Evolving Gold Update

  • 20,000 m Drill Program Planned for Late May at Rattlesnake Hills, WY
  • Drilling Continues at the Carlin, Nevada Project
  • Rattlesnake Hills 43-101 Technical Report Expected in May

April 15, 2010, Vancouver, British Columbia: Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") is pleased to provide an update on its Rattlesnake Hills, WY and Carlin, NV projects.

Rattlesnake Hills -- 2010 Drill Program

 

  • 2010 program planned to commence in late May, 2010
  • At least 20,000 meters of drilling using three track-mounted core rigs to provide more flexibility in targeting
  • Five new exploration targets will be tested.
  • The main porphyry target will be tested with additional drill holes

- Drilling is expected to be 45% extensions of known zones and 65% exploration of new zones

- Approximately 40 new drill pads are planned at North Stock, Antelope Basin and five exploration targets.

Rattlesnake Hills -- Insights from Drilling to Date

- Drilling to date has defined a large volume of bulk halo mineralization with high gold grades along structures.

- The North Stock system is open along strike to the NE and SW, and appears to bend to the NW as it wraps around a phonolite plug and is open at depth. High grades in several holes continue to depths in excess of 250 m.

- North Stock was drilled as a bulk tonnage target with drill spacing too wide to adequately define the high grade structures and veins. However, a core area within the halo mineralization, roughly 250 m long, 100 m wide and persisting to at least 300 m depth, is the focus of drill intersections with grades typically in excess of 2 gpt Au.

- The higher grade zone at Antelope Basin dips shallowly to the NW and is open along strike to the SW, NE and at depth. Numerous intercepts of mineralized porphyry dikes, especially to the SE of North Stock, are interpreted as indicating an exploration target of a gold porphyry at depth in this area. There is growing information connecting the gold porphyries to the higher grade mineralization at North Stock. The Company interprets the mineralized porphyries as potentially major drivers for the gold mineralization at Rattlesnake Hills. The Company plans to test this target with 3-4 deeper core holes in 2010.The geophysical program during summer of 2009, especially CSAMT, coupled with surface mapping and sampling, indicates the system may be larger and more complex than previously believed with additional exploration targets identified that have received no drilling to date

- For more information about Rattlesnake Hills, please click here.

Rattlesnake Hills -- 43-101 Technical report

The company has contracted AMEC, a major engineering consulting firm, to complete a revised technical report and a 43-101 compliant resource estimate, with expected completion in May, 2010. This will be the first resource ever reported at Rattlesnake Hills, and will quantify drilling progress to date on the project, which remains wide open for significant expansion.

Final Option Payment on Rattlesnake Hills

Evolving Gold has exercised its Rattlesnake Hills Option in full to complete the acquisition of 100% of the Rattlesnake Hills Property. The total land package controlled by Evolving Gold at Rattlesnake Hills is approximately 13,570 acres or 5,490 hectares.

Carlin Project -- Drilling Program

Drilling has been initiated at the Carlin project in Nevada. Evaluation of the cost and risks of drilling wedge holes off the existing CAR-007 drill hole has led the management of Evolving Gold to focus additional drilling on new offset drill holes, using the traditional rotary pre-collar approach. Two new precollars are planned as 200 meter offsets from the CAR-007 drill hole, which intersected high grade gold in favorable Lower Plate units, as previously reported (see 2/25/10 news release), including 18.3 meters at 11.7 gpt Au (60 feet at 0.340 opt Au) starting at 928 meters (045 feet). For more information about Carlin, please click here.

Quinton Hennigh, President and Chief Geologist, comments, "We are very excited about the high grades intersected in CAR-007. 200 meters is a major offset in a system such as this. Though we believe that we have identified a major new zone of gold mineralization in a previously under-explored portion of the Carlin Trend, it will take a considerable amount of work to start to understand the full size potential of this system."

Axino

As part of a program to expand its shareholder base in Europe, the Company has, subject to regulatory approval, retained AXINO AG ("AXINO") to provide investor relations services in Germany and other European countries. AXINO will be responsible for maintaining timely contact with Evolving Gold's shareholders, potential investors and investment community professionals. AXINO will receive compensation of EUR 30,000 for an initial term of twelve months starting March 15, 2010. The contract may be terminated by either party after 6 months. The Company has granted 150,000 stock options to Axino AG, exercisable at a price of CDN $0.94 per common share for the lesser of; a period of 5 years expiring on April 11, 2015, or until one month after termination of the contract between the Company and Axino. These stock options have the following vesting schedule: 1/3 after 6 months, 1/3 after 9 months, and 1/3 after 12 months.

AXINO AG (http://www.axino.com) is a privately owned full-service investor relations firm based in Stuttgart, Germany. It specializes in representing resource sector companies that wish to obtain investor exposure and develop a shareholder following in the European financial markets with a special focus on the German speaking financial communities. AXINO's clients include, among others, Agnico-Eagle Mines Ltd., Endeavour Silver Corp., Monument Mining Limited, Tiger Resources Limited and Yukon-Nevada Gold Corp.

Agoracom

Evolving Gold has terminated its contract with Agoracom Investor Relations Corp.

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 acquired 100% of the Rattlesnake Hills project.

In addition to its wholly owned properties in Nevada, 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).
Back to the main News Releases page
Subscribe to
Electronic Mailing List
 I consent to having my email address added to the Evolving Gold Corp. electronic mailing list. I understand that I will periodically receive news releases and other information from the company and that I can unsubscribe at any time.