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With Major Exploration Projects in Wyoming and Nevada in The United States, Evolving Gold Corp. is Aggressively Drilling Gold Systems with Large Size Potential, in Politically Stable and Supportive Environments
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Evolving Gold Corp. (TSXV-EVG)
is focused on exploring its gold discovery at Rattlesnake Hills, Wyoming, an
alkalic gold system, similar to the Cripple Creek gold district in Colorado,
and on four gold properties in and adjacent to the productive Carlin
district of northern Nevada, two of which are 100% controlled by Evolving
Dr Barker has spent 44 years
in successful multi-commodity mining exploration, with 27 years in
exploration and acquisition leadership. He has led exploration and
acquisition programs in the USA, Canada, Australia and South America. Dr
Barker spent the last 20 years in senior management positions, 14 years with
Newcrest Resources, Inc. as General Manager, American Exploration. He has
also held exploration leadership positions with Homestake Mining Co. and
Amax, Inc. Dr Barker's long experience in evaluations of advanced and
developmental projects, review of resource estimates and mine development
plans is critical to Evolving Gold at this stage of its growth. Dr Barker
has a PhD in Economic Geology from the University of California, Berkeley
and is a Certified Professional Geologist, AIPG.
conducted by: Lynn Fosse, Senior Editor
Mr. Barker: Evolving Gold was a group that became really active when Quinton Hennigh joined the company; he is a very creative exploration geologist. He came to the company with a lot of really great exploration ideas. Quinton and I had worked three times previously, and I just believed the ideas he was presenting had a lot of merit. It sounded like a very exciting company to work with and one with great potential for the future.
CEOCFO: Where are your projects and why are you there?
Mr. Barker: We’re in two main areas. Our major project for some time has been our Wyoming Project, Rattlesnake Hills, which has received a lot of drilling in the last three years. A second major focus is in Nevada, in the south end of the Carlin Trend, where we’ve amassed a very large land position and have been actively drilling now for a couple of years. We also have several other projects we are actively working on in Nevada. We focus on what we believe are systems with very large size potential, in politically very stable and supportive environments.
CEOCFO: Even though they are supportive, many of states tend to have cumbersome processes for moving forward; is that an issue for you?
Mr. Barker: Everywhere in the world, you have issues dealing with permitting and getting an operation up and running. In the exploration stages we have had very good relationships with the regulators in both Wyoming and Nevada. Both of these states are strongly supportive of development. They are about as good as it gets, certainly in North America. So we feel comfortable that we can continue to permit exploration, permit development and move a project into production when it is appropriate.
CEOCFO: I see you have an aggressive drill intensive approach; how do you look at it that might be a little different than some others?
Mr. Barker: Some junior exploration companies will fund most of their exploration with joint ventures, with the exploration company being carried in a minority position. We believe strongly that we are good explorers, and we are willing to stick our necks out and drill targets with large size potential that a lot of people just aren’t willing to explore. Our southern Carlin Trend projects in Nevada are a good example. We have gone into an area where no one has drilled deeply enough to penetrate the entire package of favorable rocks for gold mineralization in this area. We have done that, and in the process we have intersected ore grade mineralization and ore grade thickness, at a depth that is equivalent to what is being mined underground already in parts of the Carlin Trend. Until we started this program, no one else was willing to do this kind of work.
CEOCFO: Why are they not willing, and what is it you are seeing that others have not?
Mr. Barker: One thing is we’re not afraid to drill. As strange as that may seem, deep drilling can be expensive, and a lot of people in the business shy away from drilling deep holes. What we saw in the south end of the Carlin Trend was a neglected area where people felt targets were too deep to be of interest. From the work Dr. Hennigh did, we didn’t think they were as deep as other people thought. Where some thought it would be too difficult to assemble the needed mineral rights, we put together an extensive land package, and found that it was not as difficult as others and even we thought. Sometimes it’s just that there is an inertia that keeps people back from doing what needs to be done. To be quite honest the larger mining companies are not doing much greenfields or generative exploration these days, so it’s up to the smaller companies, like Evolving Gold, to actually go in and do some of the pioneer style of exploration that’s needed to make the really major new discoveries.
CEOCFO: It sounds like an exciting time for the company!
Mr. Barker: You’re right. For us it has been very exciting. We have developed an approach of stepping into areas with potential for large gold deposits, looking at them slightly differently, and putting a major investment into drilling new targets. We have had two discoveries in three years, and recently we have announced a new set of intersections in Nevada at Jake Creek, which arguably we could call our third discovery. Three discoveries in three years is a pretty good track record for any company. A major reason for this success is that we’re not afraid to drill, not afraid to drill deep, and not afraid to just get on with exploration.
