Evolving Gold Issues Options

February 7, 2011, Vancouver, British Columbia: Evolving Gold Corp. (TSX: EVG) (FSE: EV7) (the "Company") announces that as part of its long-term incentive and retention program for directors and officers, the Board of Directors of the Company has approved the grant of 500,000 options to Charles E. Jenkins, the company's incoming Chief Financial Officer, exerciseable at $0.97 per option, and 2,000,000 options to directors and officers exerciseable at $0.94 per option.. The options granted were priced at the 5-day volume weighted average trading price of the Company's common shares on the TSX Exchange for the five trading days prior to the grant date. The options have a five year term, and vest over a period of one year from the grant date.

About Evolving Gold Corp.

Evolving Gold is focused on exploring its gold discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado, and on four gold properties in and adjacent to the productive Carlin district of northern Nevada, two of which are 100% controlled by Evolving Gold.

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.

"Robert Barker"

Robert Barker
CEO and Director

FOR MORE INFORMATION, PLEASE CONTACT:

Investor Relations:
Graham Johnstone
Tel: 778-331-2023

 

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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