Gateway Gold Corp.

Gateway Gold Corp.

May 30, 2006 10:55 ET

Gateway to Commence 30,000 Metre Drill Program in Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 30, 2006) -


Gateway Gold Corp. (the "Company") (TSX:GTQ) is pleased to report that our geological staff has mobilized to the field office in northeastern Nevada to commence the 2006 drilling campaign. The Company is planning a minimum of 30,000 metres of drilling on four of its gold properties. The program is budgeted at CDN$7,800,000 using three diamond drill rigs and two reverse circulation drill rigs. The first drill rig will commence drilling June 1, and all rigs are scheduled to be operating by June 12.


Approximately 20,000 metres of drilling is planned for the Big Springs project. The drill plan has been developed in collaboration with Gustavson Associates LLC, who prepared the Company's recent NI 43-101 resource report. The drilling in most part will be directed at known gold mineralization to increase the confidence levels and to test for extensions of the known zones.

Gustavson has also been retained to prepare engineering studies, update the geologic model, and develop a scoping level report that examines metallurgical characteristics, mining methodology and possible site plans and associated infrastructure. This work will be initiated following the 2006 drill program.


The Golden Dome project lies approximately halfway between the Big Springs project and the Jerritt Canyon mines to the south. Last fall, three widely spaced holes were drilled to test a geological interpretation that postulated that Lower Plate rocks could exist at moderate depths beneath a 6 square kilometre gravel covered area in the middle of the property. Lower Plate rocks are considered very important as they host the mineralization at Jerritt Canyon and other major Carlin-style deposits.

All three reconnaissance 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 g/t au. These results are deemed to be very significant considering the fact that the drilling was done at wide spacing in pursuit of a blind target.

A number of structural intersections have been interpreted from the available geological data. Structural intersections are the major control for the location of gold deposits in the district and these targets will be tested with approximately 5,000 metres of drilling this year.


The Mac Ridge property lies immediately east of the larger Big Springs claim block. This was the location of the first mining at Big Springs, from a small open pit near the top of the ridge.

One of the most exciting developments for the Company in 2005 was the discovery of gold at surface in Lower Plate rocks at the Lower Mac Ridge prospect. Rock chip samples collected from altered Lower Plate outcrops returned significant gold values ranging from 1.17 g/t (0.034 opt) to 5.70 g/t (0.166 opt). The samples were collected within a gold soil anomaly measuring approximately 450 feet by 800 feet. The former Mac Ridge open pit mine is located about 1,300 metres west of this new discovery; the closest drill hole is 750 metres to the west. This discovery helps outline a large area that is prospective for Lower Plate mineralization. The Lower Plate of the Roberts Mountain thrust hosts the majority of the large gold deposit found in Nevada.

The Company is planning a drill program comprising about 3,000 metres of drilling. The program will commence later in the year after receipt of the necessary permits.


Drilling in 2004 and 2005 encountered significant gold-arsenic-antimony mineralization over thick intervals in a rhyolite dyke. Significant mineralized intervals in the holes ranged from 0.25 g/t to 2.54 g/t over core lengths ranging from 21 to 123 metres. Mineralization in the dyke has been traced over a strike length of 1,200 metres, with a width of 50 metres and a depth of 250 metres.

The size of this gold-bearing system is very impressive. Several compelling targets have been developed within the system where the Company's staff believes the opportunity for discovery is high. The main focus in 2006 will be to test the down dip projections of the mineralized dike where it intercepts Lower Plate rocks. Approximately 1,000 metres of drilling will be carried out in 2006 to test these targets.

All samples are prepared and analyzed by ALS Chemex.


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.

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

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