Eaton Vance Short Duration (EVG)

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Evolving Gold Expands High Grade Gold at Carlin, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 4, 2013) - Evolving Gold Corp. (EVG.TO) (EVOGF) (EV7.F) (the "Company") is pleased to announce gold assay results for drill hole CAR-021.2, a wedge hole from CAR-021, drilled to the southeast. This drill hole has continued to expand the length of the high grade Arch Zone to the southeast. Drill hole CAR-021.2 intersected multiple intervals of high grade gold: 7.0 meters at 7.87 grams per tonne (gpt) gold that includes 0.9 meters at 17.66 gpt gold, 0.4 meters at 18.92 gpt gold, and 1.5 meters at 11.32 gpt gold, followed by 1.5 meters at 20.59 gpt gold, and followed by 2.7 meters at 14.62 gpt gold.

• Drill hole CAR-021.2 is a wedge hole drilled from drill hole CAR-021. High grade gold in hole CAR-021.2 is approximately 28 meters (92 feet) southeast of similar high grade intersections in hole CAR-021 (see release dated November 14, 2012).

• The first significant gold intersection in hole CAR-021.2 occurs at approximately 48 meters lower than the first intersection in CAR-021 suggesting a southeasterly dip to the high grade gold zone.

• Drill hole CAR-021.2 intersected multiple high grade intervals: 7.0 meters at 7.87 grams per tonne (gpt) gold that includes 0.9 meters at 17.66 gpt gold, 0.4 meters at 18.92 gpt gold, and 1.5 meters at 11.32 gpt gold, followed by 1.5 meters at 20.59 gpt gold, and followed by 2.7 meters at 14.62 gpt gold.

• High grade gold intervals are distributed over a down hole length of approximately 139 meters, significantly longer than the 60-90 meters in other nearby drill holes.

• Drill hole CAR-021.2 expands one of two high grade zones in the Arch Zone to approximately 100 meters north-south and east-west. The strike direction of this high grade zone is interpreted as northwest-southeast, and it is open in all directions.

"This drilling continues to expand the area of high grade gold mineralization at the Arch Zone on our Carlin project in Nevada," comments R. Bruce Duncan, CEO of Evolving Gold. "The high grade gold intersections occur over a greater down hole thickness in drill hole CAR-021.2 than in any of the other nearby drill holes to the northwest. Our geologists interpret this to suggest the potential for proximity to an ore-controlling structure or feeder zone for the high grade gold mineralization as we continue to explore to the southeast. We are extremely pleased that our recent drilling intersected more high grade gold and that it continues to extend and expand the high grade gold mineralization we previously intersected in our drilling on the Arch Zone on our Carlin project."

At this stage of exploration, true thickness of intersections is not precisely known. SGS Canada Inc. and Inspectorate America are utilized by the Company for assaying. All gold assays are completed utilizing standard fire assay techniques, using a 30 gram charge. Over limits are completed using a gravimetric finish. All reported intervals are assayed using the same techniques with blank and standard inserts at the secondary lab upon completion to meet internal and 43-101 QA/QC standards. All reported gold assay averages are weighted averages, weighting each assay by the length of the core interval for that assay. All assay intervals are included in the average, with no bottom cut-off.

Summary of Assay results - Drill Hole CAR-021.2:

--------------------------------------------------------------------------- 
 ---------------------------------------------------------------------------- 
                                                  Gold                        
                   From        To    Length (grams per       Length  Gold (oz 
 Hole          (meters)  (meters)  (meters)     tonne)       (feet)  per ton) 
 -----------------------------------------------------   -------------------- 
 CAR-021.2        927.4     930.9       3.5       4.54         11.5     0.133 
 -----------------------------------------------------   -------------------- 
                  947.6     954.6       7.0       7.87         23.0     0.230 
 -----------------------------------------------------   -------------------- 
 including        947.6     948.5       0.9      17.66          3.0     0.516 
 -----------------------------------------------------   -------------------- 
 including        950.5     951.0       0.5      18.92          1.5     0.552 
 -----------------------------------------------------   -------------------- 
 including        953.1     954.6       1.5      11.32          5.0     0.331 
 -----------------------------------------------------   -------------------- 
                  957.8     958.3       0.5       5.81          1.5     0.170 
 -----------------------------------------------------   -------------------- 
                  966.8     968.3       1.5      20.59          5.0     0.601 
 -----------------------------------------------------   -------------------- 
                  979.3     982.0       2.7      14.62          9.0     0.427 
 -----------------------------------------------------   -------------------- 
                  991.2     992.7       1.5      11.60          5.0     0.339 
 -----------------------------------------------------   -------------------- 
                 1065.6    1066.2       0.6      13.21          2.0     0.386 
 -----------------------------------------------------   -------------------- 
 -----------------------------------------------------   --------------------

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.

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: http://www.evolvinggold.com

On Behalf of the Board of Directors

EVOLVING GOLD CORP.
R. Bruce Duncan, President, CEO and Director

Contact:
Evolving Gold Corp.
Corporate Offices
604.685.6375 or Toll Free: 866.604.3864
[e-mail]
[e-mail]
http://www.evolvinggold.com

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