Evolving Gold Raises $900,000 Through Warrant Exercises, Dr. William F. Lindqvist Appointed to EVG Board

VANCOUVER, May 4 - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") announces that it has issued 2,724,453 common shares pursuant to the exercise of warrants, for total proceeds to the Company of$926,399 . The warrants were issued in connection with historic financing transactions undertaken by the Company. An additional 6,746,514 warrants expired in April without being exercised.

Currently 19,100,014 warrants, at an exercise price ranging from $0.60 to $1.50 and averaging approximately $1.15 per warrant, remain outstanding. Following the recent warrant exercised, the total number of issued and outstanding common shares of the Company is 83,772,180.

The additional funds derived from the warrant exercise, coupled with significant pre-existing cash reserves, place the Company in a strong position to assess and secure strategic opportunities and to complete exploration programs and drilling work, including a significant program on the Company's discovery property at Rattlesnake Hills inWyoming.

CEO, Dr Robert Barker commented: "I wish to thank warrant holders for their continuing confidence in Evolving. With the drill season at Rattlesnake Hills due to begin, we look forward to reporting additional results over the next few months."

The Board of Directors is pleased to announce the appointment of Dr. William F. Lindqvist as independent director of the Company's Board replacing William F. Sheriff who resigned his Board Position. The Board and Management of the Company wish to express their appreciation for the William Sheriff's significant contribution as Director of the Company and welcome Dr. Lindqvist to the Board.

CEO, Dr. Robert Barker comments on Dr. Lindqvist, "I have had the pleasure of working closely with Bill Lindqvist over many years. I have the greatest respect for his geological acumen. Bill is a thoughtful, careful manager. He is an excellent conceptual geologist, with a broad view of exploration potential set in a business context. As Evolving is expands its horizons, Bill is a great addition to our team"

William F. Lindqvist, Ph.D

Dr. Lindqvist has extensive exploration experience in North and South America, Australia, Indonesia, Eastern Europe and parts of Asia and Africa. He has participated in discoveries around the world - Chimney Creek, Mule Canyon, Ruby Hill, Gold Hill gold deposits in Nevada; Mesquite gold deposit, California; Shafter silver deposit, Texas; Ortiz gold deposit, New Mexico; Extensions of Eskay Creek gold-silver massive sulfide deposit, British Columbia; Jeronimo gold manto, northern Chile; Gosowong bonanza epithermal gold deposit, Indonesia; Cadia East gold-copper deposit, Just-in-Case & Telfer Deeps gold deposits, Australia; and Sappes gold deposits, Greece. He has spent his long and distinguished career primarily with Gold Fields Mining Corp and Homestake Mining Company (acquire by Barrick Gold Corporation in 2000). He is presently a director of Gallant Minerals Ltd, Plutonic Power Corporation, Uruguay Minerals Exploration Inc., Solomon Resources Inc. and EcuaGold Resources Inc. Dr. Lindqvist has a Ph.D in Applied Geology from the Royal School of Mines, London.

About Evolving Gold Corp.

Evolving Gold is focused on its discovery property - Rattlesnake Hills, Wyoming. Evolving has the option to acquire 100% of the Rattlesnake Hills project.

Evolving also has 8 other gold properties in New Mexico and Nevada including a lease agreement with Newmont Mining Corporation on four prospective gold properties (North Carlin District Properties) located within the prolific Carlin Gold Trend (see press release 12/5/2007).

For more information about Evolving Gold Corp please visit: www.evolvinggold.com.

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    On Behalf of the Board of Directors
    EVOLVING GOLD CORP.

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    Robert Barker
    CEO and Director
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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 Chairman, robert@evolvinggold.com, Direct: (604) 685-6375, Toll Free: 1-866-604-3864, www.EvolvingGold.com