Evolving Gold (EVG.V ~ EVOGF) gets a nice write-up in last week's Canaccord Adams "Junior Mining Weekly"

Site Visit Notes:

Evolving Gold is a small-cap mineral exploration company focused on identifying gold mineralization in known gold trends in the western US. The company’s most recent interest lies with the Rattlesnake Hills project in Wyoming, which we recently visited.
The company currently controls over 36,000 hectares of mineral exploration land in Nevada, Wyoming, and New Mexico.

Figure 16: Rattlesnake Hills project location

The Rattlesnake Hills gold prospect is located in Natrona County, Wyoming, approximately 70 kilometres west of the city of Casper. Overall infrastructure is considered excellent with good road access, and nearby power, gas and potentially, water. The low population base combined with simple lower productivity grazing ranch land lends to the overall permitting potential should a viable resource be outlined and deemed exploitable at Rattlesnake Hills. The Frazer Institute rates Wyoming as the second best mining jurisdiction in the world.

The area is host to the Rocky Mountain alkaline gold province in which a series of large prolific gold deposits, including Cripple Creek (over 25 million ounces gold), occurs along a roughly linear north to south trend.

Figure 17: Plan - Rattlesnake Hills

Rattlesnake Hills are a series of Alkalic-intrusive related bodies emplaced during a Miocene extensional period into host Archean metasediment and metavolcanic rocks. Evolving has identified a series of north-to-south trending diatreme breccia bodies and felsic porphyry dykes that are associated with a north-south structural corridor and a cross-cutting northeast-southwest structural zone.

Figure 18: Looking north to North Stock

At Rattlesnake Hills mineralization is associated with the emplacement of alkalic intrusives, diatreme breccias, felsic hornblende porphyry dykes and the surrounding Archean and Proterozoic sediments and volcanics. The strongest mineralization outlined thus far, occurs within the sedimentary and volcanic rocks on the margins of the North Stock and in association with felsic hornblende porphyry dykes. Some of the most significant drill intervals to date include 146 metres grading 2.92 g/t gold, including 27.4 metres grading 5.98 g/t gold in hole RSC-003 and 131 metres grading 2.74 g/t gold in hole RSC-007. Also highlight hole RSC-020 intersected 67.1 metres grading 10.8 g/t gold, including 36.6 metres grading 16.8 g/t gold. A single 1.5 metre intersection within the interval returned 155 g/t gold. Also encouraging were assay results from drill hole RSC-016 at the Antelope Basin target, approximately 725 metres south of North Stock. RSC-016 returned two intervals of lower-grade gold mineralization (61.5 metres at 0.40 g/t gold, 79.2 metres at 0.85 g/t gold),

A previous hypothesis of lower-grade mineralization being associated directly with the North Stock and continuing on trend to Antelope Basin has changed. Information accumulated through recent drilling continues to outline the complexity of the mineralizing system at Rattlesnake Hills. The company is now targeting mineralization on the margins of the North Stock and at Antelope Basin that is related to a felsic hornblende series of dykes that are mineralized and associated with mineralization in surrounding host rocks. The company has been tracing mineralization trending SE from the North Stock and NE from the Antelope basin. Recent results from H-27 indicate the felsic hornblende porphyry dykes are increasing at depth (plus 700 m vertical) to the NE, which could suggest a vectoring towards stronger Au mineralization.

Figure 19: Mineralized telsic hornblende porphyry

The company continues to test the Rattlesnake Hills area with six core rigs. It is planning to complete a total of about 75 holes this year (end November); assays from 35 drill holes remain outstanding. Drilling is expected to resume by mid May 2010. The company expects that additional permitting within its 11,000 acres land package will improve its ability to test currently identified trends and new targets.

To earn 100% at Rattlesnake Hills Evolving must issue to the vendor 3.4 million EVG shares (2.4 million issued to date), it was required to conduct property expenditures of US$5 million prior to 15 August 2010 of which over C$5.1 million has been spent (30 June 2009). A 0.5% NSR (option to purchase 0.25% for US$375,000) is payable to the vendor and a 4% production net NSR is payable to the landowner. The company currently has about $17 million in cash.

Figure 20: Evolving Gold - capital structure

An analyst has visited the Rattlesnake Hills property held by Evolving Gold Corp. Partial payment or reimbursement was received from the issuer for the related travel costs.

Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investments in the shares of Evolving Gold Corp., is for risk accounts only.

Content (including pictures) found on pages 10 through 14
http://www.smartinvestment.ca/upload/roger/oct/REP_Metaland_09292009.pdf