Hope it is later than soonerSo how far away is the GCU takeout...................
Evolving is a Dr Quinton H company.
Evolving Gold and Agnico-Eagle to Joint Venture Rattlesnake Hills Project in Wyoming
VANCOUVER, May 9 /CNW/ -Evolving Gold Corp. (TSX: EVG) (FSE: EV7) (the "Company") is pleased to announce that it has signed a Letter Agreement with asubsidiary of Agnico-Eagle Mines Ltd. to form a joint venture on itsRattlesnake Hills project in Wyoming.
Under the terms of the Letter Agreement, Agnico-Eagle (USA) Ltd.(Agnico-Eagle) has the option to earn up to a 70% interest in theRattlesnake Hills project by carrying Evolving Gold through completionof a feasibility study. In order to earn a 70% interest over aseven-year period Agnico-Eagle is required to make payments to EVGtotaling $12 million, to purchase $23 million in the common shares ofEVG, and to expend a minimum of $41 million on exploration/developmentwork on the project.
"The partnership with Agnico-Eagle will provide the Rattlesnake Hillsproject with the financial strength required for sustained explorationand development programs," comments Bill Gee, CEO of Evolving Gold."Agnico-Eagle also brings experience and expertise for successful minedevelopment. This agreement provides $76 million in benefits to theCompany and to the project, while Evolving Gold retains fully-fundedexposure to the project's exploration potential and developmentsuccess, all with minimal shareholder dilution."
"A joint venture at Rattlesnake is a significant and positive step inthe Company's strategy for providing shareholder returns", continuesMr. Gee. "This agreement allows the Company to focus on its corestrength, the discovery of major new gold deposits. With this agreementnow in place, Evolving Gold plans to focus its assets and expertise onthe exceptional opportunity for a major gold discovery on the prolificCarlin Trend and on our other properties in Nevada."
Under the terms of the Letter Agreement, a binding joint ventureagreement is to be completed by June 1st, 2011, with a drill program ensuing shortly after. Agnico-Eagle'sminimum work expenditure for the first year is $3 million. The 2011exploration program will include drilling extensions of the two maingold zones, drilling targets between these two zones, testingpreviously identified targets in the core area, and a regional programto define additional drill targets on the large Rattlesnake Hillsproperty.
"We are pleased with Agnico-Eagle's enthusiasm for the Rattlesnake Hillsproject, and our exploration team looks forward to supporting itsefforts and providing continuity during the transition to a jointventure program," remarks Quinton Hennigh, President and ChiefGeologist of Evolving Gold.
On the Company's website an updated corporate presentation is availablecontaining additional discussion on the Rattlesnake agreement and itsimpact on our exploration strategy going forward. Please click here toview it: https://www.evolvinggold.com/assets/files/pdf/evg_ppt_april19_2011.pdf.