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1 Producing Results Three discoveries in four years Exploring large gold systems Stable supportive locations January 17, 2011

2 Forward Looking Statements This document and the information contained herein do not constitute a prospectusanddonotformanypartofanoffertosellorthesolicitationof an offer to buy, or an invitation to apply for, securities in any jurisdiction. Potential investors should not rely solely on the information contained herein prior to making any investment decision. Investors should seek independent advice from a qualified finance and investment advisor, giving due regard to their own personal circumstances, prior to forming any investment decision. FORWARD LOOKING STATEMENTS: This document includes certain forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements that involve various risks and uncertainties. There can be no assurances that such statements will prove accurate and actual results and future events could differ materially from those anticipated in such statements. Such information contained herein represents management s best judgment as of the date hereof based on information currently available. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. 2

3 Evolving Gold Delivering Value Exploring Large Gold Systems Focus on multi-million ounce potential Aggressive drill-intensive approach In stable supportive locations for mine development Two Major Gold Projects Rattlesnake Hills, Wyoming Discovery property Carlin Trend, Nevada New discovery And a new discovery at Jake Creek Well Financed As of June 30, 2010, $11.6 million in treasury Additionally raised $15.6 million in July 2010 End of 2010, $12.5 million Technically Strong Team Discovery track record 3

4 Capital Structure Shares Outstanding Fully Diluted Warrants Outstanding Institutional Shareholders Million (as of January 7, 2011) Million 6.7 Million at $1.25 (Expire Nov. 24, 2011) Approx. 45% 4

5 Exploration Management Quinton Hennigh, Ph.D. Former Senior Geologist, Newmont, Newcrest and Homestake. Robert Barker, Ph.D. President & Chief Geologist CEO 45 years in gold exploration -Newcrest, Homestakeand Amax. Involved in discoveries throughout North, Central and South America. Bill Gee, M.Sc. Business Development Corporate and business development, acquisitions and exploration. Previously at Newmont, Fronteer, North Ltd. and Anaconda. 5

6 Corporate Events Strong Board of Directors Experience in mergers and acquisitions Strong legal and regulatory experience Technical exploration and development strength Goldcorp Involvement Vote of confidence in people and projects Acquired 15% interest in Evolving Gold Other Corporate Moves Move to listing on TSX Kiyuk spinout to Prosperity Goldfields 6

7 Rattlesnake Hills - Location Wyoming s Major Gold Project A resource dominated economy Wyoming Rattlesnake 100 Km Riverton Rawlins Casper Cheyenne Top Jurisdiction for Exploration and Mining (Fraser Institute ) Best U.S. jurisdictions for mining policy are Nevada and Wyoming Excellent Mining Infrastructure Road access and highway system Close to services and labor supply (82 km to Casper) Power grid nearby Gas pipeline nearby 7

8 Rattlesnake Hills - Property Mineral Claims & State Leases Short, Simple History Under-explored EVG early entrant First pick of targets Large Land Package Over 5,600 hectares (approximately 14,000 acres) Area of detail map 100%-ownership Royalty 2 km 4% production royalty net of processing costs (=~3% NSR) 0.5% NSR with buyback to 0.25% 8

9 Rattlesnake Hills - Gold Deposits Drilled Gold Mineralization 300 meters North Stock Tertiary Volcanic Porphyry Target Antelope Basin PreCambrian Schist Drill Program 2008: 15 core holes (6,500 m) 2009: 78 core holes (30,000 m) 2010: 63 holes (25,600 m) Identified two gold zones North Stock Located at south margin of diatreme Hosted within diatreme and schist Antelope Basin Similar to North Stock mineralization Hosted in diorite intrusive and schist Broad Mineralized Corridor Numerous long intersections of 1 g/t gold Plus significant High Grade Gold 67m at 10.8 g/t 146m at 2.92 g/t 131m at 2.84 g/t g/t g/t 9

10 Rattlesnake Hills - Porphyry Target N 200 m Conceptual Section S Gold Porphyry 0 m 400 m Diatreme North Stock Antelope Basin Intercepts at Depth Mineralized porphyry intrusive and associated mineralized breccias and stockworks Initial intersection 30.5m of 1.89 g/t, incl m of m Upper Porphyry Target Intense Alteration & Brecciation Schist Target -large bulk tonnage gold porphyry (no base metals) May link North Stock & Antelope Basin mineralization Wide open potential, additional drilling is planned 1200 m Phonolite Lower Porphyry Target F-Porphyry 10

