Gateway Gold Corp.
TSX : GTQ

Gateway Gold Corp.

November 08, 2005 11:49 ET

Gateway Gold Corp.: Extensive Gold Mineralization at Big Springs 601/701 Zones

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2005) - Gateway Gold Corp. (TSX:GTQ) (the "Company") is pleased to release the results of holes drilled on the 601/701 zones on the Big Springs property in northeastern Nevada. The zones are adjacent to each other and results suggest that the two mineralized zones may be connected along an east-west trending structural corridor that is approximately 1,500 feet long. The mineralization in both zones is shallow and may be amenable to low-cost bulk mining. Near-surface intercepts included 25 feet grading 0.157 ounces of gold per ton ("opt") in Hole GW05-199 and 50 feet of 0.121 opt in Hole GW05-221.



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CORE
HOLE NO. FROM TO INTERVAL GRADE GRADE
(feet) (feet) (feet) (opt) (g/t)
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GW05-197 237 267 30 0.149 5.12
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Including 247 262 15 0.247 8.46
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And 282 287 5 0.084 2.89
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GW05-198 186 236 50 0.101 3.46
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Including 191 211 20 0.174 5.98
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GW05-199 72 97 25 0.157 5.39
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Including 72 87 15 0.218 7.48
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GW05-201 73 93 10 0.044 1.52
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GW05-205 228 238 10 0.204 6.98
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And 338 408 20 0.278 9.54
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GW05-209 232 252 20 0.043 1.48
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And 412 432 20 0.253 8.67
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GW05-211C 280 285 5 0.036 1.24
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And 345 350 5 0.259 8.87
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And 401 411 10 0.067 2.31
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GW05-212 355 370 15 0.058 1.99
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GW05-216 232 267 35 0.086 2.96
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Including 247 267 20 0.137 4.71
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GW05-220 98 108 10 0.130 4.45
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And 148 153 5 0.102 3.50
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GW05-221 73 123 50 0.121 4.15
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Including 73 93 20 0.187 6.41
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And 158 178 20 0.067 2.29
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GW05-224 470 495 25 0.095 3.27
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Including 475 495 20 0.111 3.80
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The 601 zone was stripped but not mined by the former operator. The zone occurs approximately in the middle of a 7,500 foot long northeasterly trending corridor called the 219 structural corridor. The eastern portion of the South Sammy pit lies at the south end of the corridor, the 601 zone lies in the middle and the Beadles zone at the northern end (see News Release dated November 1, 2005). The entire length of this corridor is considered prospective for the discovery of new mineralization.

The 701 zone is located immediately to the west of the 601 zone and is a former open pit. The zone occurs in the middle of a north-trending, 5,100 foot long, structural corridor similar to the 219 corridor called the Brien's corridor. The western portion of the South Sammy pit lies at the southern end of the corridor, the 701 zone is in the middle and the 401 zone is at the northern end. As with the 219 corridor, the Company's geological staff considers this entire corridor prospective for new mineralization.

Several additional holes have been drilled on these prospective zones and are in for assay. Results will be released once they have been received and reviewed.

Dorsey Creek

Results have also been received from eight holes drilled to further evaluate the major new Carlin-style gold system discovered at the Company's Dorsey Creek property during last year's drill program. Four holes drilled late last year encountered significant gold-arsenic-antimony mineralization over thick intervals in a rhyolite dyke. Mineralized intervals in last year's holes ranged from 0.25 grams of gold per tonne ("g/t") to 2.54 g/t over core lengths ranging from 21 to 123 metres. Six of the holes drilled this year intersected anomalous gold and arsenic mineralization. The two most significant holes are DC05-12 and DC05-14, which were drilled in and adjacent to the mineralized rhyolite dyke. Hole DC05-12 was collared in the dyke and stayed in the dyke for the entire 860 foot length of the hole. The dyke was altered throughout with variable zones of argillization and locally intense quartz/sulphide veins. Numerous gold intervals ranging from 10 to 200 feet in thickness were encountered. Significant gold grades within the intervals ranged from 0.25 g/t to 1.5 g/t.

Hole DC05-14 was collared south of the dyke and was drilled to test an extensive jasperoid outcrop. The hole stayed in jasperoid throughout its entire 1,000 foot length. The entire first 700 feet was anomalous with gold with a high of 524 ppb and an average of 64 ppb.

"The size of this gold-bearing mineralized system is very impressive," commented M.D. McInnis, President of Gateway. "It has been traced horizontally about 1,300 metres, 275 metres to depth and 150 metres in thickness. The challenge is to develop targets within this broad system where the gold grades could be upgraded. Our geological staff has developed several compelling targets within the system where we believe the opportunity for discovery is high. We are still very enthusiastic about the Dorsey Creek target and look forward to further drilling."

The intervals reported are drilled intervals and may not represent the true width. All samples are prepared and analyzed by ALS Chemex.

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.

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