within
past-producing gold terrains. Our financial partners in this exciting venture
include Sprott Asset Management, Pacific International Securities, Pinetree
Capital, Tocqueville Gold Fund, Acker Finley, Stabilitas, and Prudent Global.
I feel that this combination of financial support and our technical team's
proven discovery record bodes well for the future of Evolving's exploration
    Proceeds from the Private Placement will be used to fund the continued
exploration and development, including drilling, of the Company's Malone
project in New Mexico and the Fisher Canyon, Siesta and Alpha Butte projects
in Nevada, and for general working capital purposes.

    About Evolving Gold Corp.

    Evolving Gold Corp is an emerging exploration and development company
focused on building value through the acquisition and exploration of world
class prospective gold properties primarily in the south western United
States. For more information visit www.evolvinggold.com.

    On Behalf of the Board of Directors;


    "Lawrence A. Dick"
    Dr. Lawrence A. Dick, Ph.D., P.Geo
    President and Director

    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    Webmasters: Please update Evolving Gold Corp on your site.
    We are now listed on the TSX-V, symbol EVG.

For further information:

For further information: Evolving Gold Corp., Bill Gillies, Investor
Relations, billthepilot@evolvinggold.com, Direct (604) 639-0432, Toll free
1-866-604-3864, www.evolvinggold.com OR Renmark Financial Communications Inc,
Christopher Wells: cwells@renmarkfinancial.com, Philippe Deserres:
pdeserres@renmarkfinancial.com, Tel.: (514) 939-3989, Fax: (514) 939-3717,

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