Evolving Gold Announces Sale of Prosperity Goldfields Shares
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2012) - Evolving Gold Corp. (TSX:EVG.TO - News), (OTCQX:EVOGF.PK - News), (FRANKFURT:EV7.F - News) ("Evolving Gold" or the "Company") is pleased to announce it has reached agreements to sell a portion of its interest in Prosperity Goldfields Corp. ("Prosperity") to certain purchasers for aggregate gross proceeds of $4,000,000. Certain of the purchasers are or will become insiders of Prosperity.
The sale involves approximately two-thirds of the Company's current holdings of 11,933,563 common shares of Prosperity and 5,000,000 warrants, each warrant exercisable to acquire one common share of Prosperity at a price of $0.25 until November 5, 2012.
"The sale of a portion of its Prosperity interest allows Evolving Gold to fund drill-intensive exploration of its Carlin-Humboldt project in the prolific Carlin trend of northern Nevada, whilst maintaining meaningful exposure to the upside potential at Prosperity, without creating unnecessary shareholder dilution in the context of the current capital markets", stated R. Bruce Duncan, the CEO of the Company.
The initial closing of the transaction is anticipated to occur on or about March 7, 2012 with a subsequent closing anticipated concurrent with the amalgamation (the "Amalgamation") of Smash Minerals Corp. and Prosperity originally announced by the parties on January 5, 2012, subject to receipt of any required regulatory approvals. The Company will file a notice of intention to distribute securities with the relevant securities regulators in due course.
Evolving Gold also announces it has entered into a lock-up agreement in support of the Amalgamation.
Evolving Gold also announces that Dr. Quinton Hennigh has been appointed to the technical Advisory Board of the Company. Dr. Hennigh, previously President and Chief Geologist of the Company, was heavily involved in the development of the Carlin-Humboldt exploration targets and has been a strong supporter of a focused, intensive deep drilling program on the Company's extensive land position in the south end of the prolific Carlin Trend gold system.
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 on advancing 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, CEO and Director
Evolving Gold: New Gold Targets Identified at Rattlesnake Hills Project
VANCOUVER , March 26, 2012 /CNW/ - Evolving Gold Corp. (TSX:EVG.TO; OTCQX:EVOGF.PK - News) (FSE: EV7.F - News) (the "Company") is pleased to report that surface exploration in 2011 identified new gold targets at its Rattlesnake Hills gold discovery in Wyoming, a joint venture with Agnico-Eagle (USA) Limited (Agnico-Eagle). Agnico-Eagle is the manager of the Rattlesnake Hills joint venture and is funding 100 percent of the exploration program.
Summary of Results:
• Surface exploration included 1,279 soil samples and 368 rock chip samples.
• The soil survey identified new gold target zones outside of the known gold occurrences at North Stock and Antelope Basin.
• Gold (Au) anomalies were identified with a similar magnitude to North Stock and Antelope Basin at South Stock, Confluence, Pronghorn, and E-W Breccia. The South Stock anomaly has a larger footprint than North Stock. See Figure 1.
• Arsenic (As) anomalies cover all targets, and demonstrate both north-south and east-west structural corridors. Arsenic concentrations show similar patterns to gold, which is expected given its correlation with gold in core samples.
• Rock chip sampling confirmed the gold target at South Stock, also identified in drill hole RSC180 (9g/t Au over 3m) reported on January 23, 2012 . Rock chip samples also identified a new gold target zone to the east. See Figure 2.
• A large area of gold mineralization outcrops on top of South Stock, mainly as oxidized, disseminated and vein hosted sulfides in heterolithic breccia.
• Rock chips up to 3.1 g/t Au identify the Growler prospect, 1,300 m east of South Stock in vein breccias and potassic alteration.
• Multiple 0.5 to >1 g/t Au samples also outline the known Exhalite gold target.
"The surface exploration work completed this past field season confirms the presence of additional gold targets outside of the known targets at North Stock, Antelope Basin and Exhalite. These results are expanding the scale of the gold mineralization at Rattlesnake Hills, demonstrating that this is a district scale gold project," said R. Bruce Duncan , CEO of the company. "These new gold targets present an exciting new set of exploration and drill targets for 2012."
Soil and Rock chips were processed at American Assay Labs (AAL) in Sparks, Nevada. Rock chips used fire assay for Au (FA30) and ICP-2A for 68 element suite. Soils used fire assay for Au (FA30) and ICP-2A-UT for 68 element suite.
About The Rattlesnake Hills Project Evolving Gold joint ventured its Rattlesnake Hills gold discovery with Agnico-Eagle on June 27, 2011 . Approximately 80,000m of core drilling in 180 holes has been completed on the property in 4 seasons of drilling. Agnico-Eagle has the right to earn up to 70% ownership in the project by spending $76 million over 7 years on a combination of cash payments to Evolving Gold, purchases of Evolving Gold treasury shares, and project work commitments, including the obligation to advance the project through feasibility. In addition to funding the exploration at Rattlesnake Hills, Agnico-Eagle brings considerable mining expertise to the project, allowing Evolving Gold to focus on its extensive portfolio of gold properties in Carlin, Nevada.
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 on advancing its gold discovery at Rattlesnake Hills, Wyoming. In compliance with National Instrument 43-101, the Company Chief Geologist, Steven R. Koehler, BSc Geology and CPG, is the Qualified Person responsible for the accuracy of this news release.
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