Evolving Gold Corp. Announces Termination of Option Agreement and Earn-In
Agreement

    
    /NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
    UNITED STATES/
    

VANCOUVER , Nov. 16 /CNW/ - Evolving Gold Corp. (TSX-V:EVG) (OTCBB: EVOGF) (FSE:EV7) (the "Company" or "Evolving Gold") announces that on February 15, 2008 , the Company terminated its option to acquire certain unpatented mineral claims in Humboldt County, Nevada (the "Winnemucca Property") under the Amended and Restated Option and Royalty Agreement (the "Winnemucca Option Agreement") dated December 3, 2004 , as amended on January 7, 2005 , and further amended on February 25, 2005 , April 21, 2005 , January 26, 2006 , April 27, 2006 , June 16, 2006 , July 7, 2006 , April 11, 2007 and October 17, 2007 among Golden Sands Exploration Inc. (" Golden Sands "), Golden Sand's subsidiary company AHL Holdings Ltd. ("AHL") and the Company. The termination of the Winnemucca Option Agreement was effective as of February 15, 2008 .

As part of the acquisition of the Winnemucca Property under the Winnemucca Option Agreement, the Company entered into an earn-in agreement (the "Earn-In Agreement") dated July 31, 2006 with Meridian Gold Inc. ("Meridian"). Pursuant to the Earn-In Agreement, the Company had granted to Meridian the option to acquire an interest in the Winnemucca Property. Meridian terminated the Earn-In Agreement in December, 2007 and the termination was effective as of February 27, 2008 .

The Company was required to keep the Winnemucca claims in good standing through to 2009 as part of the termination obligations under the Winnemucca Option Agreement and has fulfilled this obligation. It now no longer has any rights or interests in the Winnemucca Property.

About Evolving Gold Corp.

Evolving Gold is focused on exploring its significant discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado. Evolving Gold has the option to acquire 100% of the Rattlesnake Hills project.

Evolving also has nine other gold properties in New Mexico , Nevada in the United States , and southern Nunavut in Canada . A lease agreement with subsidiaries of Newmont Mining Corporation on four prospective gold properties (North Carlin District Properties) in the prolific Carlin Trend. The Carlin property drilling described earlier in this news release is on one of these four properties.

For more information about Evolving Gold please visit: www.evolvinggold.com. To receive regular updates or to receive a follow-up call from Investor Relations please sign up at: http://evolvinggold.com/sign-up.php.

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.

    
    On Behalf of the Board of Directors
    EVOLVING GOLD CORP.

    "Robert Bick"
    --------------
    Robert Bick
    Executive Chair
    

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information: Evolving Gold Corp., Robert Bick, Executive Chair, [email protected], Direct: [phone], Toll Free: 1-866-604-3864, www.EvolvingGold.com; Investor Relations: Leo Karabelas, First Canadian Capital Corp., Tel: [phone], [email protected]; Shiro Rae, Senergy Communications Inc., Tel: [phone], [email protected]; Investors can post questions and receive answers at the Evolving Gold Corp IR Hub at http://www.agoracom.com/IR/evolving