Evolving Gold Releases Final 23 Holes at Rattlesnake Hills, WY Project

  • 158 meters at 2.64 gpt Au, includes 16.8 meters at 10.31 gpt Au
  • 82 meters at 3.00 gpt Au, includes 6.1 meters at 16.97 gpt Au
  • 120 meters at 1.64 gpt Au, includes 12.2 meters at 8.25 gpt Au
  • 201 meters at 1.08 gpt Au

February 3, 2010, Vancouver, British Columbia: Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") is pleased to announce assay results from the final 23 holes from its Rattlesnake Hills, WY project.

North Stock -- Northwest Extension

These results indicate that the higher grade main zone at North Stock wraps around to the west of the intrusive plug near the center of the diatreme. Holes RSC-085 and -089 add approximately 100 meters westerly strike to this zone and indicate it remains open to the NW (please refer to http://www.evolvinggold.com for updated map, cross-sections and assay summaries).

Hole RSC-089 intersected deeper high grade intervals, 16.8 meters at 10.31 gpt Au (including 4.6 meters at 26.16 gpt Au) and 3.0 meters at 18.00 gpt Au, at depths in excess of 200 meters. These intersections indicate that high grade mineralization persists to and is open at depth.

Five new drill sites, with multiple drill holes from each site, are planned for the 2010 drill program to further define the northwest extension of the North Stock Main Zone.

North Stock Northwest Extension

North Stock Main Zone

RSC-093 intersected 6.1 meters at 16.97 gpt Au within 82.3 meters at 3.00 gpt Au and RSC-090 intersected 12.2 meters at 8.25 gpt Au within 120.4 meters at 1.64 gpt Au confirming continuity of the higher grade core zone at North Stock.

Drill results from other holes in the North Stock Main Zone continue to indicate long intervals of halo gold mineralization that outline a zone approximately 450 meters long and 250 meters wide, extending to over 500 meters at depth.

A total of 10-12 new drill sites will be added to existing drill pads for the 2010 drilling. Multiple drill holes are planned from each site, including some from the existing sites, to continue to define the North Stock Main Zone.

North Stock Main Zone

"We are very pleased with the final results from Rattlesnake," states Quinton Hennigh, President and Chief Geologist of Evolving Gold. "At North Stock, we now see a continuous zone of higher grade mineralization at least 240 meters long, and about 100 m wide and extending to depths over 300 m. This lies within a much broader volume of lower grade halo mineralization that is about 450 m long, 250 m wide and extends to depths over 500 meters. The high grade zone is open to the northwest, northeast and vertically and will be a major focus of our next drill campaign. The high grade results from holes RSC-090 and RSC-093 are also encouraging, indicating the continuation of a high grade exploration target at depth."

"The topography at Rattlesnake Hills makes grid drilling extremely difficult," Hennigh continues. "The change from truck mounted core rigs to track mounted rigs will allow for much more flexibility in targeting in 2010 and greatly improve our ability to test critical targets efficiently."

Antelope Basin -- Significant Drill Intercepts

Results from holes RSC-083 and RSC-078 confirm results from earlier drilling, with significant high grade intersections within long intervals of halo gold mineralization.

The Antelope Basin zone remains open to the east, southwest and at depth, and these potential extensions will be drill tested during 2010.

Approximately five new drill sites with multiple drill holes will be added to the existing sites to continue to define the Antelope Basin gold zone.

Antelope Basin

Property-Wide Exploration -- Significant Drill Intercepts

Drill holes RSC-075 and RSC-080 intersected new zones of strong gold mineralization in altered porphyry dikes, providing additional support for a mineralized porphyry exploration target at depth at Rattlesnake Hills.

Exploration drilling in 2010 will focus on testing two porphyry targets to the east and southeast of the North Stock Main Zone along with three other surface zones of alteration and anomalous gold west of North Stock and southwest and south of Antelope Basin.

Approximately 15-20 new drill sites will be permitted for 2010 to provide the sites needed to drill test these exploration targets.

Property Wide Exploration

"We are pleased to see continued support in these exploration drill results for the porphyry target at Rattlesnake Hills," says Hennigh. "The porphyry exploration target has major size potential, and we believe that we have only touched the edges of this target. Our interpretation is that these results suggest that a gold porphyry lies at depth and may be the major source and driver of both the North Stock and Antelope Basin gold zones."

True widths of mineralization in these drill holes at this stage of exploration are not precisely known. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish. For over limit assay results, initial assays in excess of 10.0 gpt Au, a gravimetric finish is utilized. The Company is undertaking a program of metallic screen fire assays now that all preliminary assays have been received.

A complete table of all significant assays from the 2008 and 2009 drill programs is available at 2009-summary.pdf.

About Evolving Gold Corp.

Evolving Gold is focused on exploring its significant discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado and on five gold properties in and adjacent to the productive Carlin district of northern Nevada. Evolving Gold has the option to acquire 100% of the Rattlesnake Hills project.

The Company has a lease agreement with subsidiaries of Newmont Mining Corporation on four prospective gold properties (North Carlin District Properties).

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/.

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.

On Behalf of the Board of Directors
EVOLVING GOLD CORP.

"Robert Barker"
Robert Barker
CEO and Director

FOR MORE INFORMATION, PLEASE CONTACT:

Evolving Gold Corp.
Robert Bick, Executive Chairman

Direct: 604 685 6375
Toll Free: 1-866-604-3864
www.EvolvingGold.com

Investor Relations:
Leo Karabelas
Tel: 416-543-3120


Shiro Rae
Senergy Communications Inc.
Tel: 778 331-2095


Investors can post questions and receive answers at the Evolving Gold Corp IR Hub at http://www.agoracom.com/IR/evolving
 

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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