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Evolving Gold Advances Multiple Drill Holes at Arch Target on the Carlin Trend

May 9, 2012

VANCOUVER, May 9, 2012 /PRNewswire/ – Evolving Gold Corp. (TSX: EVG, OTCQX: EVOGF, FSE: EV7) (“Evolving Gold”
or the “Company”) 
is pleased to announce that diamond core holes CAR-016 and -017 are
advancing toward the high-grade Arch Gold Target at its Carlin-Humboldt
project on the Carlin Trend in north-central Nevada.  This drilling
targets the same horizon of silty limestones that previously returned
drill intercepts of 18.3 m at 11.7 g/t Au (60 feet at 0.34 oz/t Au) in
hole CAR-007, 10.1 m at 11.1 g/t Au (33 feet at 0.32 oz/t Au) in hole
CAR-010 and 21.5 m at 6.6 g/t Au (71 feet at 0.19 oz/t Au) in hole
CAR-010.1 (all of which were announced in previous press releases).  High-grade gold encountered in holes CAR-007, CAR-010 and CAR-010.1
is believed to be proximal to a structural feeder responsible for
generating the much larger volumes of lower-grade gold mineralization
defined by numerous step-out drill holes at the Arch Gold Target.

Drill hole CAR-016, approximately 70 m southeast of hole CAR-007, is at
a depth of approximately 750 m, and CAR-017, approximately 50 m
southwest of hole CAR-007, is at a depth of approximately 850 m (please refer to plan map and sectional view of drill traces on pages 2&3).  Both holes will test a complex structural zone hosting multiple
intervals of high-grade gold mineralization at depths of 850-1,000 m. 
These holes will be completed over the next 2-3 weeks, with assays
expected mid-June.   A third hole, CAR-018, approximately 50 m
northwest of CAR-007, has been pre-collared with a reverse circulation
(RC) hole and awaits core drilling.  A fourth hole, CAR-019,
approximately 40 m east of CAR-007, will be pre-collared by RC drilling
starting this week.

A second high-grade target approximately 700 m southeast of hole CAR-007
will be tested by a fifth hole, CAR-020.  This hole is approximately 40
m northwest of hole CAR-002 which intersected 1.5 m at 11.9 g/t Au (5
feet at 0.35 oz/t Au) along with an associated wedge hole, CAR-002.3.1,
that intersected 15.7 m at 5.1 g/ t Au (51.5 feet at 0.15 oz/t Au). 
Both intercepts were announced previously.  Drilling at CAR-020 will
begin following completion of the RC pre-collar at CAR-019.

Hole CAR-015, approximately 380 m south of hole CAR-007, was recently
completed to a depth of 1,057.5 m.  This hole encountered host-rocks
similar to those in nearby holes.  Assays are pending.  Hole CAR-014,
approximately 310 m southeast of hole CAR-007, was drilled to a depth
of 1,023 m earlier this year.  Although this hole encountered host
rocks and alteration similar to those in nearby holes, it failed to
encounter any potentially ore-grade gold mineralization.  This hole did
encounter long intervals of highly anomalous gold mineralization, with
the highest grade interval being 3 m at 0.35 g/t Au beginning at a
depth of 374 m.

The high-grade gold zones at the Arch Gold Target sit astride a
prominent north-south structural zone that marks the eastern margin of
the prominent “Humboldt High” gravity anomaly.  Gold Standard Ventures’
recently announced gold discovery at its Railroad Project, NBFZ target,
sits astride a similar major north-south structure that follows the
margin of a prominent gravity high.  Gold Standard Ventures’ Railroad
Project is immediately south of Evolving’s Carlin-Humboldt Project on
the Carlin Trend.  Drilling at the Arch Gold Target is part of Evolving
Gold’s fully funded $5M 2012 exploration program at Carlin-Humboldt.

Humboldt
As the weather improves, Evolving will construct two drill sites on its
Humboldt project in preparation for drilling later this season.  One
drill hole will test a target on a recently recognized
west-northwest-trending structural arch, similar to that found at the
nearby Saddle deposit, currently being developed by a joint venture of
Newmont Mining and Premier Gold Mines.  A second hole will test the
intersection of a prominent west-northwest-trending structure with a
major north-south-trending structure.  This intersection is marked by a
gravity low interpreted to reflect hydrothermal alteration in rocks in
the subsurface.

Assays
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.

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.

About Evolving Gold Corp.
Evolving Gold is a well-financed gold exploration company, with a focus
on large scale gold systems. Its exploration program in Nevada is
focused on its extensive portfolio of property holdings that lies
within and adjacent to the prolific Carlin Trend gold district in the
northern part of the state. Evolving Gold is also actively advancing
its gold discovery at Rattlesnake Hills, Wyoming. The Rattlesnake Hills
project is in the second year of a $76 million joint venture with
Agnico Eagle Mines (USA). For more information about Evolving Gold and
its exploration projects please visit: www.evolvinggold.com

On Behalf of the Board of Directors
EVOLVING GOLD CORP.
“R. Bruce Duncan”
R. Bruce Duncan
CEO and Director

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to
future events or future performance and reflect management’s current
expectations and assumptions.  Such forward-looking statements reflect
management’s current beliefs and are based on assumptions made by and
information currently available to the Company. Investors are cautioned
that these forward looking statements are neither promises nor
guarantees, and are subject to risks and uncertainties that may cause
future results to differ materially from those expected. These
forward-looking statements are made as of the date hereof and, except
as required under applicable securities legislation, the Company does
not assume any obligation to update or revise them to reflect new
events or circumstances.  All of the forward-looking statements made in
this press release are qualified by these cautionary statements and by
those made in our filings with SEDAR in Canada (available at www.sedar.com).

SOURCE Evolving Gold Corporation

Image with caption: “Arch Exploration 2012 (CNW Group/Evolving Gold Corporation)”. Image available at: http://photos.newswire.ca/images/download/20120509_C5735_PHOTO_EN_13435.jpg

Image with caption: “Sectional View of Drill Traces Looking North (CNW Group/Evolving Gold Corporation)”. Image available at: http://photos.newswire.ca/images/download/20120509_C5735_PHOTO_EN_13436.jpg


Source: PR Newswire