11 Rattlesnake Hills Program 25,600 m of Drilling Infill of known zones Extensions, on strike and to depth Initial test of porphyry Results Completed 63 core holes Assays received for all holes Extended known deposits Broad porphyry intersections at depth Plan initial, near surface resource estimate View southwest to North Stock Zone 11

12 Carlin / Humboldt Project Meikle Goldstrike Leeville North Area ~ 100 M oz Gold Quarry Maggie Ck Area ~ 45 M oz Carlin / Humboldt Target Area Rain Area ~ 4 M oz Carlin Trend A Great Gold Address Over 75 million oz gold produced Complete mining and processing infrastructure Underground mining is the future of the Carlin Trend South Trend historically neglected due to cover and depth 12

13 Carlin / Humboldt - Land Large Land Position Goldstrike Boulder Valley Project Gold Quarry One of the largest land positions in the Carlin Trend (over 75 square miles) Carlin/Humboldt total 56 square miles (145 sq. km) Complex checkerboard of private minerals and claims Over 1/2 private mineral rights Over 2/3 Humboldt project, approx. 1/3 Carlin project 5 miles Carlin Project Humboldt Project Rain Humboldt Project is 100% EVG Carlin and BV Projects are subject to Newmont agreement Surface access agreements in place 13

14 Carlin / Humboldt - Infrastructure Tailings Containment Leach Pad Steam Plumes of Newmont s Roaster Interstate Highway Target-2 Mining and Processing Infrastructure View NW towards the Gold Quarry complex Target-1 discovery hole in foreground (CAR-007) Target-2 on left 14

15 Carlin / Humboldt - Drilling Target Concept and Drilling Target-2 Target-1 Target- 4 Target-3 Target-5 Ongoing Drill Program Completed holes at Target 2, 3 and 4 (assays pending) At Target 1 began wedge drilling and deepening hole to define high grade At Target 5 completed RC pre-collar Surface Program All targets are blind Detailed gravity survey and MT survey completed Identified 24 drill targets, including 16 in the Humboldt Project Improved understanding of structure and stratigraphy See section of Target 1 drilling 15

16 Carlin / Humboldt First Discovery 400m NW SE Target-1 First hole confirmed Lower Plate host rock, favorable alteration, and anomalous gold, strong trace elements (As, Sb, Hg, Ba) 800m As Second hole hit multiple zones of high grade gold 18.3 m at 11.7 g/t, including 1.5M at 57.9 g/t Au Grades and depths characteristic of underground mines on the Carlin Trend 1200m Au As Closely spaced offset and wedged planned First hole New hole adjacent to high grade 16

17 Carlin Trend Projects Carlin Trend Boulder Valley Project EVG earning in Agreement with Newmont subsidiaries Awaiting assays Carlin Project Agreement with Newmont subsidiaries Drilling currently Humboldt Project EVG holds 100% with no partner obligations Drilling in spring 17

18 Jake Creek New Discovery Getchell Twin Cks Pinson Jake Creek Midas Drill hole JC-5 10 km Blind discovery in late RC holes drilled Drill hole JC-5 starting at m 28.9 meters at 1.33 gptau including 1.5 M at 11.3 gpt Midas-type, volcanic-hosted target Carlin-type targets below Paleozoic rocks intersected with alteration and anomalous gold Expanded land position 20,000 acres of claims staked 100% EVG 18

19 Plans Wyoming Rattlesnake Hills Metallurgical testing Near surface resource model Continued drilling Expand regional exploration program Nevada Carlin/Humboldt Closely spaced drilling, offset high grades Continue drill tests of new targets Complete MT survey interpretation Nevada Boulder Valley Additional drilling planned Nevada Jake Creek Follow up drilling, Midas-type target 18

20 Evolving Gold - Delivering Value Exploring Large Gold Systems Aggressive drill-intensive approach Focus on multi-million ounce deposits Rattlesnake Hills, Wyoming Discovery property - bulk tonnage and high grade Expansion potential Carlin Trend, Nevada New discovery Evolving well-positioned in the south Carlin Trend 20

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