Gateway Gold Corp.
TSX : GTQ

Gateway Gold Corp.

January 11, 2007 07:30 ET

Gateway Gold Reports Positive Results From Big Springs Drilling

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 11, 2007) - Gateway Gold Corp. (the "Company") (TSX:GTQ) is pleased to report the results of the recently completed drilling program on the Big Springs property in northeastern Nevada. A NI43-101 compliant resource report (see news release dated Jan 30, 2006) on the Big Springs project estimated an inferred resource of 15,415,000 tons at an average grade of 0.078 opt (2.67 g/t) containing 1,195,000 ounces of gold. The 2006 drill program was designed to test for extensions of known mineralization and to infill areas where increased drilling density is required. Overall the drilling was successful, particularly in the South Sammy area, and the results confirm that the mineralized system is still open for expansion.

The 2006 drilling focused on resource areas in the immediate vicinity of the North Sammy and South Sammy pits. Nineteen holes were drilled totaling 11,523 feet (3,512 metres) of which two were terminated before completion due to the technical difficulties. Of the seventeen holes completed to target depth, thirteen holes report one or more intervals grading 1.0 g/t or greater over a minimum drilled intercept of 5 feet. Significant gold grades range from 1.03 g/t (0.03 opt) to 7.13 g/t (0.208 opt) over drilled intervals ranging from 5 feet to 75 feet. Ten of the thirteen holes have multiple mineralized intervals. The high success ratio is confirmation that the Company's predictive geologic model can be relied upon to locate additional new mineralized zones.

Of particular significance is Hole GW 06-273, which was drilled to the south of the South Sammy pit. This hole was drilled at an angle within a moderate grade resource area and intersected 30 feet grading 4.76 g/t (0.139 opt), including 15 feet grading 7.14 g/t (0.208 opt). This intersection supports the hypothesis that within these broad moderate grade resource areas, high-grade feeder structures can be found which will potentially increase the overall grade in these zones.

The results of the 2006 drilling will be integrated into the resource model and further drilling is planned in 2007 to expand the resource and improve the confidence levels in the estimate.

"One of the key components of our Nevada strategy is to move the Big Springs project towards a development decision," commented Michael D. McInnis, President of Gateway Gold. "We are pleased with the positive results from our 2006 program and are excited about our plans for advancing this project in 2007."

In addition to the drilling program at Big Springs, Gateway carried out drilling on the Golden Dome and Deep Sammy projects and an extensive surface evaluation of the Lower Mac Ridge prospect. Results of these programs are being compiled and will be released over the next several weeks.

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