Evolving Gold increased brokered private placement to $18 million and announces a $2 million non-brokered private placement



    VANCOUVER, Jan. 25 /CNW/ - Evolving Gold Corporation (the "Company") has
agreed to increase its previously announced brokered private placement. The
Company will now propose to issue up to 18.0 million units (including any
over-allotment option) at a price of $1.00 per unit for gross proceeds of up
to $18.0 million. All other terms of the brokered offering remain the same as
per the January 24, 2008 press release. PI Financial Corp has agreed to act as
agent for this offering, as amended.
    Concurrent with the brokered private placement the Company intends to
complete a non-brokered private placement of up to 2.0 million units, with
such units having the same pricing and terms as the units offered in the
brokered private placement. Gross proceeds of the non-brokered offering will
be up to $2.0 million. A finder's fee may be payable on a portion or all of
the non-brokered offering. It is anticipated that closing of the non-brokered
private placement and the brokered private placement will occur
simultaneously. All securities issued by the Company in both the brokered and
non-brokered private placements will be subject to a resale restriction for a
period of four months and one day from the date of closing.
    Proceeds from these private placements will be used to finance ongoing
drilling and other exploration activities on the Company's Nevada and Wyoming
projects and for general working capital.
    The offering is subject to receipt of all necessary approvals, including
the approval of the TSX Venture Exchange.

    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 9 separate gold properties, primarily in known,
producing gold trends in the state of Nevada. Evolving has recently completed
first rounds of drilling at the Malone (NM) and Fisher Canyon (NV) gold
prospects (assays pending) and is currently drilling at their large Sheep
Creeks (Carlin District) and Siesta (Sleeper District) gold prospects which
Evolving has acquired by staking in north-central Nevada.
    In total, Evolving holds over 90,000 acres of exploration lands in
Nevada, Wyoming and New Mexico.
    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

    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.

    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.

    Not For Distribution to U.S. Newswire Services or for Dissemination in
    The United States.

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

For further information:

For further information: Evolving Gold Corp., Robert Bick, CEO,
robert@evolvinggold.com, Direct (604) 639-0430, Toll Free 1-866-604-3864,
www.evolvinggold.com OR Renmark Financial Communications Inc, Christopher
Wells, cwells@renmarkfinancial.com; James Buchanan:
jbuchanan@renmarkfinancial.com, Tel.: (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com OR Excelsior Communications Inc. Miranda Bradley,
Managing Partner, miranda@excelsiorcommunications.com, Direct (416) 860-2509,

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