Evolving Gold Corp.

TSX : EVG
OTCQX : EVOGF
FRANKFURT : EV7


Evolving Gold Corp.

December 19, 2012 07:30 ET

Evolving Gold Expands Gold Zones at Rattlesnake Hills

Rock Chips of 3.97, 5.17, and 7.45 Gpt Au at Bald Mtn Target

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2012) - Evolving Gold Corp. (TSX:EVG) (FRANKFURT:EV7) (OTCQX:EVOGF) (the "Company") provides an update on its 100% owned Rattlesnake Hills gold project in central Wyoming. Drilling completed by joint venture partner, Agnico Eagle, identified additional gold mineralization and intersected new high grade gold at the South Stock target. Also, surface work has identified eight new, untested gold targets. Follow up prospecting and surface sampling by Evolving Gold have identified high gold values in two new target areas, including rock chip samples of 1.97, 3.97, 5.17 and 7.45 grams per tonne gold. An updated NI 43-101 technical report has been completed and has been filed on SEDAR.

Drilling by former joint venture partner Agnico Eagle:

  • Expanded gold mineralization at the North Stock target.
  • Identified additional gold mineralization in the Middle Zone between North Stock and Antelope Basin.
  • Intersected highly altered porphyry in the Middle Zone and south of Northeast Stock.
  • Intersected high grade gold mineralization at the South Stock target.

Agnico Eagle also collected 371 surface rock chip samples and 4,175 surface soil samples, covering approximately half of the large Rattlesnake Hills property, and completed an airborne magnetic and radiometric survey across much of the Rattlesnake Hills and northern Granite Mountains.

  • Surface sampling has identified eight new, untested gold and arsenic anomalies.
  • The airborne geophysical program has identified numerous new target areas awaiting geological mapping and surface sampling follow up.

Prospecting and rock chip sampling by Evolving Gold at the Black Jack target, west of the main drilling area, and at the Bald Mountain target northwest of North Stock, identified strong surface gold mineralization in rock chip samples. High values include 1.97 grams per tonne gold at Black Jack, and 3.97, 5.17 and 7.45 grams per tonne gold at Bald Mountain. These gold values from rock chip samples at Bald Mountain are the highest gold values recorded from any surface sampling at Rattlesnake Hills. At Black Jack the gold is associated with strong potassic alteration and occurs as both disseminated and stockwork vein mineralization. At Bald Mountain, the gold is tied to Tertiary breccias and associated faulting with the target partially covered by late, post mineral alluvium. The Company plans to drill test both targets. At this early stage of exploration the true width and full extent of the sampled gold mineralization are not well understood.

R. Bruce Duncan, CEO of Evolving Gold states: "Evolving Gold recently regained 100% ownership of the Rattlesnake Hills project. This newly completed work has greatly expanded the number of gold exploration targets on the property, and recent prospecting and rock chip sampling have identified high gold grades on the surface in new and untested targets. These new targets have the earmarks to greatly expand the gold potential of this very large, alkalic gold system, well beyond what we have already identified by our drill programs." R. Bruce Duncan continues, "We are planning to drill these new gold targets, and also complete additional drilling with the objective of expanding the known gold zones at North Stock and Antelope Basin. We will move toward an initial resource calculation, when appropriate, on the North Stock and Antelope Basin zones. The Company is continuing to evaluate potential strategic partnerships and joint venture opportunities for the Rattlesnake Hills project."

The Rattlesnake Hills project is an alkalic gold system with multiple mineralized centers and potential to host a multi-million ounce gold resource. To date the Company and its former joint venture partner have completed over 76,000 meters of drilling in 228 drill holes as a partial test of this large, district scale hydrothermal gold system.

Rattlesnake Project Page: http://www.evolvinggold.com/s/Rattlesnake_Hills.asp

In other news, drilling on the Company's Carlin gold project in Nevada is continuing. The Company's holdings at Carlin and Humboldt are adjacent to the Rain Mine and Saddle Project holdings by Premier Gold Mines Ltd. and various operating mines of Newmont Mining Corp. The current drill hole, CAR-021.2, is part of a program to focus on defining high grade gold mineralization along the crest of the "Arch Zone", which has a strike length of at least 700 meters. The Arch Zone of high grade gold mineralization is completely open along strike. Gold intercepts, as previously reported, include 87 meters averaging 6.06 grams per tonne, which included six high grade intervals with grades as high as of 57.9 grams per tonne gold. The six high grade intervals have an aggregate thickness of 31.6 meters and average 15.85 grams per tonne gold.

Assays for rock chip samples were completed by SGS Inc, Vancouver, Canada using a 30 gram charge for a fire assay, with an ICP finish. In compliance with National Instrument 43-101, Dr. Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.

About Evolving Gold Corp.

Evolving Gold is focused on exploration and development of its gold properties in and adjacent to the productive Carlin Trend 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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