Gateway Gold Corp.

Gateway Gold Corp.

January 31, 2007 12:13 ET

Gateway Discovers Widespread Gold Mineralization at Mac Ridge

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2007) - Gateway Gold Corp. (the "Company") (TSX:GTQ) is pleased to report the results from the 2006 work program on the Lower Mac Ridge prospect in northeastern Nevada. Gold in the prospective Lower Plate rocks was discovered at a small outcrop at the Lower Mac Ridge prospect late in 2005 by Company geologists. Rock chips collected at that time from the outcrop returned significant gold values ranging from 1.17g/t to 5.67 g/t. Work carried out in 2006 was successful in extending the gold-bearing Lower Plate rocks for a minimum distance of 1,800 feet and delineating Lower Plate stratigraphy over a distance of at least 9,000 feet. These additional discoveries have substantially expanded the economic potential of the Lower Mac Ridge prospect.

Work carried out during the 2006 program comprised geological mapping, soil and rock sampling and hand trenching. Outcrop is sparse in the prospect area and hand trenching was particularly useful in evaluating the area. Four trenches were hand-dug in areas where overburden cover appeared to be thin (see accompanying maps). Continuous chip samples were collected at five-foot intervals along the entire length of each trench. Three of the trenches were stopped when bedrock became too deep for hand digging. In addition to the trenching, single rock chip samples were collected from small, isolated outcrops which returned significant gold values ranging from 0.50 g/t to 3.31 g/t.

Trench 1 was excavated in the immediate vicinity of the discovery outcrop, Trench 2 is located approximately 100 feet south of Trench 1, Trench 3 is located approximately 30 feet north of Trench 1, Trench 4 is located approximately 1,000 feet northwest of Trench 1. Trenches 1 to 4 returned the following results:

Trench 1 2.04 g/t over 65 feet

Trench 2 1.78 g/t over 30 feet and 1.33 g/t over 10 feet

Trench 3 1.79 g/t over 25 feet including 2.71 g/t over 15 feet

Trench 4 0.98 g/t over 10 feet

"We are very pleased with the gold grades of the surface samples and the widespread nature of the mineralization", commented M.D. McInnis, President and CEO of GTQ. "This is a brand new discovery of gold in outcropping Lower Plate rocks which is very rare in Nevada today. We believe this is a significant find for Gateway and has high potential for economic discovery".

The geologic mapping program at Mac Ridge established the presence of a thick section of favourable Hanson 2 formation over a distance of at least 9,000 feet. The Hanson 2 is part of the Lower Plate rocks which are the principal host rocks for the Jerritt Canyon deposits, 10 miles to the south. The mapping also defined a paleochannel in the Upper Plate Overlap rocks at its contact with the Hanson 2 that carries gold mineralization and appears to be a particularly favourable host rock. The widespread distribution of these two favourable rock units clearly enhances the possibility of further discoveries in the prospect area.

An additional 1,282 geochemical soil samples were collected on a 200 foot by 50 foot grid to expand the soil grid completed in 2005. The results extended the gold-in-soil anomaly to the east and southeast. Sample results range from 40 ppb gold to 999 ppb gold. The northwesterly trending gold anomaly now extends an impressive 4,900 feet in length and up to 1,800 feet in width.

All samples are prepared and analyzed by ALS Chemex, with sample preparation in Elko and analyses in North Vancouver.

Maps of the Mac Ridge Project are available on CCNMatthews' website at


Michael D. McInnis, P.Eng., President and CEO

Dr. Giles Peatfield, P.Eng. is an Independent Qualified Person for GTQ and has reviewed and approved the contents of this release.

Certain of the statements made and information contained herein is "forward- looking information" within the meaning of the Ontario Securities Act. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration activities and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's Annual Information Form and in each management discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Nevada will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

The TSX does not accept responsibility for the adequacy or the accuracy of this release.

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