Evolving Gold Corp.

Evolving Gold Corp.

August 23, 2010 09:00 ET

Evolving Gold Reports First 2010 Assay Results from Rattlesnake Hills; 128.1 Meters at 1.16 gpt Au in Hole RSC-099; Includes 42.6 Meters at 2.40 gpt Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2010) - Evolving Gold Corp. (TSX VENTURE:EVG)(FRANKFURT:EV7) (the "Company") announces assays for the first fourteen core holes from its 2010 drilling program at its Rattlesnake Hills project in central Wyoming. Results include 128.1 meters at 1.16 gpt Au (420 ft at 0.034 opt Au), including 42.6 meters at 2.40 gpt Au (140 ft at 0.07 opt Au) in drill hole RSC-099, and 73.2 meters at 1.39 gpt Au (240 ft at 0.041 opt Au) in drill hole RSC-100. These two drill holes are step out drill holes to the south and west of the Antelope Basin gold zone.

Preliminary examinations of core from drilling on the porphyry target southeast of North Stock and on a new exploration target southwest of Antelope Basin show strong alteration and sulfide mineralization in both targets. Assays are still pending in both cases.

  • Hole RSC-099 intersected 128.1 meters at 1.16 gpt Au (420 ft at 0.034 opt Au), including 42.6 meters at 2.40 gpt Au (140 ft at 0.070 opt Au) approximately 30 meters beyond any previous drilling along the southern margin of the Antelope Basin zone. This confirms an extension of gold mineralization indicated in a review of 2009 results. The mineralization is largely oxidized or partially oxidized, and mineralization remains open.
  • Hole RSC-100 intersected 73.2 meters at 1.39 gpt Au (240 ft at 0.041 opt Au) west of the Antelope Basin zone in an area that also was identified as open in a review of 2009 results. The mineralization remains open.
  • Hole RSC-096 intersected 85.3 meters at 0.41 gpt Au (280 ft at 0.012 opt Au) between North Stock and Antelope Basin. Though the grade is relatively low, this intersection indicates potential for defining a new gold zone between the North Stock and Antelope Basin zones that could start to fill the gap between the two zones and improve geometry for open pit development.

"The initial results from this year's drilling continue to expand the known zones of mineralization at Rattlesnake Hills," comments Quinton Hennigh, President and Chief Geologist. "An examination of results from drilling in 2009 indicated that the known zones of gold mineralization all remained open to expansion along strike and to depth. These initial assay results demonstrate the continuity and potential for expansion of the Antelope Basin zone to the south, east and west. Though drill hole RSC-096, between North Stock and Antelope Basin intersected relatively low grade gold, the very long interval of gold mineralization in that drill hole is significant as an indication of a potential new gold zone between North Stock and Antelope Basin." To date approximately 9,000 meters (29,500 feet) of drilling in a planned 20,000 meter diamond drill program have been completed with three drill rigs. The Company plans to add a fourth drill rig to the program during the month of August.

Mineralized Intervals:

Antelope Basin Infill and Step-out

Drill Hole From (meters) To (meters) Interval (meters) Gold grams/tonne   Length (feet) Gold ounces/ton
RSC-097 4.6 35.1 30.5 0.47   100 0.014
RSC-099 3.0 21.3 18.3 0.44   60 0.013
  79.2 207.3 128.1 1.16   420 0.034
includes 86.9 128.5 42.6 2.40   140 0.070
RSC-100 196.6 269.8 73.2 1.39   240 0.041
includes 230.1 233.2 3.1 5.45   10 0.159
includes 245.4 249.9 4.5 5.95   15 0.174

East of Antelope Basin

Drill Hole From (meters) To (meters) Interval (meters) Gold grams/tonne   Length (feet) Gold ounces/ton
RSC-102 4.6 36.6 32.0 0.65   105 0.019
  50.3 62.5 12.2 0.82   40 0.024
RSC-103 0 53.3 53.3 0.48   175 0.014
RSC-104 4.5 21.3 16.8 0.50   55 0.015
  41.1 102.1 61.0 0.47   200 0.014
  111.3 182.9 71.6 0.86   235 0.025
includes 160.0 181.3 21.3 1.78   70 0.052
includes 169.2 178.3 9.1 2.95   30 0.086
RSC-106 121.9 152.4 30.5 0.76   100 0.022
  187.5 228.6 41.1 0.84   135 0.024
includes 202.7 207.3 4.6 3.65   15 0.106
RSC-107 114.3 144.8 30.5 0.41   100 0.012
  184.4 205.7 21.3 0.99   70 0.029

