Gateway Gold Corp.
TSX : GTQ

Gateway Gold Corp.

June 05, 2007 17:32 ET

Gateway Announces AGM Results and New Stock Option Plan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 5, 2007) - Gateway Gold Corp. (the "Company") (TSX:GTQ) is pleased to announce that at the recent annual general meeting of the Company, Michael McInnis, James Robertson, Alvin Jackson, Louis G. Montpellier and Roman Friedrich were re-elected as directors of the Company. At the annual meeting, the (disinterested) shareholders also approved the adoption of a new stock option plan which, among other things, provides for a maximum number of common shares reserved for issuance expressed as a percentage, set at 20% of the number of shares issued and outstanding. As at the date of the information circular and the date hereof, 20% of the issued capital would be 6,541,234 common shares. The existing options that are outstanding under the current plan will be incorporated into the new plan and will be governed by the new plan.

The Company further announces that, pursuant to its new stock option plan accepted by the Toronto Stock Exchange on June 1, 2007, it has granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to 1,350,000 common shares at a price of $0.81 per share for a period of five years.

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)
    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