Evolving Gold chair buys after Goldcorp takes stake

Board chairman Stuart Angus acquires 100,000 shares at 85 cents

Ted Dixon

From Saturday's Globe and Mail
Published on Friday, Jul. 16, 2010 4:00PM EDT

Last updated on Friday, Jul. 16, 2010 7:33PM EDT

On July 7, Evolving Gold (EVG-X0.80-0.05-5.88%) announced that Goldcorp would be buying 19,047,721 shares at 82 cents via a private placement. The stock had closed at 69 cents the day earlier. While Evolving's stock moved higher on the news, it has since been fluctuating between 79 and 89 cents.

As the stock was trading in the middle of that range Tuesday, board chair Stuart Angus bought 100,000 shares at 85 cents. It is often a positive sign when there is insider buying after a stock has moved up following the release of news. Mr. Angus is an insider of a number of Canadian-listed companies, including SouthGobi Resources, Ventana Gold and Wildcat Silver.

Evolving is currently working on a 20,000-metre drill program at its flagship Rattlesnake Hills project in central Wyoming.