Evolving Gold Plans 20,000 Metres of Core
www.evolvinggold.com
Drilling at Rattlesnake Hills in 2010
Quinton Hennigh
President
When we last spoke to Evolving Gold in
February 2009, CEO Bob Barker told us
what the company had planned for the
year, a plan that included 15,000 metres
of drilling to pave the way for an updated
technical report on its Rattlesnake Hills
property in Wyoming. By the end of the
year, the company had drilled almost
30,000 metres of core in 78 drill holes on
Rattlesnake Hills. Investors like a company
that makes a plan and sticks to it, and
Evolving Gold is clearly one of those. This
year the plan is for more more exploration
and definition drilling to better define
the full potential of the system and move
toward a resource estimate. President
Quinton Hennigh explains how the plan
will unfold.
R
esource Intelligence: Let’s talk about your
Rattlesnake Hills project in Wyoming. I
think a lot of your company’s perceived
value comes from this project. Why is that?
Quinton Hennigh: The Rattlesnake Hills project is
one of the more notable gold discoveries in re-
cent years. There has been a real shortage of gold
discoveries globally, so we’re very proud to have
made it and investors are clearly reacting to the
grades we’re finding, the broad widths, and they
are anticipating a solid resource estimate from us.
RI: Last year you completed a total of 30,000
metres of drilling. What did you learn from that?
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Booth # 3143
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QH: What we see is the footprint of the hydro- been mined nearly continuously and has yielded
thermal system that originally deposited gold on over 20 million ounces over a 50 year period
the property. The gold footprint we see on prop- from high-grade veins.
erty is actually much larger than we previously
believed and that is We see mineralization at Rattlesnake that extends
very encouraging. easily 300 metres
plus. We have holes
RI: And that explains “Last year we raised about as deep as 700
the big jump in July metres with very
that took you from $11 million in the fall. We significant gold val-
$0.50 up to $1.50 ues. If an old timer
per share. That co-
presently have about $17 were to magically
incided within a million in the bank. Plenty pop up today he
few days of your would probably ask
press release that an- of money to advance Rat- us why we are drill-
nounced excellent
intercepts at better
tlesnake in a very techni- ing so many holes.
But today we look
than 10 grams per cally sound way.” at things in more
tonne. Can you tell technical terms and
us about that? ~President Quinton Hennigh we have to drill
things out and meet
QH: We had an certain standards
interval that we an- and investor expectations.
nounced in mid-July that was about 67 metres
of over 10 grams per tonne. That was our first RI: Lets try to put the size of this into perspective.
news release for Rattlesnake for the season and it You have mineralized drill holes deeper than 100
really gave us a lot of confidence in the project. metres deep. One hundred metres is about the
We started to see the things that we felt were very height of a 30 storey condominium. That’s a very
important to see. deep open pit.
RI: You’ve had recent news as well, talking about QH: That is correct. But some of the more recent
over 100 metres at about 1.3 g/t Au. Can you put drill holes that we’ve done that were released last
that into context for us? week demonstrate that the core of mineralization
extends to in excess of 300 metres below surface.
QH: This is an unusual gold system compared to So that would be more like a 90 storey condo.
many. It’s an alkalic gold system that has similar- And we’re still open to depth and to the east
ities to a number of alkaline gold systems up in and west. Right now the halo zone is about 500
the Rocky Mountains, particularly Cripple Creek
metres strike length. The high-grade core has a
and some up in Montana. Almost all alkaline strike length that looks like it’s going to be over
gold systems have two components. They have
300 metres.
a very large bulk style component which is lower
grade and they have a higher grade component as RI: You’ve done some work recently in going to
well. Usually in structures. depth and what you’ve started to find is a por-
phyry system as well that may be attached to this?
RI: You’re about 300km from Cripple Creek.
