Evolving Gold Corp.

TSX : EVG
OTCQX : EVOGF
FRANKFURT : EV7


Evolving Gold Corp.

February 04, 2013 07:30 ET

Evolving Gold- Expands High Grade Gold at Carlin, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2013) - Evolving Gold Corp. (TSX:EVG) (OTCQX:EVOGF) (FRANKFURT:EV7) (the "Company") is pleased to announce gold assay results for drill hole CAR-021.2, a wedge hole from CAR-021, drilled to the southeast. This drill hole has continued to expand the length of the high grade Arch Zone to the southeast. Drill hole CAR-021.2 intersected multiple intervals of high grade gold: 7.0 meters at 7.87 grams per tonne (gpt) gold that includes 0.9 meters at 17.66 gpt gold, 0.4 meters at 18.92 gpt gold, and 1.5 meters at 11.32 gpt gold, followed by 1.5 meters at 20.59 gpt gold, and followed by 2.7 meters at 14.62 gpt gold.

  • Drill hole CAR-021.2 is a wedge hole drilled from drill hole CAR-021. High grade gold in hole CAR-021.2 is approximately 28 meters (92 feet) southeast of similar high grade intersections in hole CAR-021 (see release dated November 14, 2012).
  • The first significant gold intersection in hole CAR-021.2 occurs at approximately 48 meters lower than the first intersection in CAR-021 suggesting a southeasterly dip to the high grade gold zone.
  • Drill hole CAR-021.2 intersected multiple high grade intervals: 7.0 meters at 7.87 grams per tonne (gpt) gold that includes 0.9 meters at 17.66 gpt gold, 0.4 meters at 18.92 gpt gold, and 1.5 meters at 11.32 gpt gold, followed by 1.5 meters at 20.59 gpt gold, and followed by 2.7 meters at 14.62 gpt gold.
  • High grade gold intervals are distributed over a down hole length of approximately 139 meters, significantly longer than the 60-90 meters in other nearby drill holes.
  • Drill hole CAR-021.2 expands one of two high grade zones in the Arch Zone to approximately 100 meters north-south and east-west. The strike direction of this high grade zone is interpreted as northwest-southeast, and it is open in all directions.

"This drilling continues to expand the area of high grade gold mineralization at the Arch Zone on our Carlin project in Nevada," comments R. Bruce Duncan, CEO of Evolving Gold. "The high grade gold intersections occur over a greater down hole thickness in drill hole CAR-021.2 than in any of the other nearby drill holes to the northwest. Our geologists interpret this to suggest the potential for proximity to an ore-controlling structure or feeder zone for the high grade gold mineralization as we continue to explore to the southeast. We are extremely pleased that our recent drilling intersected more high grade gold and that it continues to extend and expand the high grade gold mineralization we previously intersected in our drilling on the Arch Zone on our Carlin project."

At this stage of exploration, true thickness of intersections is not precisely known. SGS Canada Inc. and Inspectorate America are utilized by the Company for assaying. All gold assays are completed utilizing standard fire assay techniques, using a 30 gram charge. Over limits are completed using a gravimetric finish. All reported intervals are assayed using the same techniques with blank and standard inserts at the secondary lab upon completion to meet internal and 43-101 QA/QC standards. All reported gold assay averages are weighted averages, weighting each assay by the length of the core interval for that assay. All assay intervals are included in the average, with no bottom cut-off.

Summary of Assay results - Drill Hole CAR-021.2:

Hole From (meters) To (meters) Length (meters) Gold (grams per tonne) Length (feet) Gold (oz per ton)
CAR-021.2 927.4 930.9 3.5 4.54 11.5 0.133
947.6 954.6 7.0 7.87 23.0 0.230
including 947.6 948.5 0.9 17.66 3.0 0.516
including 950.5 951.0 0.5 18.92 1.5 0.552
including 953.1 954.6 1.5 11.32 5.0 0.331
957.8 958.3 0.5 5.81 1.5 0.170
966.8 968.3 1.5 20.59 5.0 0.601
979.3 982.0 2.7 14.62 9.0 0.427
991.2 992.7 1.5 11.60 5.0 0.339
1065.6 1066.2 0.6 13.21 2.0 0.386

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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