VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/17/14 -- Evolving Gold Corp. (TSX: EVG) (OTCQX: EVOGF) (FRANKFURT: EV7) (the "Company") announces that it has entered into a definitive agreement (the "Agreement") with NV Gold Corporation ("NV Gold") to option its 100% interest in the Rattlesnake Hills Project ("Rattlesnake Hills") . The Company and NV Gold act at arm's length. The Rattlesnake Hills project consists of claims covering almost 14,000 acres and is located in Natrona County, Wyoming, USA.
Terms of the Agreement:
Under the Agreement, NV may acquire Rattlesnake Hills by completing the following:
1. a cheque for US$100,000 (the "Deposit") in immediately available funds
as a deposit that is non-refundable (Paid) and;
2. a bank draft or similar instrument for US$300,000 (the "Down Payment")
made payable to EVG US;
3. within 3 business days following receipt of TSX Venture Exchange
("TSXV") acceptance of this option agreement, NVX US, or its agent,
delivering to EVG a cheque for US$100,000 and NVX issuing EVG US
1,000,000 common share purchase warrants, each such warrant exercisable
to acquire one common share of NVX at CDN$0.10 per share for 36 months
from the date of issue;
4. on or before August 1st, 2014 NVX US paying to EVG US US$200,000;
5. on or before September 15th, 2014, NVX issuing 1,000,000 common share
purchase warrants to EVG US, each such warrant exercisable to acquire
one common share of NVX at CDN$0.10 per share until September 15th,
2016;
6. on or before November 1st, 2014, NVX US paying to EVG US US$800,000;
7. on or before the first anniversary of TSXV acceptance of this option
agreement, NVX US paying to EVG US US$1,000,000 and NVX issuing to EVG
US 1,000,000 common share purchase warrants, each such warrant
exercisable to acquire one common share of NVX at CDN$0.10 per share for
a period of 18 months from the date of issue; and
8. On or before the second anniversary of the date of this option
agreement, NVX US paying to EVG US $1,000,000 and NVX issuing to EVG US
1,000,000 common shares of NVX;
The Company further advises that the previously announced March 5th, 2014 financing of up to 10,000,000 Units at $0.03 has been cancelled.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
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).
Contacts:
Evolving Gold Corp.
Corporate Offices
604.685.6375 or Toll Free: 866.604.3864
info@evolvinggold.com
bruce@evolvinggold.com
www.evolvinggold.com
