Gateway Gold Corp.

Gateway Gold Corp.

March 15, 2005 18:02 ET

Gateway Gold Corp.: Extensive Big Springs Data Review Underway




MARCH 15, 2005 - 18:02 ET

Gateway Gold Corp.: Extensive Big Springs Data Review

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - Gateway
Gold Corp. (the "Company") (TSX:GTQ) is pleased to report that the
Company's staff has completed a preliminary review of Independence
Mining Company's ("IMC") data package on the Company's Big Springs
property located in northeastern Nevada. The data package has proved to
be very extensive and has identified at least sixteen separate gold
zones, many of which have been drilled sufficiently to allow resource
calculations. Other zones have enough positive drill results to indicate
that only a minimal amount of additional drilling will be required to
justify resource calculations. Most of these gold zones are open down
dip and on strike and will be drilled during this year's drilling
program. In addition to these zones, IMC encountered numerous isolated
high-grade drill intercepts in sparsely drilled outlying areas. Several
of these areas show promise to host high-grade gold resources and will
also be drill tested during this years drill program. The Company has
approximately C$7.5 million in working capital and is planning a C$5.5
million multi-drill program to commence in May 2005 on the Big Springs
and adjacent properties.

The Independence Mining Company operated the Big Springs mines during
the period 1987 to 1993. A total of 510,000 ounces of gold was mined
from seven different open pits. The data package acquired by the Company
from IMC contains documentation relating to all of IMC's exploration
activities during their involvement in the Big Springs region. The
package includes drill logs and assay results for 2,088 holes, mostly
reverse circulation but some core holes. Of these holes, about 1,600 are
from the main area of the former mining activity at Big Springs. The
remaining holes are from outlying areas such as Dorsey Creek, Beadles
Creek, Mac Ridge, Jack Creek and the Headwall Cirque. In total, there
are data for about 753,000 feet of drilling or about 150,600 gold
assays. To duplicate this work, the Company estimates that it would
require an expenditure in excess of C$30 million.

The Company's staff is presently compiling the IMC drill hole data and
merging it with the Company's drill hole data. The combined data for
each target zone will be released when available over the next several
weeks. These data will form the basis of a geological model which is
scheduled to be completed by the middle of April. The geological model
will then be turned over to independent consultants to calculate a
resource estimate which should be available by early May.

The Company purchased the IMC data package from AngloGold North America
Inc. in October 2004 for an initial payment of 60,000 common shares of
the Company. An additional tranche of 120,000 common shares will be paid
upon commercial production from the Big Springs deposits.


Michael D. McInnis, P.Eng., President & CEO

Dr. Giles Peatfield, P. Eng. is an Independent Qualified Person for GTQ
and has reviewed and approved the contents of this release.


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