Evolving Gold Raises $4.9 Million through Warrant Exercises

    VANCOUVER, Aug. 5 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the
"Company") is pleased to announce that in July it received total proceeds of
$4,893,988 from the exercise of 7,326,500 warrants into common shares at
exercise prices ranging from $0.60 to $1.50. Following this exercise of
warrants, the Company has a total of 91,954,558 shares issued and outstanding.
An additional 519,825 warrants expired in July without being exercised, and
currently 11,253,689 warrants, with exercise prices ranging from $1.25 to
$1.50 remain outstanding.
    The additional funds derived from this exercise of warrants, coupled with
significant pre-existing cash reserves, place the Company in a strong position
to continue a major drilling program and other exploration work at the
Rattlesnake Hills discovery in Wyoming, to continue drilling and other
exploration activities in Carlin, Nevada, and to continue to assess and secure
other potential strategic opportunities.
    The Company presently holds approximately $19 million in its Treasury
after paying drilling and other exploration costs incurred to date.
    In addition, Evolving Gold announces that it has completed the
acquisition of the Kiyuk gold property in southern Nunavut, Canada comprised
of 88 claims and 77,913 ha (192,528 acres). The terms of the agreement call
for the payment of $350,000 and 250,000 shares of Evolving Gold stock over a
period of five years. An NSR royalty of 2.0% can be bought down to 0.0% with
the payment of US$2.0 million for each percentage point of NSR.

    About Evolving Gold Corp.

    Evolving Gold is focused on its discovery property - Rattlesnake Hills,
Wyoming. Evolving has the option to acquire 100% of the Rattlesnake Hills
    Evolving also has eight other gold properties in New Mexico and Nevada
including a lease agreement with Newmont Mining Corporation on four
prospective gold properties (North Carlin District Properties) located within
the prolific Carlin Trend (see press release 12/5/2007).
    For more information about Evolving Gold Corp please visit:
www.evolvinggold.com. To receive regular updates from EVG or to receive a
follow-up call from Investor Relations please sign up at:
    In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D.,
P.Geo, is the Qualified Person responsible for the accuracy of this news

    On Behalf of the Board of Directors

    Robert Barker
    CEO and Director

    FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements, which address future events and conditions, which are subject to
various risks and uncertainties. The Company's actual results and financial
position could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of which may
be beyond the Company's control. These factors include: results of exploration
activities and development of mineral properties, fluctuations in the
marketplace for the sale of minerals, the inability to implement corporate
strategies, the ability to obtain financing, currency fluctuations, general
market and industry conditions and other risks disclosed in the Company's
filings with Canadian Securities Regulators.
    Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. The Company
expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise.
    Neither 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.

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: First Canadian
Capital Corp., Leo Karabelas, Tel: (416) 742-5600 ext. 235,
lkarabelas@firstcanadiancapital.com; Senergy Communications Inc., Shiro Rae,
Tel: (778) 331-2097, shiro@senergyir.com; Investors can post questions and
receive answers at the Evolving Gold Corp IR Hub at

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