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Evolving Gold Commences Rattlesnake Hills Phase 2 Drill Program VANCOUVER, May 19 /CNW/ - Evolving Gold Corp. (TSXV: EVG.V) (FSE: EV7) (the "Company") announces the mobilization of three drill rigs to commence the 15,000 meter (49,000 ft) Phase 2 drill program at its Rattlesnake Hills project in Wyoming. Drilling will begin within days.
The drill program will utilize three diamond rigs from Ruen Drilling. Two rigs will concentrate on the North Stock discovery. The third rig will drill Antelope Basin, South Stock and the area between North Stock and Antelope Basin.
"Our first three holes will test the western extension of the high grade zone at North Stock, the new high grade zone encountered last year at the bottom of hole RSC-006 and begin to evaluate the extent of mineralization at Antelope Basin. We are pleased to get back to work," comments Quinton Hennigh, Chief Geologist and President of EVG.
Fisher Canyon, Nevada
The Company has entered into an agreement with John E. Watson for the sale of the Company's interest in the Fisher Canyon Property in Nevada. As consideration for its interest in this Property, the Company will receive from John E. Watson US$275,000, with US$25,000 payable immediately upon closing and US$250,000 payable in five equal annual installments over the 5 year period, plus reservation to the Company of a 3% Net Smelter Returns Royalty. In addition the Company will receive a 5% initial equity share interest in any entity holding the Fisher Canyon Property. The Company will be offered, but shall not be obliged to participate in up to 10% of any public or private debt or equity financings for the five year period, on the same terms offered to other participants.
The aforementioned agreement is subject to TSX Venture approval.
About Evolving Gold Corp.
Evolving Gold is focused on its discovery property - Rattlesnake Hills, Wyoming. Evolving has the option to acquire 100% of the Rattlesnake Hills project.
Evolving also has 8 other gold properties in New Mexico and Nevada including a lease agreement with Newmont Mining Corporation on four prospective gold properties (North Carlin District Properties) located within the prolific Carlin Gold Trend (see press release 12/5/2007).
Evolving Gold has approximately $17 million in Treasury.
For more information about Evolving Gold Corp please visit: www.evolvinggold.com.
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.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
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Robert Barker
CEO and Director
Investors can post questions and receive answers or review questions and answers posted by other investors at the Evolving Gold Corp. IR Hub at http://www.agoracom.com/IR/evolving. Investors can also e-mail evg@agoracom.com with questions and correspondence or request to be added to the investor email list to receive all future press releases and updates in real time.
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.
Contacts
Evolving Gold Corp.
Robert Bick
Executive Chairman
robert@evolvinggold.com
Direct: (604) 685-6375
Toll Free: 1-866-604-3864
www.EvolvingGold.com
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November 25, 2009:
Evolving Gold Corp. Closes $11.1 Million Private Placement Financing | November 16, 2009:
Evolving Gold Corp. Announces Termination of Option Agreement and Earn-In Agreement | November 03, 2009:
Evolving Gold Announces Bought Deal Private Placement Financing of $10,000,080 | May 19, 2009:
Evolving Gold Commences Rattlesnake Hills Phase 2 Drill Program | May 04, 2009:
Evolving Gold Raises $900,000 Through Warrant Exercises, Dr. William F. Lindqvist Appointed to EVG Board | April 14, 2009:
Evolving Gold Defines Extensive Zone of Gold Mineralization at Rattlesnake Hills | April 09, 2009:
Evolving Gold Provides 3D Flythrough of Rattlesnake Hills Project | April 03, 2009:
Evolving Gold Grants Incentive Stock Options | March 26, 2009:
Evolving Gold Announces Phase 2 Drill Program at Rattlesnake Hills, WY | February 12, 2009:
Evolving Gold Reports Increased Grades for Rattlesnake Hills Gold System, Wyoming | January 13, 2009:
Evolving Gold Continues to Expand the Mineralized Zone At Rattlesnake Hills, Wyoming | December 17, 2008:
Evolving Gold Expands the Size of the Gold System at Rattlesnake Hills, Wyoming | December 12, 2008:
Evolving Gold Reports Results from North Carlin Drill Program | December 02, 2008:
Evolving Gold Intersects 131.0 Meters of 2.74 Grams/Tonne at Rattlesnake Hills, Wyoming | November 05, 2008:
Evolving Gold Corp Becomes Tier 1 Issuer on the TSX Venture Exchange | September 08, 2008:
Evolving Gold Intersects 2.48 Grams/Tonne over 146 Meters at its Rattlesnake Hills Property | August 29, 2008:
Evolving Gold Corp. - Annual General Meeting September 30, 2008 | August 05, 2008:
Evolving Gold Exploration Update | June 24, 2008:
Evolving Gold Commences Phase One Drill Program on Rattlesnake Hills Gold Mineralized Diatreme Complex | June 09, 2008:
Evolving Gold Corp Appoints New CFO | May 22, 2008:
Evolving Gold Announces Rattlesnake Hills Drill Program | April 30, 2008:
Evolving Gold Corp Announces the Closing of a $1,000,000 Private Placement with Golden Predator Mines | April 15, 2008:
Evolving Gold Corp Announces $1 Million Private Placement with Golden Predator Mines | April 08, 2008:
Evolving Gold Appoints New President and Director | March 25, 2008:
Evolving Shareholders Approve Shareholder Rights Plan | March 04, 2008:
Evolving Reports on Exploration Progress in SW United States Gold Projects | February 28, 2008:
Evolving Updates Drilling Progress at its Sheep Creeks Project near the Carlin Gold District, North-Central Nevada | February 27, 2008:
Evolving Gold Corp Announces Closing of $20 Million Private Placements | February 06, 2008:
Evolving Increases Large Land Holdings Between Carlin and Getchell Gold Trends, Nevada | February 01, 2008:
Evolving Announces Drill Results from Initial Drilling at the Fisher Canyon Gold Prospect, Humboldt Range, Nevada | January 29, 2008:
Evolving Gold Adopts Shareholder Rights Plan | January 24, 2008:
Evolving Gold Announces the Spin-Out of its North Carlin Area Properties and a $10 million Private Placement | January 23, 2008:
Evolving Announces Initial Results from Drilling on its Large Property Holding Between Carlin and Getchell Gold Trends, Nevada | January 18, 2008:
Evolving Gold Signs Agreements to Acquire 100% of the Rattlesnake Hills Gold Property, Natrona County, Wyoming. | January 10, 2008:
Evolving Gold Continues Aggressive Drilling Programs on Nevada Gold Prospects | November 30, 1999:
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