Evolving Gold Raises $900,000 Through Warrant Exercises, Dr. William F. Lindqvist Appointed to EVG Board

    VANCOUVER, May 4 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the
"Company") announces that it has issued 2,724,453 common shares pursuant to
the exercise of warrants, for total proceeds to the Company of $926,399. The
warrants were issued in connection with historic financing transactions
undertaken by the Company. An additional 6,746,514 warrants expired in April
without being exercised.
    Currently 19,100,014 warrants, at an exercise price ranging from $0.60 to
$1.50 and averaging approximately $1.15 per warrant, remain outstanding.
Following the recent warrant exercised, the total number of issued and
outstanding common shares of the Company is 83,772,180.
    The additional funds derived from the warrant exercise, coupled with
significant pre-existing cash reserves, place the Company in a strong position
to assess and secure strategic opportunities and to complete exploration
programs and drilling work, including a significant program on the Company's
discovery property at Rattlesnake Hills in Wyoming.
    CEO, Dr Robert Barker commented: "I wish to thank warrant holders for
their continuing confidence in Evolving. With the drill season at Rattlesnake
Hills due to begin, we look forward to reporting additional results over the
next few months."
    The Board of Directors is pleased to announce the appointment of Dr.
William F. Lindqvist as independent director of the Company's Board replacing
William F. Sheriff who resigned his Board Position. The Board and Management
of the Company wish to express their appreciation for the William Sheriff's
significant contribution as Director of the Company and welcome Dr. Lindqvist
to the Board.
    CEO, Dr. Robert Barker comments on Dr. Lindqvist, "I have had the
pleasure of working closely with Bill Lindqvist over many years. I have the
greatest respect for his geological acumen. Bill is a thoughtful, careful
manager. He is an excellent conceptual geologist, with a broad view of
exploration potential set in a business context. As Evolving is expands its
horizons, Bill is a great addition to our team"

    William F. Lindqvist, Ph.D

    Dr. Lindqvist has extensive exploration experience in North and South
America, Australia, Indonesia, Eastern Europe and parts of Asia and Africa. He
has participated in discoveries around the world - Chimney Creek, Mule Canyon,
Ruby Hill, Gold Hill gold deposits in Nevada; Mesquite gold deposit,
California; Shafter silver deposit, Texas; Ortiz gold deposit, New Mexico;
Extensions of Eskay Creek gold-silver massive sulfide deposit, British
Columbia; Jeronimo gold manto, northern Chile; Gosowong bonanza epithermal
gold deposit, Indonesia; Cadia East gold-copper deposit, Just-in-Case & Telfer
Deeps gold deposits, Australia; and Sappes gold deposits, Greece. He has spent
his long and distinguished career primarily with Gold Fields Mining Corp and
Homestake Mining Company (acquire by Barrick Gold Corporation in 2000). He is
presently a director of Gallant Minerals Ltd, Plutonic Power Corporation,
Uruguay Minerals Exploration Inc., Solomon Resources Inc. and EcuaGold
Resources Inc. Dr. Lindqvist has a Ph.D in Applied Geology from the Royal
School of Mines, London.

    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 8 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 Gold Trend (see press release 12/5/2007).
    For more information about Evolving Gold Corp please visit:

    On Behalf of the Board of Directors

    Robert Barker
    CEO and Director

    Investors can post questions and receive answers or review questions and
answers posted by other investors at the Evolving Gold Corp. IR Hub at
http://www.agoracom.com/IR/evolving. Investors can also e-mail
evg@agoracom.com with questions and correspondence or request to be added to
the investor email list to receive all future press releases and updates in
real time.

    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

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