Evolving Gold Acquires 56 Km2 Lithium Lakes Project Near Nemaska Lithium’s Whabouchi Deposit

Evolving Gold (CSNX:EVG) (OTCB:EVOGF) announced that it has executed a Purchase and Sale Agreement with an arm’s length party to acquire 105 mineral claims in four blocks, in Quebec.
As quoted in the press release:

The Lithium Lakes Property (the “Property”) is located about 10 kilometres (“km”) north of the “Route du Nord” and between 8 and 30 km from Nemaska Lithium’s Whabouchi Project. The Lithium Lakes main claim block extends 15 km in a NE-SW direction and 6 km in a NW-SE direction. The Property has 8 high priority targets prospective for lithium-bearing pegmatite bodies, including two that are approximately 3.5 km long that were selected based on a geological interpretation of historical magnetic, spectrometric and geochemical surveys and their association with topographic features.
According to a Canaccord Genuity report issued May 17^th, 2016: “We forecast the lithium market to grow by 81% to 347kt lithium carbonate equivalent (LCE) by 2020, and by 259% to 687kt LCE by 2025, representing a Compound Annual Growth Rate of 14% across all demand sectors. We anticipate Li-ion battery-based electric vehicles (passenger vehicles & electric buses) to be a key driver of demand over the next decade, accounting for 38% of all lithium demand by 2025 (from ~6% in 2015). Similarly, we also anticipate significant demand for lithium from the grid storage sector, which we forecast will account for 13.6% of all demand by 2025.”

Evolving Gold CEO, R. Bruce Duncan, stated:

We look forward to beginning the initial exploration phase of the Lithium Lakes Project, which is in the same geological formation as Nemaska Lithium Inc.’s Whabouchi Deposit. Evolving Gold currently has approximately CAD $1,100,000 on hand, and continues to hold a promissory note due from GFG Resources on July 28^th, 2016 for USD $600,000, thereby eliminating any need for financing at this time. The Company is currently developing plans for a field exploration program, which will be initiated as soon as possible.