Evolving Gold Corp.
CNQ : GOLD

Evolving Gold Corp.

June 28, 2005 19:00 ET

Evolving Gold Corp.: Amended and Restated December 31, 2004 MD&A and Disclosure Filed on SEDAR June 23, 2005 as Project #738747

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 28, 2005) - Evolving Gold Corp. (CNQ:GOLD) announces that, as a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure. In particular, the Management Discussion and Analysis (MD&A) has been revised to include the following:

A. With respect to the Murray property, located in the Gordon Lake area of the Northwest Territories, the Company states:

"1. On February 17, 2005, the Company issued a cheque in the sum of $6,226.50 to the Mining Recorder, Indian and Northern Affairs, for an extension on the work to be done on the claims and filing fees with respect to the Murray property.

2. On April 19, 2005, the Company issued a cheque in the sum of $2,577.23 to Dahrouge Geological Consulting to purchase topographical maps, compile geology onto a base map, prepare for a site visit and budget / plan for assessment work on the Murray property.

At present, the Company believes that it is in the best interest of its shareholders to focus on its Winnemucca Mountain and Voisey's Bay area properties. Both properties are at a more advanced exploration stage, and offer better access and infrastructure. In addition, both properties are situated in locations that have weather conditions conducive to a twelve month work program. Notwithstanding its focus on the Winnemucca Mountain and Voisey's Bay properties, the Company will maintain its obligations on the Murray property while looking for a new joint venture partner or operator."

B. Regarding the Company's summary of quarterly results, a more complete discussion of period-to-period variations have been included. In particular:

"The net loss of $152,118 for the period ended March 31, 2004 reflects aggregate costs incurred during the nine and one-half month fiscal period, as quarterly breakdowns are not available for the periods prior to March 31, 2004."

C. Regarding related party transactions, the following has been included in the MD&A: "Currently, no fees are being paid to management or directors. The Company feels that monies should be spent on exploration and evaluation of the projects and limit general and administrative expenses."

D. With regard to technical disclosure, the Company has released an updated press release dated June 16, 2005 regarding the geochemical assay data from drill core at the Winnemucca Mountain property. In particular the selective disclosure of highest values has been replaced with a more representative table of all anomalous drilling results.

On behalf of Evolving Gold Corp.

Lawrence A. Dick, Ph.D., P.Geo., President


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