Between North Stock and Antelope Basin

Drill Hole From (meters) To (meters) Interval (meters) Gold grams/tonne   Length (feet) Gold ounces/ton
RSC-096 175.3 260.6 85.3 0.41   280 0.012

North Stock, Halo Gold Mineralization Infill

Drill Hole From (meters) To (meters) Interval (meters) Gold grams/tonne   Length (feet) Gold ounces/ton
RSC-094 15.2 35.1 19.9 0.32   65 0.009
  42.7 118.9 76.2 0.37   250 0.011
  269.8 309.4 39.6 0.51   130 0.015
RSC-098 172.2 214.9 42.7 0.76   140 0.022
  249.9 265.2 15.3 0.31   50 0.009
  277.4 289.6 12.2 0.50   40 0.014
  318.5 341.4 22.9 0.63   75 0.018

North Stock, West of Main Zone

Drill Hole From (meters) To (meters) Interval (meters) Gold grams/tonne   Length (feet) Gold ounces/ton
RSC-101 216.4 269.7 53.3 0.80   180 0.023
includes 249.9 256.0 6.1 2.14   20 0.062
  300.2 326.1 25.9 0.53   85 0.015
  364.2 381.0 16.8 0.77   55 0.022
  390.1 426.7 36.6 1.62   120 0.047
includes 406.9 426.7 19.8 2.59   65 0.076
includes 410.0 414.5 4.5 6.96   15 0.202
RSC-105 100.6 109.7 9.1 1.22   30 0.036
  170.7 201.2 30.5 0.82   100 0.024
  208.8 217.9 9.1 0.62   30 0.018
  236.2 249.9 13.7 0.76   45 0.022
  257.6 317.0 59.4 0.64   195 0.019

Drill hole RSC-095, drilling in the West target, west of North Stock intersected anomalous gold, 0.1 gpt Au, over 248 meters starting at 21 meters depth.

All drill hole averages are weighted averages, weighting each assay interval according to the core length for that assay interval. All assay intervals are included in the average, with no bottom cut-off. 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.

Exploration Target Update
Two deeper drill holes, RSC-111 and RSC-113 have been completed to depths of approximately 1,000 meters in an area southeast of the North Stock gold zone, where porphyry style mineralization was previously encountered in 2009 drill hole RSC-027. Both deep holes intersected multiple zones of porphyritic intrusions, containing stockwork and disseminated sulfide mineralization within zones of intense alteration. Altered monzodiorite intrusions with strong sulfide mineralization, similar to mineralization at Antelope Basin, was also intersected in RSC-111. Drill hole RSC-117, the first hole in an exploration target approximately 400 meters southwest of Antelope Basin, intersected several zones of alteration and strong sulfide mineralization in a monzodiorite intrusion, similar in character to mineralization defined at Antelope Basin. Assays are still pending on these three drill holes.

Comments Quinton Hennigh, "Most of the early results reported here from our 2010 drilling are from drill holes that test extensions of lower grade halo gold mineralization. The initial visual results on two of our important new exploration targets are encouraging, but we are still awaiting assay results. The strong alteration patterns and strong zones of sulfide mineralization demonstrate that we are still a long way from defining the full size potential of this gold system. We continue to define new targets with surface sampling and mapping, with our geophysical surveys, and by reinterpretation of our drill results. With our permitting fully in place, and with the expected arrival of a fourth drill rig shortly, we are in a good position to test the full potential of our high priority exploration targets this summer."

NI 43-101 Report for the Rattlesnake Hills Project
AMEC E&C Services Ltd. (AMEC) has completed the NI 43-101 report to update the exploration status of the Rattlesnake Hills project. The report has been filed on SEDAR, where it will be available for review. The report states, "Potential to better define the mineralization exists within the deposit area and requires additional infill drilling," and "… exploration targets have the potential to substantially enlarge the known Rattlesnake deposit area."

The report does not include a resource estimate, and the report states in this regard, "Although the styles and details of the Rattlesnake mineralization are relatively well known at this time… more drilling is required to adequately define geological controls on mineralization." Because of the exploration status of the property, and the potential for additional discoveries, the report concludes that at this stage of exploration of the project, "… it is considered premature to undertake mineral resource estimation."

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 gold properties in and adjacent to the productive Carlin district of northern Nevada. 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.

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://evolvinggold.com/sign-up.php.

On Behalf of the Board of Directors

"Robert Barker"
Robert Barker
CEO and Director

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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