Evolving Gold Updates Disclosure on Ownership of Common Shares of Prosperity Goldfields Corp.
April 12, 2011, Vancouver, British Columbia: Further to its press release dated April 11, 2011 in which Evolving Gold Corp. (TSX: EVG) (FSE: EV7) (the "Company" or "Evolving Gold") announced the acquisition of 1,925,159 common shares of Prosperity Goldfields Corp. ("Prosperity") pursuant to the terms of a funding agreement dated October 26, 2010 between the Company and Prosperity, the Company announced an update to its percentage ownership of common shares of Prosperity ("Prosperity Shares").
After giving effect to a private placement completed by Prosperity on April 6, 2011, Prosperity has 40,382,800 Prosperity Shares outstanding. The Company holds 11,925,160 Prosperity Shares, together with share purchase warrants to acquire an additional 5,000,000 Prosperity Shares. The Company's 11,925,160 Prosperity Shares represent approximately 29.5% of the issued and outstanding Prosperity Shares, and assuming exercise of the 5,000,000 share purchase warrants, the Company would hold approximately 37.3% of the issued and outstanding Prosperity Shares.
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.
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|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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