Evolving Gold to Acquire Elephant Capital And Cebolleta Uranium Project

VANCOUVER - Evolving Gold Corp. has entered into a letter of intent pursuant to which it proposes to acquire all of the outstanding share capital of Elephant Capital Corp. Elephant Capital is an arms’-length resource exploration company, established under the laws of the Province of British Columbia. Elephant Capital holds the rights to acquire all of the outstanding share capital of Cibola Resources LLC., which itself controls the rights to a lease of a mineral property comprising approximately 6,700 acres of mineral rights and 5,700 acres of surface rights located in west-central New Mexico and commonly referred to as the “Cebolleta Uranium Project”. Cebolleta is an advanced exploration uranium project located within the Grants Mineral Belt of New Mexico; an area that is host to one of the largest concentrations of sandstone-hosted uranium in the world. Cebolleta has an historical in-situ Inferred Mineral Resource of ~ 19,000,000 lbs U3O8.