Evolving Gold Receives Final Payment On Sale Of Rattlesnake Hills Property
July 27th, 2016, Vancouver, British Columbia: Evolving Gold Corp. (CSE: EVG) (FSE: EV7) (OTCB: EVOGF) (the "Company") announces that it has received the final US$600,000 payment due to it from GFG Resources (US) Inc. (“GFG”) pursuant to that Asset Purchase Agreement dated July 28th, 2015 pertaining to the purchase and sale of the Rattlesnake Hills Property, Wyoming.
As previously announced, the Company has sold all of its shares of GFG, and retains no interest in GFG or the Rattlesnake Hills Property other than the following:
- a two-percent (2%) net smelter returns royalty, subject to certain exclusions; of which one-half may be acquired by GFG for US$1,000,000 at any time; and
- the right to receive an additional 1,500,000 common shares of GFG upon its determination of an aggregate mineral resource (including "inferred mineral resource") for the Rattlesnake Hills Property of at least 1,000,000 ounces of gold on or before July 28th, 2019.
Evolving Gold’s Chief Executive Officer, Mr. R. Bruce Duncan stated: “We congratulate GFG on finalizing the transaction; and look forward to their great success with the Rattlesnake Hills Project.”
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
"R. Bruce Duncan"
President, CEO and Director
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Neither Canada Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canada Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
|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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