Gateway Gold Corp.

Gateway Gold Corp.

August 11, 2005 12:08 ET

Gateway Gold Corp.: High Grade Gold Intersected At Crusher Target

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 11, 2005) - Gateway Gold Corp. (the "Company") (TSX:GTQ) is pleased to announce that high grade gold mineralization has been intersected in the initial reverse circulation drilling of the Crusher target on the Big Springs property in northeastern Nevada. Hole GW05-166 intersected 135 feet grading 0.122 ounces per ton ("opt") gold, or 4.18 grams per tonne ("g/t"), including 20 feet grading 0.525 opt gold (18.00 g/t) and hole GW05-172 intersected 25 feet grading 0.818 opt gold (28.05 g/t).

The Crusher target is located approximately 200 metres northeast of the North Sammy pit area. Geological mapping by the Company's technical staff and drilling by the former operator has suggested the presence of two separate mineralized zones within the Crusher Target. The Crusher B zone was drill tested by hole GW05-166 which intersected 135 feet grading 0.122 opt (4.18g/t) from 130 feet to 265 feet including 20 feet grading 0.525 opt gold (18.00 g/t). The hole was drilled at a dip of minus 52 degrees underneath a 10 foot intercept grading 0.492 opt (16.87 g/t) drilled by the former operator. Hole GW05-166 was designed to better define the geometry of the Crusher B zone. The results substantially improved the exploration potential of the zone by increasing both the grade and thickness of the mineralized zone.

Hole GW05-172 drill tested the Crusher A zone and intersected 25 feet grading 0.818 opt gold (28.05 g/t) beginning at a depth of 70 feet in the hole. GW05-172 was a vertical hole and offset a hole drilled by the previous operator, which returned 20 feet grading 0.580 opt gold (19.89 g/t). The Company's hole was designed to better define the geometry and orientation of the Crusher A zone. The intersection has confirmed that the zone carries thick intercepts of high grade gold mineralization and has provided direction for further drill testing of this attractive target.

"Although we were aware of the presence of gold mineralization at the Crusher Target based on modest amounts of drilling by the former operator, we were unsure about the orientation and potential for expansion," commented M.D. McInnis, President of Gateway. "These initial results are highly encouraging in that they provide us with an orientation of the two zones and increase the Crusher target's importance as a potentially sizeable zone."

The Company's 2005 program includes a minimum of 20,000 metres of drilling at an estimated cost of $5,200,000. Two diamond core rigs and one reverse circulation rig are currently operating on the property. The objectives of the drilling campaign are to expand the known mineralized zones at the Big Springs property and to drill test other targets developed by the Company's geological staff for the discovery of new mineralized zones.


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.

Contact Information