Letter to EVG Shareholders

November 25, 2009

With the recent closing of our $11.1 million financing, Evolving Gold continues to be well financed and well positioned to pursue an aggressive exploration and evaluation program at Rattlesnake Hills in Wyoming. The majority of this financing was a “bought deal”. This is a major step for Evolving Gold. It shows real confidence in both Evolving Gold and our exploration projects.

The events of last year made it clear that financial markets are unpredictable. The ability to finance even the most promising of exploration projects can change both quickly and decisively. Your management believes that a conservative and prudent approach to financing our exploration projects is the best way for the company to continue to explore and build value for our shareholders.

We have had an exciting two years at Rattlesnake Hills. Evolving Gold has completed 93 core holes, for a total of 36,154 meters (22.5 miles) of drilling. We have greatly expanded the high grade at North Stock and identified a similar zone at Antelope Basin. We have also extended the potential of the bulk tonnage targets in both areas. Identifying a new gold mineralized porphyry was an important new development this year.

At the end of the 2009 drill season we have the potential to expand all of the known targets at Rattlesnake Hills. None have been drilled off. In 2009 we identified several new targets to be drill tested in 2010. We expect to begin drilling again by May of 2010 and look forward to next season with a sense of excitement and commitment.

Our recent financing allows Evolving Gold to execute a well planned program including a number of critical developments.

-- Drilling out the high grade and bulk tonnage potential of the Rattlesnake Hills system

-- Drilling the extensions of the North Stock and Antelope Basin targets

-- Drill testing the new gold mineralized porphyry target

-- Exploring other newly developed targets still untested by drilling

-- Completing the metallurgical characterization of the oxide and sulfide mineralization

-- Initiating and continuing baseline environmental studies

-- Undertaking preliminary mine planning studies

-- Completing preliminary cost studies

By completing this focused and intensive program in 2010, Evolving Gold will take major strides in the direction of a prefeasibility study for the Rattlesnake Hills project.

The management at Evolving Gold thanks all of you for your continued support. Our only objective is to build value for our shareholders. With the completion of this financing, we are in a strong position to continue to explore and develop the full value of our Rattlesnake Hills gold discovery.

Sincerely,

“Robert Barker”
Robert W. Barker, CEO

http://evolvinggold.com/investors/shareholders-letter-november-2009/