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VANCOUVER, Oct. 18 /CNW/ - Evolving Gold Corp. (TSX-V:EVG) (OTCBB: EVOGF)
(FSE:EV7) (the "Company") is pleased to announce the initiation of diamond
drilling at the Company's 100 percent-owned Malone gold prospect. Malone is
located in the southwestern part of the State of New Mexico, U.S.A., in Grant
County, approximately 20 km northeast of the town of Lordsburg and 17 km
southwest of the Tyrone porphyry copper deposit. Approximately 1,500 meters of
drilling are planned in six holes for the first phase program.
Dr. Lawrence A. Dick, President of Evolving states: "The Malone drilling
marks the beginning of a very aggressive drilling program that will involve
both core and reverse circulation drill testing of many of our gold and silver
prospects in the southwest United States, including at least six projects in
Nevada, between now and the end of 2008".
Gold mineralization at Malone is hosted in highly-fractured crystalline
basement rocks and shares geological similarities to a number of other,
significant gold deposits defining a broad linear zone trending across New
Mexico, Arizona, southeastern California and northern Sonora. The property,
which contains historic underground workings and saw limited, small-scale
production beginning in 1884, consists of 80 unpatented mining claims covering
about 1,500 acres. The property was acquired by Newmont Mining Corporation in
2004, who carried out limited surface exploration. Evolving purchased the
claims in 2006 from Newmont, the latter retaining a 2% net smelter royalty
Surface, geochemical rock chip sampling by Newmont and later by Evolving
has shown that gold and silver mineralization is hosted by planar quartz
veins, irregular quartz stockworks, and stringer zones. Of the 233 rock chip
samples collected by Newmont geologists over the property, 33 samples
contained between 1 and 23 grams per tonne (gpt) gold, while 25 samples
contained between 0.5 and 1.0 gpt gold. The target at Malone is a bulk tonnage
deposit amenable to open pit mining.
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 prospects in the southwestern United States, in
particular Nevada. The Company is actively exploring 12 separate gold
properties, primarily in the state of Nevada.
Evolving recently signed an LOI to enter into an agreement with Newmont
Mining Corporation concerning an exploration partnership on four prospective
gold properties located within the Carlin Gold Trend (see press release dated
October 2, 2007 http://tinyurl.com/39g2or). In total, Evolving holds over
100,000 acres of exploration lands in Nevada, Wyoming and New Mexico. Drilling
on the Company's Nevada properties is scheduled to begin in November.
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 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.
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., Bill Gillies, Investor
Relations, firstname.lastname@example.org, Direct (604) 639-0432, Toll free
1-866-604-3864, www.evolvinggold.com; Or Renmark Financial Communications Inc,
Christopher Wells: email@example.com, James Buchanan:
firstname.lastname@example.org, Tel.: (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com; Or Excelsior Communications Inc., Miranda Bradley,
Managing Partner, email@example.com, Direct (416) 860-2509,