Evolving Gold Completes Private Placement with Goldcorp Inc. Issues 19,047,721 Shares at $0.82 Per Share

July 9, 2010, Vancouver, British Columbia: Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") is pleased to announce today that it has completed the previously announced (July 7, 2010) private placement with Goldcorp Inc. (TSX: G, NYSE: GG) for 19,047,721 common shares of the Company, at a price of $0.82 per share, for proceeds to the Company of $15,619,131.22. The proceeds from the private placement are to be used to explore the Company's major exploration properties, the Rattlesnake Hills project in Wyoming and Carlin and Humboldt projects in Nevada.

The private placement has been completed at $0.82 per share, and it represents approximately 15% of the issued and outstanding common shares of the Company, for proceeds to the Company of $15,619,131.22. There are neither warrants nor other dilutive securities being issued, and no commissions nor finder's fees have been paid, in connection with the transaction. The shares are subject to a statutory four month hold period from the closing of the transaction. The transaction has been approved by the TSX Venture Exchange. Pursuant to the terms of the private placement, Goldcorp Inc. has the right, subject to certain conditions, to participate in future equity financings and certain non-cash transactions undertaken by the Company to maintain its relative interest in the Company, for a period of up to five years.

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 gold properties in and adjacent to the productive Carlin district of northern Nevada.

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/.

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.

On Behalf of the Board of Directors
EVOLVING GOLD CORP.

"Robert Barker"
Robert Barker
CEO and Director

FOR MORE INFORMATION, PLEASE CONTACT:

Evolving Gold Corp.
604-685-6375
 

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).
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