February 25, 2010, Vancouver, British Columbia: Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") reports today that Daniel E. Wolfus, a director of the Company, has commenced a lawsuit against the Company, in the state of California claiming fees of approximately $300,000 allegedly owed to him in respect of the Company's recently completed private placement.
It is the Company's position that Mr. Wolfus in his capacity as a director of the Company is not entitled to remuneration as a "finder" or broker in respect of any private placement of securities. The Company intends to defend the claim vigorously. The directors and management of the Company believe that the claim being made by Mr. Wolfus is groundless as no agreement or understanding existed to pay Mr. Wolfus a success or finder's fee, and to do so would require the Company to contravene the TSX Venture Exchange policies.
The Company has not yet filed any defense in respect of the action and is considering with legal counsel its options in respect of jurisdiction and defenses. The directors have requested that he resign his position as a director, due to the obvious conflict of interest represented by Mr. Wolfus' lawsuit against the Company.
About Evolving Gold Corp.
Evolving Gold is focused on exploring its significant discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado and on five gold properties in and adjacent to the productive Carlin district of northern Nevada.
In addition to its wholly owned properties in Nevada, the Company has a lease agreement with subsidiaries of Newmont Mining Corporation on four prospective gold properties (North Carlin District Properties).
For more information about Evolving Gold please visit: www.evolvinggold.com. To receive regular updates or to receive a follow-up call from Investor Relations please sign up at: http://www.evolvinggold.com/.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Evolving Gold Corp.
Robert Bick, Executive Chairman
Direct: 604 685 6375
Toll Free: 1-866-604-3864
Senergy Communications Inc.
Tel: 778 331-2095
Investors can post questions and receive answers at the Evolving Gold Corp IR Hub at http://www.agoracom.com/IR/evolving
|FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
|Previous Post: Evolving Gold Intersects High Grade Gold in Multiple Zones at its Carlin, NV Project
|Next Post: Evolving Gold Update
|Back to the main News Releases page