How does Rattlesnake Hills compare to Cripple QH: That is correct. A porphyry is an intrusive
Creek’s grades and size? body, magma that came up and cooled at shallow
depth. Sometimes it injects as small dykes which
QH: Cripple Creek is a diatreme complex, much we have seen numerously in our drilling.
like the one we have at Rattlesnake. The diatreme
at Cripple Creek is about 3 km wide and about 6 Many of these are over significant widths, 10 to
or 7 km long. Our diatreme complex is about 4 30 metres wide. They have significant gold min-
km long and about 1 to 3 km wide. Rattlesnake eralization which is quite encouraging because it
Hills is not quite as big but it’s still very sizable. tells us that there is a magma at depth that was
Keep in mind that we are at a very early stage driving the system and it could be a potential tar-
here; Cripple Creek has had about 120 years get for us.
mining history where we’ve had 2 years drilling.
If you compare it in terms of its vertical extent RI: You’re a technical guy. You’re a doctor of geol-
and the footprint of the size of the system, it is ogy and you’re also the president of the com-
comparable. pany. How does being a doctor of geology and
a president allow you to make choices that you
Cripple Creek was discovered in 1894 towards might not be able to make as just a geologist, for
the tail end of the Colorado gold rush. It has example?
See page 96 for Disclosure, Disclaimers & Info on Mineral Resource and Reserves
 Evolving Gold
- Continued
QH: The work I’ve done with Evolving Gold has
truly been a geologist’s dream. I came into the
junior sector about three years ago after leaving
Newmont. This has been a tremendous oppor-
tunity to test many ideas that I have had over the
years, Rattlesnake being one of them. I’ve wanted
to test this target for about six years and now here
we are doing it. Two years ago this was a geologic
anomaly and now it is a discovery.
A lot of geologists working for large mining com-
panies in this day and age have limited funds,
don’t have a lot of support and are handicapped
in what they can do in exploration. We have been
very fortunate at Evolving Gold. We have raised
quite a bit of money and we’ve been able to test
Rattlesnake thoroughly. We’ve also got our Car-
lin project in Nevada which also is showing great
promise.
RI: How much money have you raised?
QH: Last year we raised about $11 million in the
fall. We presently have about $17 million in the
bank. Plenty of money to advance Rattlesnake
in a very technically sound way. We feel that is
very important. In terms of our burn rate, dur-
ing the drill season for this coming year we are
looking at a burn rate of about $1 million dollars
Free Revolutionary Online Investment Calculators and all 43-101 data with sources and project values www.resourceintelligence.net
a month and during the off season we’re looking
at about $100,000 per month. The drill program
runs from about May until the end of October,
so we’ll have plenty of funds to complete at least
20,000 metres this year.
RI: According to the Fraser Institute, Wyoming
is the second best place on earth to mine. Why
is that?
QH: Wyoming is a remarkable place. The people
in Wyoming have a very good outlook towards
resource development. There is a huge coal in-
dustry, oil and gas industry and also uranium.
You have people who are skilled in these jobs. The
environmental jurisdiction is quite amenable to
mining. We have worked very closely with both
the Bureau of Land Management at the federal
level, as well as the Department of Development-
al Quality, which is at the state level and they
have been very supportive of us and our project
and we feel very confident that we can put this
thing into production. The other aspect of Wyo-
ming is that it has great infrastructure. We’ve got
railheads and two rail lines within 60 km of the
property. We have power plants over in Casper
and the gridline comes a few miles south of the
property. There is year round access. It is an ideal
Booth # 3143
www.evolvinggold.com
604.685.6375
spot for gold mining.
RI: You’ve accomplished an incredible amount of
work in the last year—30,000 metres, plus you’ve
got more drilling coming up. When can we ex-
pect a resource estimate and more from you?
QH: We are currently working towards updating
the 43-101 technical report. We anticipate com-
pletion in the second quarter of 2010. This will
be completed by an independent engineering
firm. Our aim is to better define the shape, size,
grade, and exploration potential of this large and
complex gold system. We’ll also take a prelim-
inary look at potential mining methods, metal-
lurgy, and overall approach to development. We
are still in the early stage of exploration really,
with five new targets and a lot more drilling to
come this year. So I think investors should expect
a lot out of this property in the next year.
Milestones:
• Second Quarter: Completion of
the updated 43-101 technical
report.
• Summer Program: 20,000 me-
ters of core drilling.
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