Evolving Gold Finalizes Joint Venture On the Rattlesnake Hills Gold Project in Wyoming
June 27, 2011, Vancouver, British Columbia: Evolving Gold Corp. (TSX: EVG) (FSE: EV7) (the "Company") reports that, it has entered into definitive agreements with Agnico-Eagle Mines Limited and its operating subsidiaries (collectively "Agnico-Eagle") with respect to the Company's Rattlesnake Hills project in Wyoming, USA.
Evolving Gold and Agnico--Eagle have executed the definitive Joint Venture agreement, an Exploration Services agreement and a Subscription agreement on the terms of the non-binding Letter Agreement dated May 9, 2011. Under these agreements, Agnico-Eagle has the option to earn up to a 70% interest in the Rattlesnake Hills project over a seven year period. Requirements to earn the 70% interest include a total of US$12 million in cash payments to EVG, the purchase of C$23 million of the common shares of EVG, and exploration and development expenditures of US$41 million. The Company is carried through to completion of a feasibility study. The agreements are subject to final approval by the TSX exchange.
"Even before the ink was dry on the definitive agreements, we have cooperated on a seamless start up to this year's exploration program. Additional drill pads have been constructed, and two core rigs are expected on site in the second week of July", comments William Gee, CEO of the Company. "We are excited about the potential of this fully-funded program at Rattlesnake, as well as the flexibility the Rattlesnake relationship provides for Evolving Gold to focus its exploration attention on the exceptional gold discovery potential of its properties in Nevada."
About Evolving Gold Corp.
Evolving Gold is focused on exploring its four gold properties in and adjacent to the productive Carlin district of northern Nevada, and on its gold discovery at Rattlesnake Hills, Wyoming. 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.
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
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|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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