Gateway Gold Corp.
TSX : GTQ

Gateway Gold Corp.

January 18, 2007 09:30 ET

Gateway Gold Reports Drilling Success at Golden Dome

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 18, 2007) - Gateway Gold Corp. (the "Company") (TSX:GTQ) is pleased to announce the discovery of a large, gold-bearing system on its Golden Dome property in northeastern Nevada. All of the eleven holes drilled in 2006 intersected significant intervals of gold or trace elements associated with gold deposits.

The Golden Dome project lies approximately halfway between the Company's Big Springs project and the Jerritt Canyon mines to the south. In late 2005, Gateway drilled three widely spaced holes to test a geological interpretation that postulated that prospective Lower Plate rocks could exist at moderate depths beneath a six square kilometre gravel-covered area in the middle of the property. Rocks of the Lower Plate host the largest gold deposits in Nevada with an aggregate endowment in excess of 150 million ounces of gold. All three 2005 holes encountered Lower Plate rocks and all of the holes returned significant gold values. The second hole returned 25 feet grading 1.34 g/t gold (0.039 opt); including 15 feet of 1.78 g/t gold (0.052 opt). The other holes returned several tens of feet of anomalous gold values ranging from 200 ppb to 1.0 g/t gold.

The 2006 program was designed to follow up on the favorable results encountered in the 2005 program as well as test structural intersections inferred from air photo interpretation, geochemical surveys and geophysical data. Over 7,500 metres (24,000 feet) of core drilling in eleven holes were completed. Probably the most important outcome of the 2006 drill program is that all of the drill holes intersected significant drilled intervals of anomalous gold or trace elements associated with gold deposits. Eight of the eleven holes returned gold values in excess of 0.50 g/t gold. The best intercept is in hole GD06-20C where twenty feet assayed 2.75 g/t (0.081 opt) gold, including five feet that assayed 4.43 g/t (0.13 opt) gold. Hole GD06-9C intersected fifty feet that averaged over 0.50 g/t gold, including five feet that assayed 1.63 g/t (0.048 opt) gold. Hole GD06-16C returned five feet that assayed 1.76 g/t (0.052 opt) gold and four additional zones farther down the hole that range from 0.30 g/t to 0.70 g/t gold. All of the intercepts are interpreted to be within structural zones in Upper Plate rocks that are thought to represent leakage from gold zones at depth. The intervals reported are drilled intervals and may not represent the true width.

"The wide spread nature of the gold and associated trace element results are encouraging in that they indicate that we have discovered a very large gold bearing system at Golden Dome," stated Michael D. McInnis, President of Gateway. "The gold bearing system inferred from gold encountered in drill holes outlines a minimum area measuring 5,500 feet E-W and 4,300 feet N-S that is prospective for the discovery of Carlin gold deposits where the gold-bearing structures intersect the Lower Plate rocks."

Gateway Gold Corp is a mineral exploration company with an experienced management team and a solid track record of exploration success. The Company is focused on the discovery and development of gold deposits in Nevada, with six active exploration projects.

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

ON BEHALF OF THE BOARD

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.

Contact Information

  • Gateway Gold Corp.
    Michael D. McInnis
    President
    (604) 801-6040
    (604) 801-6075 (FAX)
    Website: www.gatewaygold.com