Evolving Gold Corp. Announces Shareholder and Board Approvals to Share Consolidation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 17, 2014) - Evolving Gold Corp. (CSE:EVG)(FRANKFURT:EV7)(OTCBB:EVOGF) (the "Company") announces that at its Annual and Special Meeting held on September 30, 2014, shareholders approved a share consolidation at a ratio of up to 20 pre consolidation common shares for 1 post consolidated common share or at any ratio of pre consolidation common shares in between.

The Company's Board of Directors resolved on September 30, 2014 to proceed with a consolidation of the Company's issued and outstanding common shares on the basis of fourteen (14) pre consolidation common shares for one (1) post-consolidated common share (the "Consolidation"). The Consolidation will provide the Company with a better capital structure in order to attract financing.

The Company intends to effect the Consolidation immediately.

The Company currently has 188,613,529 issued and outstanding common shares and the Company will have approximately 13,472,394 common shares issued and outstanding post-consolidation. The exact number of post-consolidated common shares will vary depending on the treatment of fractional shares which will occur when each shareholder's holdings in the Company are consolidated. Outstanding stock options and warrants would similarly be adjusted by the consolidation ratio.

The Company will not be changing its name and trading symbol in connection with the Consolidation.

A Letter of Transmittal with respect to the Consolidation will be mailed to the shareholders of the Company post consolidation describing the process by which shareholders may obtain new certificates representing their consolidated common shares.

The Company will provide further details of the regulatory approval process in due course.

About Evolving Gold Corp:

Evolving Gold is focused on exploring its gold properties in and adjacent to the productive Carlin district of northern Nevada.

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

On Behalf of the Board of Directors

Evolving Gold Corp.

R. Bruce Duncan, President, CEO and Director

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

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).