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.
Exploration Overview Kiyuk Lake is an early stage gold exploration property operated by Newmont Canada Ltd, consisting of 63 mineral claims covering 48,000 ha. The property covers part of the Poorfish-Windy thrust fold belt, composed of early Proterozoic Hurwitz and Kiyuk Group low-grade metamorphosed sediments. Historic work by the GSC and past workers identified numerous gossans within the metasediments, some with elevated gold and arsenic, and multiple arsenic anomalies in lake sediments. Several gold showings have been discovered in local boulders and outcrops of Kiyuk and Hurwitz group sediments.
The 2007 field program followed-up on results from airborne geophysical surveys (magnetics, radiometrics, VLF and gravity) carried out in late 2006. IP/resistivity surveys were carried out over selected targets, along with mapping, soil and grab sample collection. Additional work is planned for 2008.
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