Gateway Gold Corp.
TSX : GTQ

Gateway Gold Corp.

August 12, 2008 11:30 ET

Gateway Reports Encouraging Gold-Silver Results at Santa Fe

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2008) - Gateway Gold Corp. (TSX:GTQ) is pleased to announce the results from the first four drill holes on its Santa Fe property located in south-west Nevada. All of the holes returned thick intercepts of gold and silver mineralization, highlighted by Hole SF08-04 which has an interval of 135 feet grading 3.71 g/t gold and 73.4 g/t silver.

The drilling to date has confirmed the grade and continuity of the mineralization encountered in historic drilling, and has also extended the depth of known mineralization ranging from an additional 25 feet in SF08-01 to an additional 175 feet in SF08-04.



Hole Number From (feet) To (feet) Length (feet) Au (g/t) Ag (g/t)
--------------------------------------------------------------------------

SF08-01 155.0 200.0 45.0 3.557 64.7
and 435.0 535.0 100.0 1.631 7.7

SF08-02 25.0 165.0 140.0 2.366 74.6
and 165.0 240.0 75.0 1.301 7.2
and 290.0 320.0 30.0 3.304 9.8

SF08-03 125.0 180.0 55.0 1.218 30.1
and 260.0 325.0 65.0 0.878 6.6
and 325.0 465.0 140.0 2.722 9.6
and 465.0 520.0 55.0 0.820 5.9

SF08-04 220.0 270.0 50.0 1.363 46.1
and 380.0 515.0 135.0 3.706 73.4
and 515.0 650.0 135.0 1.635 22.8


All holes were drilled vertically except Hole SF08-01, which was drilled at -80 degrees to the east. Intervals reported are drilled widths, which may not represent true widths of the mineralized zones.

The 6,500 foot drill program comprised 8 holes and was completed in mid-July. Results from the remaining holes will be reported when available. The program was designed to test for strike and depth extensions of a high-grade gold-bearing sulphide pipe that crops out at the south end of the historic Santa Fe open pit mine. The Santa Fe deposit was mined by Homestake in the late 1980's and 1990's during which time they discovered the sulphide pipe. Although Homestake drilled over 30 holes into the pipe it was never mined or drilled out in detail.

Michael D. McInnis, President & CEO of Gateway, commented, "We are very pleased with the initial results from this program as they support our view that a significant gold-silver resource can be developed in the pit area. We are also confident that our on-going surface mapping and sampling program will delineate quality targets with potential for the discovery of additional mineralized zones."

All samples are prepared and analyzed by ALS Chemex, with sample preparation in Elko and analyses in North Vancouver. Dr. Giles Peatfield, P.Eng. is an Independent Qualified Person for GTQ and has reviewed and approved the contents of this release.

For further information about the Company and its activities, please refer to the Company's website at www.gatewaygold.com and under the Company's profile at www.sedar.com.

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 and the Alberta Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States Forward-looking statements and forward looking information 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 and forward looking information, 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 and forward looking statements are 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 statement.

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)
    or
    Gateway Gold Corp.
    Raju Wani
    Investor Relations
    (403) 240-0555
    or
    Gateway Gold Corp.
    Ron Cooper
    Investor Relations
    (604) 986-0112
    Website: www.gatewaygold.com