VANCOUVER, April 25, 2012 /PRNewswire/ - Evolving Gold Corp. (TSX: EVG,OTCQX: EVOGF, FSE: EV7) ("Evolving Gold" or the "Company") is pleased to announce it has closed the final tranche of the sale of a portion of its interest in Prosperity Goldfields Corp. ("Prosperity") previously announced on February 27th, 2012. This second tranche provides proceeds of approximately $1,200,000 to the Company.
The aggregate proceeds of approximately $4,000,000 from the sale of a portion of the Company's holdings in Prosperity Goldfields Corp. will be used to advance exploration work on the Company's Nevada projects and for general working capital.
Following the sale, Evolving Gold continues to hold approximately 3,975,000 common shares of Prosperity and 1,667,000 warrants, each warrant exercisable to acquire one common share of Prosperity at a price of $0.25 until November 5th, 2012.
R. Bruce Duncan, CEO of the Company, stated "We are pleased to conclude the sale of this portion of our holdings in Prosperity. The sale will allow us to advance robust, fully funded drilling programs at our Carlin, Humboldt and Jake Creek gold projects in Nevada, while still enabling the Company's continued participation in the upside of Prosperity through the balance of our share holdings."
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 now 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