Evolving Gold Reaches Settlement with Daniel E. Wolfus
June 17, 2010, Vancouver, British Columbia: Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") announces that on May 25, 2010, the Company and Daniel E. Wolfus reached a settlement in connection with Mr. Wolfus' claim against the Company. As a result of the settlement, Mr. Wolfus' lawsuit will be discontinued in consideration for a one-time payment of $150,000. Mr. Wolfus' claim was for services rendered to the Company in connection with its most recently completed private placement. The Company strongly believes in the merits of its defense and neither the settlement amount nor the settlement itself should be considered an admission of any liability by the Company, which agreed to the settlement for reasons related to the adverse economics and management diversion created by defending this lawsuit in California.
The Company also reports that Mr. Wolfus has resigned as a director of the Company effective immediately in order to focus his efforts on other resource issuers with which he is involved. The Company thanks Mr. Wolfus for his service as a director.
About Evolving Gold Corp.
Evolving Gold is exploring its 100 percent owned Rattlesnake Hills project in central Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado. Evolving Gold is also currently drilling on its Carlin project, in the south portion of the Carlin Trend 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/.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
CEO and Director
EVOLVING GOLD CORP.
FOR MORE INFORMATION, PLEASE CONTACT:
Evolving Gold Corp.
Direct: 604 685 6375
Toll Free: 1-866-604-3864
|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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