Evolving Gold Issues 5,555,555 Shares to Pinetree Capital Ltd.

December 31st, 2012, Vancouver, British Columbia: Evolving Gold Corp. (TSX: EVG) (FSE: EV7) (OTCQX: EVOGF) (the "Company") announces that it has entered into an agreement with Pinetree Capital Ltd. (PNP:TSX) whereby Evolving Gold has agreed to issue 5,555,555 common shares at a deemed price of $0.18 CAD per share in consideration for the issuance of 1,176,470 common shares of Pinetree Capital at a deemed price of $0.85 CAD cents per share. The transaction is expected to close by mid-January, 2013. All of the securities will be subject to a hold period of four months from the closing date of the transaction.

About Evolving Gold Corp:

Evolving Gold is focused on exploring its gold properties in and adjacent to the productive Carlin district of northern Nevada, and its gold discovery at Rattlesnake Hills, Wyoming.

For more information about Evolving Gold please visit: www.evolvinggold.com.

On Behalf of the Board of Directors


"R. Bruce Duncan"

President, CEO and Director


Investor Relations:

Tel: 604.685.6375
TF: 866.604.3864


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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