Evolving Gold Closes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 23, 2013) - Evolving Gold Corp. (TSX:EVG) (OTCQX:EVOGF) (FRANKFURT:EV7) (the "Company") has closed the previously announced non-brokered private placement (the "Private Placement") which raised gross proceeds of $300,000 (the "Gross Proceeds"). Specifically, the Company issued 6,000,000 units ("Units") at $0.05 with each Unit consisting of one common share in the capital of the Company ("Common Share") and one Common Share purchase warrant ("Warrant"), with each whole Warrant being exercisable for the purchase of an additional Common Share for a period of three years from closing at $0.08 per Common Share. In accordance with applicable securities legislation, the securities issued in the Private Placement are subject to a statutory hold period expiring on December 22, 2013.

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, 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).