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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/21/13 -- Evolving Gold Corp. (TSX: EVG) (FRANKFURT: EV7) (OTCQX: EVOGF) (the "Company") announces that, it has received approval from Toronto Stock Exchange to extend the term of 5,145,000 warrants (the "Warrants") that are set to expire on February 23rd, 2013 to February 23rd, 2014 and to reduce the exercise price of the Warrants from $0.75 per share to $0.40 per share. These Warrants were originally issued on August 23rd, 2011 as part of a private placement. Insiders of the Company do not hold any Warrants.

In addition, Evolving Gold Corp. reports the closing of the transaction with Pinetree Capital Ltd., announced in its news release of December 31st, 2012. The shares issued are subject to a hold period expiring on May 17th, 2013.

About Evolving Gold Corp:

Evolving Gold is focused on exploring its gold properties in and adjacent to the productive Carlin district of northern Nevada, and its gold discovery at Rattlesnake Hills, Wyoming.

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



Contacts:
Evolving Gold Corp.
Investor Relations:
604.685.6375 or Toll Free: 866.604.3864
info@evolvinggold.com
www.evolvinggold.com