CEOCFO: What is the financial picture like for Evolving Gold today?
Mr. Barker: We are in pretty good financial shape. We’ve always been well financed from the very beginning. We had about $11.5 million in the treasury in June, and in July, we raised an additional $15.6 million with the private placement with Goldcorp. This has put us in a pretty good position, but junior companies are always looking at the best way to move forward and balance our projects with what our treasury can handle.
CEOCFO: You recently moved to the TSX exchange, would you tell us about that?
Mr. Barker: In our discussions with a number of groups it became obvious to us that a move to the TSX could prove favorable for some funds to invest or increase their investment in Evolving Gold. It is a graduation to a position that demonstrates that Evolving Gold has grown and has become a more solid and successful company. We’re proud of the fact that we’re able to move to the main board and hope that this is just one more step in the direction of the evolution of the company.
CEOCFO: Are you looking at additional properties?
Mr. Barker: We’re always looking at additional properties. We recently, however, did announce a proposed spinout of the Kiyuk Property, which is in southern Nunavut. That was done simply because with our focus in Wyoming and Nevada, the Kiyuk project was being neglected. We got no credit and no value for it whatsoever in the market. We felt it would be better for our shareholders in general if we spun that out. That will allow Evolving Gold to maintain its strong focus on our projects in Nevada and in Wyoming. We will entertain additional properties, but they must be high-quality properties and in stable and strongly supportive environments for exploration and mining.
CEOCFO: What is ahead for Evolving Gold?
Mr. Barker: What we are looking at now is evaluating precisely how to move forward as a company. We are always looking at alternatives. With our Rattlesnake property, probably sometime in the second quarter this year we plan to complete a revised 43-101 report with a resource estimate on near surface mineralization. In my opinion that is something of a starter resource. Our drilling has indicated the presence of well mineralized porphyry dikes at Rattlesnake, and limited deep drilling has intersected altered and pyritized porphyry at depth. We continue to believe there is strong potential for a major, mineralized porphyry at Rattlesnake Hills, and we plan additional drilling next year to continue to test this potentially very large target. It will be one of the major targets for continued exploration at Rattlesnake. Another major target we will be exploring at Rattlesnake is the area between the North Stock and Antelope Basin to determine if we can combine two near surface deposits into one potential open pit. That takes Rattlesnake into basically the next phase, which would be moving toward advanced exploration and pre-feasibility.
In the south end of the Carlin Trend we are now looking at how we follow up on high grade intersections that we already intersected in our drilling and will continue to test the more than twenty targets that we have identified on our very large land position there. This is a longer term exploration project in an extremely well endowed gold province. The drill holes are deep, expensive, and take a lot of time to complete. Though we are very aggressive in our drilling, we don’t want to waste holes. We are moving at a reasonable pace through those targets, and we plan in the near future to start some follow-up drilling around some of the higher-grade intersections that we have already identified and reported.
We will also have a modest drill program on Jake Creek sometime in 2011 to follow up on the Midas style gold mineralization we intersected and reported on that property. 2011 will be a very busy year for us both in Nevada and in Wyoming.
CEOCFO: In closing, why should potential investors choose Evolving Gold out of the crowd?
Mr. Barker: Evolving Gold is an exploration company that believes firmly in applying high quality technical expertise in geology, geophysics, geochemistry, and combining that to create a very aggressive drill-focused exploration program. We do our own exploration. We are looking for very large deposits within large gold systems, and we believe that gives the most flexibility down the line for us to bring major value to our investors. Major discoveries are very attractive to a number of larger players. We believe we have strong potential as a company for major new discoveries. Whether we take them forward, or whether a larger player comes in and takes them forward for us, a large discovery will result in a major increase in value for our shareholders.
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One thing is we’re not afraid to drill. As strange as that may seem, deep drilling can be expensive, and a lot of people in the business shy away from drilling deep holes. What we saw in the south end of the Carlin Trend was a neglected area where people felt targets were too deep to be of interest. From the work Dr. Hennigh did, we didn’t think they were as deep as other people thought. Where some thought it would be too difficult to assemble the needed mineral rights, we put together an extensive land package, and found that it was not as difficult as others and even we thought. Sometimes it’s just that there is an inertia that keeps people back from doing what needs to be done. To be quite honest the larger mining companies are not doing much greenfields or generative exploration these days, so it’s up to the smaller companies, like Evolving Gold, to actually go in and do some of the pioneer style of exploration that’s needed to make the really major new discoveries. - Robert Barker, Ph.D.
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