Eaton Vance Short Duration (EVG)

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Evolving Gold Reports Multiple High Grade Intervals at Its Carlin Project, Nevada Including: 9.1 Meters at 22.0 gpt Gold 2.7 Meters at 33.11 gpt Gold, 3.8 Meters at 29.53 gpt Gold

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/11/12 -- Evolving Gold Corp. (TSX:EVG) (OTCQX:EVOGF) (FRANKFURT:EV7) (the "Company") is pleased to report that diamond drill hole CAR-016.1 intersected several high grade gold zones at its Carlin Project in Nevada, including 9.1 meters at 22.0 gpt (grams per tonne) gold (30.0 feet at 0.64 ounces per ton, opt gold) starting at 908.3 meters down hole. This intersection includes 1.2 meters at 44.0 gpt gold (4.0 feet at 1.28 opt gold). In addition CAR-016.1 intersected 1.2 meters at 15.5 gpt gold (4.0 feet at 0.45 opt gold) starting at 897.9 meters down hole. The entire interval from 897.9 to 917.4 (19.5 meters or 64.0 feet) averages 11.76 gpt gold (0.34 opt gold), including a lower grade interval at 899.2-908.3 meters.

Carlin Drill Map:

Other significant intersections are detailed in the table below and include 2.7 meters at 33.11 gpt gold (9.0 feet at 0.97 opt gold), 3.5 meters at 9.73 gpt gold (11.5 feet at 0.28 opt gold), 3.8 meters at 29.53 gpt gold (12.5 feet at 0.86 opt gold), and 0.61 meters at 38.0 gpt gold (2.0 feet at 1.11 opt gold). Drill hole CAR-016.1 was completed to a depth of 1,004.9 meters (3,297 feet).

"We are obviously excited by the high grade results from our drill hole CAR-016.1," stated R. Bruce Duncan, CEO of Evolving Gold. "The multiple high grade gold zones in this drill hole and the thickness of the main high grade intersection are extremely encouraging. These results simply demonstrate what we have believed for a long time. The system we have identified in the south end of the prolific Carlin Gold Trend is a large and powerful Carlin style gold system, capable of producing thick intervals of high grade gold mineralization. In this drill hole we have encountered repeated zones of high grade gold mineralization over a down hole interval of 89 meters, or 292 feet. The full potential of this system is being constantly enhanced with each successive drill hole that is completed."

Drill hole CAR-016.1 is a wedge hole drilled from CAR-016 after that hole was terminated due to ground conditions short of its target depth. CAR-016.1 is a vertical hole, approximately 70 meters southeast of the pad from which two previous holes were drilled, CAR-007 (18.3 meters at 11.70 grams per tonne gold announced February 25, 2010) and CAR-010 (10.1 meters at 11.09 grams per tonne gold announced April 14, 2011), as shown on the attached map. Due to down hole deviation, the high grade intercept in CAR-016.1 is approximately 30 meters east of the intercept reported in CAR-010.

Assays from two additional vertical diamond core holes, CAR-017 and CAR-018, drilled 50 meters southwest and 50 meters northwest from hole CAR-007, respectively, are also reported in this release. Notwithstanding the high grade intersected in CAR-016.1, the Company is pleased with the short intervals of significant gold mineralization encountered in CAR-017 and CAR-018.

Results from holes CAR-007, CAR-010, CAR-016.1, CAR-017 and CAR-018 indicate that the high grade gold system is open to the northeast, east and southeast. The envelope of mineralization appears to be gently dipping, expanding in size, and developing multiple high grade gold horizons to the east, onto a portion of Evolving Gold's large land holding which is as yet undrilled.

CAR-019, approximately 60 meters north of CAR-016.1, is in progress and should be completed within the next 2 weeks. Due to the down hole deviation, this hole is expected to test the target zone approximately 130 meters northeast of the high grade gold intercept in CAR-016.1. Due to the success of CAR-016.1, the Company will consider drilling wedge holes from CAR-016 and CAR-019 to further test this area of high grade gold mineralization.

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                                                   Gold                       
                From         To     Length   (grams per    Length   Gold (oz  
 Hole        (meters)   (meters)   (meters)       tonne)    (feet)   per ton) 
 ---------------------------------------------------------------------------- 
 CAR-016.1     870.5      872.0        1.5         8.74       5.0       0.25  
               876.6      879.3        2.7        33.11       9.0       0.97  
               897.9      917.4       19.5        11.76      64.0       0.34  
 including     898.0      899.2        1.2        15.50       4.0       0.45  
 including     908.3      917.4        9.1        22.00      30.0       0.64  
 including     909.2      910.4        1.2        44.00       4.0       1.28  
               935.7      939.2        3.5         9.73      11.5       0.28  
               948.1      951.9        3.8        29.53      12.5       0.86  
               957.1      957.7        0.6        38.00       2.0       1.11  
                                                                              
 CAR-017       630.9      634.0        3.1         0.51      10.2      0.015  
                                                                              
 CAR-018       698.0      699.5        1.5         1.28       4.9      0.037  
               715.8      723.9        8.1         1.08      26.6      0.032  
 including     717.4      719.3        1.9         2.55       6.2      0.074  
 ----------------------------------------------------------------------------

All drill hole averages are weighted averages, weighting each assay interval according to the core length for that assay interval. All assay intervals are included in the average, with no bottom cut-off. True widths of mineralization in these drill holes, at this stage of exploration, are not precisely known. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish. Overlimit assays were completed with gravimetric finish.

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.

The Company presently has one core rig drilling on its Carlin property and one mud rotary rig testing a target on its adjacent 100% owned Humboldt project. The Carlin Project is subject to an agreement with various subsidiaries of Newmont Mining Corporation.

About Evolving Gold Corp.

Evolving Gold is focused on exploring its gold properties in and adjacent to the productive Carlin district of northern Nevada, and its gold discovery at Rattlesnake Hills, Wyoming. For more information about Evolving Gold please visit: http://www.evolvinggold.com

On Behalf of the Board of Directors

EVOLVING GOLD CORP.

R. Bruce Duncan
President, CEO and Director

Contacts:
Evolving Gold Corp.
Investor Relations
604.685.6375 or Toll Free: 866.604.3864
[e-mail]
[e-mail]

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