Eaton Vance Short Duration (EVG)

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Evolving Gold Raises $4.9 Million through Warrant Exercises

VANCOUVER, Aug. 5 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") is pleased to announce that in July it received total proceeds of $4,893,988 from the exercise of 7,326,500 warrants into common shares at exercise prices ranging from $0.60 to $1.50. Following this exercise of warrants, the Company has a total of 91,954,558 shares issued and outstanding. An additional 519,825 warrants expired in July without being exercised, and currently 11,253,689 warrants, with exercise prices ranging from $1.25 to $1.50 remain outstanding.

The additional funds derived from this exercise of warrants, coupled with significant pre-existing cash reserves, place the Company in a strong position to continue a major drilling program and other exploration work at the Rattlesnake Hills discovery in Wyoming, to continue drilling and other exploration activities in Carlin, Nevada, and to continue to assess and secure other potential strategic opportunities.

The Company presently holds approximately $19 million in its Treasury after paying drilling and other exploration costs incurred to date.

In addition, Evolving Gold announces that it has completed the acquisition of the Kiyuk gold property in southern Nunavut, Canada comprised of 88 claims and 77,913 ha (192,528 acres). The terms of the agreement call for the payment of $350,000 and 250,000 shares of Evolving Gold stock over a period of five years. An NSR royalty of 2.0% can be bought down to 0.0% with the payment of US$2.0 million for each percentage point of NSR.

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 eight 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 Trend (see press release 12/5/2007).

For more information about Evolving Gold Corp please visit: www.evolvinggold.com. To receive regular updates from EVG or to receive a follow-up call from Investor Relations please sign up at: http://evolvinggold.com/sign-up.php

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.

_________________
Robert Barker
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.

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.

For further information

Evolving Gold Corp., Robert Bick, Executive Chairman, [e-mail], Direct: [phone], Toll Free: 1-866-604-3864, www.EvolvingGold.com
Investor Relations: First Canadian Capital Corp., Leo Karabelas, Tel: [phone] ext. 235, [e-mail]
Senergy Communications Inc., Shiro Rae, Tel: [phone], [e-mail]
Investors can post questions and receive answers at the Evolving Gold Corp IR Hub at http://www.agoracom.com/IR/evolving

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