May 8th, 2012, Vancouver, British Columbia: Evolving Gold Corp. (TSX: EVG, OTCQX: EVOGF, FSE: EV7) ("Evolving Gold" or the "Company") is pleased to announce that diamond core holes CAR-016 and -017 are advancing toward the high-grade Arch Gold Target at its Carlin-Humboldt project on the Carlin Trend in north-central Nevada. This drilling targets the same horizon of silty limestones that previously returned drill intercepts of 18.3 m at 11.7 g/t Au (60 feet at 0.34 oz/t Au) in hole CAR-007, 10.1 m at 11.1 g/t Au (33 feet at 0.32 oz/t Au) in hole CAR-010 and 21.5 m at 6.6 g/t Au (71 feet at 0.19 oz/t Au) in hole CAR-010.1 (all of which were announced in previous press releases). High-grade gold encountered in holes CAR-007, CAR-010 and CAR-010.1 is believed to be proximal to a structural feeder responsible for generating the much larger volumes of lower-grade gold mineralization defined by numerous step-out drill holes at the Arch Gold Target.
Drill hole CAR-016, approximately 70 m southeast of hole CAR-007, is at a depth of approximately 750 m, and CAR-017, approximately 50 m southwest of hole CAR-007, is at a depth of approximately 850 m (please refer to plan map and sectional view of drill traces on pages 2&3). Both holes will test a complex structural zone hosting multiple intervals of high-grade gold mineralization at depths of 850-1,000 m. These holes will be completed over the next 2-3 weeks, with assays expected mid-June. A third hole, CAR-018, approximately 50 m northwest of CAR-007, has been pre-collared with a reverse circulation (RC) hole and awaits core drilling. A fourth hole, CAR-019, approximately 40 m east of CAR-007, will be pre-collared by RC drilling starting this week.
A second high-grade target approximately 700 m southeast of hole CAR-007 will be tested by a fifth hole, CAR-020. This hole is approximately 40 m northwest of hole CAR-002 which intersected 1.5 m at 11.9 g/t Au (5 feet at 0.35 oz/t Au) along with an associated wedge hole, CAR-002.3.1, that intersected 15.7 m at 5.1 g/ t Au (51.5 feet at 0.15 oz/t Au). Both intercepts were announced previously. Drilling at CAR-020 will begin following completion of the RC pre-collar at CAR-019.
Hole CAR-015, approximately 380 m south of hole CAR-007, was recently completed to a depth of 1,057.5 m. This hole encountered host-rocks similar to those in nearby holes. Assays are pending. Hole CAR-014, approximately 310 m southeast of hole CAR-007, was drilled to a depth of 1,023 m earlier this year. Although this hole encountered host rocks and alteration similar to those in nearby holes, it failed to encounter any potentially ore-grade gold mineralization. This hole did encounter long intervals of highly anomalous gold mineralization, with the highest grade interval being 3 m at 0.35 g/t Au beginning at a depth of 374 m.
The high-grade gold zones at the Arch Gold Target sit astride a prominent north-south structural zone that marks the eastern margin of the prominent "Humboldt High" gravity anomaly. Gold Standard Ventures' recently announced gold discovery at its Railroad Project, NBFZ target, sits astride a similar major north-south structure that follows the margin of a prominent gravity high. Gold Standard Ventures' Railroad Project is immediately south of Evolving's Carlin-Humboldt Project on the Carlin Trend. Drilling at the Arch Gold Target is part of Evolving Gold's fully funded $5M 2012 exploration program at Carlin-Humboldt.
As the weather improves, Evolving will construct two drill sites on its Humboldt project in preparation for drilling later this season. One drill hole will test a target on a recently recognized west-northwest-trending structural arch, similar to that found at the nearby Saddle deposit, currently being developed by a joint venture of Newmont Mining and Premier Gold Mines. A second hole will test the intersection of a prominent west-northwest-trending structure with a major north-south-trending structure. This intersection is marked by a gravity low interpreted to reflect hydrothermal alteration in rocks in the subsurface.
All drill hole averages are weighted averages, weighting each assay interval according to the core length for that assay interval. All assay intervals are included in the average, with no bottom cut-off. True widths of mineralization in these drill holes, at this stage of exploration, are not precisely known. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish.
In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.
About Evolving Gold Corp.
Evolving Gold is a well-financed gold exploration company, with a focus on large scale gold systems. Its exploration program in Nevada is focused on its extensive portfolio of property holdings that lies within and adjacent to the prolific Carlin Trend gold district in the northern part of the state. Evolving Gold is also actively advancing its gold discovery at Rattlesnake Hills, Wyoming. The Rattlesnake Hills project is in the second year of a $76 million joint venture with Agnico Eagle Mines (USA). For more information about Evolving Gold and its exploration projects please visit: www.evolvinggold.com.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
"R. Bruce Duncan"
R. Bruce Duncan
CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Tel: 604.685.6375 Ext: 1