Evolving Gold Raises $4.9 Million through Warrant Exercises (EVG.V ~ EVOGF)
Wednesday August 5, 2009, 2:34 pm EDT
VANCOUVER, Aug. 5 /CNW/ - Evolving Gold Corp. (TSXV: EVG; OTC: EVOGF.PK; 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).
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.
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