EVG: Short-Term Gain Potential from Carlin

HRA Journal (05/06/2010)
"Evolving Gold has seen a turnaround in its fortunes and a 30%+ increase in its share price since the beginning of April. There have been several management changes, including the addition of R. Stuart ('Tookie') Angus as chairman. Angus is a well-known figure in the local exploration scene who has been associated with a number of large wins. EVG also announced it has greatly increased the size of its property package in the Carlin trend in Nevada. Drilling continues at Carlin with two rigs drilling vertical holes to bracket the discovery hole announced earlier this year. . .Nevada ounces tend to be 'more equal than others.' Confirmation of the deeper high-grade zones would be welcomed by the market. This month should also see the release of the initial 43-101 report for the Rattlesnake Hills project. This, too, might be part of the reason for recent buying, though we are more cautious on that. . .we think the real short-term potential for gains will come from Carlin."

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