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Evolving Gold closes Lithium Lakes acquisition

Jul 1, 2016

EVOLVING GOLD CLOSES ACQUISITION OF LITHIUM LAKES PROJECT NEAR NEMASKA LITHIUM’S WHABOUCHI DEPOSIT

Evolving Gold Corp. has closed the purchase and sale agreement with an arm’s-length party to acquire 106 mineral claims in four blocks in Quebec, as previously announced on June 16, 2016.

Pursuant to the agreement, the company issued to the vendor a total of 300,000 common shares at a deemed price of 31 cents per share (deemed value of $93,000) and also paid the vendor $30,000 as the final cash payment. Accordingly, the total consideration under the agreement of $40,000 and 300,000 common shares of the company has now been paid. The claims remain subject to a 1-per-cent net smelter returns royalty. EVG has the right, at any time, to acquire one-half of the royalty by paying $500,000 to the holder of the royalty.

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