Evolving Gold Intersects 14.7 Meters at 8.76 gpt Gold Carlin Trend, Nevada
VANCOUVER, June 8, 2011 /PRNewswire/ -- Evolving Gold Corp. (TSX: EVG) (FSE: EV7) (the 'Company') is pleased to report that wedge hole CAR-010.1 intersected 21.5 meters at 6.56 gpt (grams per tonne) gold (70.5 feet at 0.192 opt (oz per ton) gold) including 14.7 meters at 8.76 gpt gold (48.2 feet at 0.256 opt gold) at its Carlin project in Nevada. This wedge hole was drilled from diamond drill hole CAR-010 which intersected 10.1 meters at 11.09 gpt gold (news release, April 14, 2011). The intersection in CAR-010.1 lies approximately 10 meters east of the intersection reported in CAR-010.
'The high-grade gold in this wedge hole, combined with similar intersections in holes CAR-010 and CAR-007, provides valuable information on the geometry of this high-grade Carlin gold target,' comments Quinton Hennigh, Chief Geologist of Evolving Gold. 'We now believe a northerly to northeasterly structural trend controls this zone. Our next three holes around CAR-010, will test this model. The large, high-grade gold deposits of the Carlin Trend can have modest footprints, sometimes no more than a few hundred meters in length. All of our planned additional step-out holes will lie within a 150-meter radius of CAR-010.'
Summary of ResultsfromWedge Hole CAR-010.1
Gold
(grams
Length per Length Gold (oz
Hole From (m) To (m) (m) tonne) (feet) per ton)
CAR-010.1 883.6 905.1 21.5 6.56 70.5 0.192
including 885.1 899.8 14.7 8.76 48.2 0.256
including 885.1 894.3 9.2 9.93 30.2 0.290
The Company presently has two core rigs drilling on its Carlin Trend properties, one testing a target on its 100% owned Humboldt project, and a second drilling approximately 100 meters north of hole CAR-010 on the Carlin project. The Carlin project is subject to an agreement with various subsidiaries of Newmont Mining Corporation.
A technical report (NI 43-101 report) has been completed and filed for the Company's three gold exploration projects in the Carlin Trend, and it is now available on SEDAR.
Jake Creek The Company is pleased to announce it has received amended permits for an additional twenty reverse circulation drill holes at its 100% owned Jake Creek property near the Twin Creeks and Ken Snyder mines in north central Nevada. Hole JC-005, drilled last year, intersected 28.9 meters at 1.33 grams per tonne gold including 1.5 meters at 11.3 grams per tonne gold (news release, November 18, 2010). Drilling is scheduled to begin by mid-June.
Rattlesnake Hills On May 9th, 2011 the Company reported that it had signed a Letter Agreement with Agnico-Eagle Mines Limited to form a joint venture on the Rattlesnake Hills project. Preparation of the definitive joint venture agreements is proceeding well, however the timeframe for completing the definitive documentation has been extended from June 1st to June 17th. Concurrently, Agnico-Eagle Mines Limited has signed a drill contract, and the drill program on the Rattlesnake JV is expected to begin core drilling during June 2011.
In addition, EVG wishes to report that Quinton Hennigh is shifting his role within the Company in order to better focus his time on exploration and project development. While retaining his role as Chief Geologist of the Company, Dr. Hennigh will step down as President in order to reduce his daily administrative duties. 'This shift in responsibilities will allow me to focus on what I enjoy most, being actively involved in the exploration for major new gold deposits,' comments Hennigh. 'I am very excited about our exploration programs in Nevada and believe that this year these projects will deliver untapped value for our shareholders.'
About Evolving Gold Corp. Evolving Gold is focused on exploring its four gold properties in and adjacent to the productive Carlin district of northern Nevada, and on its gold discovery at Rattlesnake Hills, Wyoming. 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.
For more information about Evolving Gold please visit: http://www.evolvinggold.com/. To receive regular updates or to receive a follow-up call from Investor Relations please sign up at: http://evolvinggold.com/sign-up.php.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
'William Gee' William Gee CEO and Director
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, except as required by law. We seek safe harbour.
Evolving Gold Corporation
CONTACT:
Investor Relations:
Graham Johnstone
Tel: 778-331-2023
info@evolvinggold.com