we'll see what happens with this dilution

trading halted

VANCOUVER, BRITISH COLUMBIA, Nov 3, 2009 (Marketwire via COMTEX News Network) --

Evolving Gold Corp. (TSX VENTURE:EVG) (FRANKFURT:EV7) ("Evolving" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Scotia Capital Inc. (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase 11,111,200 units ("Units") of the Company on a bought deal basis, at a price of $.90 per Unit for aggregate gross proceeds to the Company of approximately $10,000,080. Each Unit will consist of one common share (a "Common Share") and one-half of one common share purchase warrant (each whole purchase warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one Common Share at a price of $1.25 for a period of two (2) years from closing.

The offering is scheduled to close on or about November 24, 2009. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities.

The proceeds of the offering will be used for exploration of the Company's properties and for general corporate purposes, in particular for exploration, drilling, permitting, and other studies to move the Rattlesnake Hills project in Wyoming toward prefeasibility.

The Company will pay the Underwriters a cash commission of 5.0% of the number of Units sold under the offering. In addition, the Underwriters will receive warrants to purchase 5.0% of the number of Units sold under the offering at $1.25 per Unit for a period of two (2) years from closing.

On Behalf of the Board of Directors

EVOLVING GOLD CORP.

Robert Barker, CEO and Director