Gateway Gold Corp.
TSX : GTQ

Gateway Gold Corp.

July 09, 2007 09:30 ET

Gateway Gold Commences Drilling in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2007) - Gateway Gold Corp. (the "Company") (TSX:GTQ) is pleased to announce that a new drill program has started at the Golden Dome property in northeastern Nevada. The program will follow-up on the encouraging results from last year's drilling which established the presence of a large gold-bearing system in favorable rocks. The broad extent of this strong mineralized system suggests a high potential for the discovery of a significant gold deposit. Approximately 12 - 14 holes will be drilled in this phase of drilling which should be completed by the end of July.

The Golden Dome project is a Lower Plate exploration play that lies approximately halfway between the Company's Big Springs project and the Jerritt Canyon gold mines to the south. In 2005 Gateway drilled three widely spaced holes to test for the presence of Lower Plate rocks below the Roberts Mountain thrust. All three reconnaissance holes encountered Lower Plate rocks and all of the holes returned significant gold values either in Lower Plate rocks or in structural zones within the Upper Plate. The second hole returned 25 feet grading 1.34 g/t (0.039 opt) gold including 15 feet of 1.78 g/t (0.052 opt) gold in Lower Plate rocks. The other holes returned several tens of feet of anomalous gold values ranging from 200 ppb to 1.0 g/t gold.

These favorable results were followed up with an 11-hole 24,000-foot program in 2006. Eight of the 11 holes intersected gold values in excess of 0.5 g/t gold. All of the intercepts are interpreted to be within structural zones in Upper Plate rocks that are thought to be leakage from gold zones at depth. The best intercept was in Hole GD06-20C where twenty feet assayed 3.05 g/t (0.081 opt) gold between 130 feet and 150 feet deep including 5 feet that assayed 4.46 g/t (0.13 opt) gold.

The most significant outcome of the 2006 drill program is that all of the drill holes intersected anomalous gold or associated trace elements confirming the presence of a large gold bearing system over an area of 5,500 feet by 4,300 feet. The system is open to extension in every direction. The initial phase of the current drilling is a shallow angle hole program designed to define auriferous structural orientations and will be followed by a deeper drill program designed to test those structures where those structures cut the Lower Plate rocks.

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