Dear Pat: I acquired shares of Evolving Gold several months ago and the stock has steadily declined. I am confused as to whether I should sell this stock, or is there a future in holding it? Your comments would be appreciated.
Evolving Gold, $1.00, symbol EVG on Toronto (Shares outstanding: 105.1 million; Market cap: $105.1 million), is currently exploring for gold at two projects: its 100%-owned Rattlesnake Hills property in central Wyoming, and its Carlin property in the Carlin Trend area of Nevada.
Evolving drilled 93 holes at Rattlesnake Hills in 2008 and 2009. These holes totalled 36,154 metres. That drilling revealed significant gold showings. For example, Hole RSC-089 included 16.9 metres at 10.31 grams of gold per tonne, including 4.6 metres at 26.16 grams per tonne.
This year, the company is conducting a 20,000-metre drill program at Rattlesnake Hills to test extensions to known gold zones and explore new zones. Evolving plans to spend between $4.2 million and $4.5 million on this drilling.
The company is also conducting roughly $3.5 million of drilling at the Carlin project this year. Past drilling has found some high-grade intercepts: Hole CAR-007 included 4.6 metres at 31.0 grams of gold per tonne, including 3.0 metres…
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