Evolving Gold Corp.
TSX : EVG
OTCQX : EVOGF
FRANKFURT : EV7

Evolving Gold Corp.

August 13, 2012 09:20 ET

Evolving Gold Completes $3.6 Million Financing; Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 13, 2012) - Evolving Gold Corp. (TSX:EVG)(OTCQX:EVOGF)(FRANKFURT:EV7) (the "Company") is pleased to announce that it has completed a non-brokered private placement (the "Offering") of 12,000,000 Units ("Units") at $0.30 per Unit for gross proceeds of $3,600,000 (the "Offering"). Each Unit consists of one common share of the Company and one common share purchase warrant ("a Warrant"). Each Warrant entitles the subscriber to acquire one additional common share of the Company at a price of $0.40 per common share until August 13th, 2015.

In connection with the offering, the Company paid total cash commission of $14,700 and issued 49,000 common share purchase warrants (the "Finder Warrants") to arm's length finders. Each Finder Warrant entitles the holder to purchase one common share of the Company at $0.30 until August 13th, 2014. All of the securities issued under the Offering are subject to a hold period expiring on December 14th, 2012. The proceeds of the Offering will be used for exploration expenditures in connection with the Carlin and Humboldt group of properties in Northern Nevada and for general working capital.

"We are very pleased to have completed this financing under current market conditions," stated R. Bruce Duncan, CEO of Evolving Gold. "These funds will allow Evolving Gold to continue to follow up on the high grade intersections reported earlier from our ongoing drilling program on our Carlin project. They will also allow us to continue to explore our adjacent 100% owned and controlled Humboldt project, also in the south end of the prolific Carlin Gold Trend."

Corporate Update:

The Company has completed check assays for the high grade, mineralized intervals in CAR-016.1 that were reported on July 11th, 2012. The results can be seen in the following table that compares the Inspectorate America Corporation lab results from their Reno, Nevada laboratory, with the previously reported results from SGS Canada Inc.

To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/813evgtable.jpg.

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 using a 30 gram charge, fire assay, with an ICP finish. Overlimit assays were completed with gravimetric finish.

In compliance with National Instrument 43-101, Company Director, Robert W. Barker, Ph.D., P.Geo. AIPG, is the Qualified Person responsible for the accuracy of this news release.

Evolving Gold currently has 2 diamond drill rigs working on its Carlin project, to follow up on mineralized intervals intersected in CAR-016.1 and CAR-002, and in wedge holes from CAR-002.

CAR-016.1.1 is a wedge hole drilled from the original NQ hole CAR-016.1, results of which were reported on July 11th, 2012. The wedge is set at 676 meters, is aimed to the northeast, and is projected to produce a separation of 30 meters from the mineralized intervals in CAR-016.1. The hole is progressing well. It is currently at a depth of 824 meters with a projected total depth of 1,220 meters.

CAR-020 is set to provide a 40 meter north-west offset of CAR-002, the first diamond drill hole on this section reported on Sept 10th 2009. CAR-020 will test the extent of high grade mineralization encountered in CAR-002, and further reported in wedge drill holes from CAR-002, as reported on April 14th, 2011 and June 20th, 2011. CAR-020 is currently progressing well at 640 meters with a projected final depth of 1,220 meters.

The Company has recently completed CAR-019 to a total depth of 1,246 meters. CAR-019 was collared 50 meters east-north-east of CAR-007, and the direction of this drill hole is approximately parallel to that of CAR-016.1, with a separation of approximately 80 meters. Assays are pending for CAR-019.

About Evolving Gold Corp.

Evolving Gold is focused on exploring its gold properties in and adjacent to the productive Carlin district of northern Nevada, and its gold discovery at Rattlesnake Hills, Wyoming.

For more information about Evolving Gold please visit: www.evolvinggold.com.

On Behalf of the Board of Directors

EVOLVING GOLD CORP.

R. Bruce Duncan, President, CEO and Director

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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