Gateway Gold Corp.
TSX : GTQ

Gateway Gold Corp.

January 30, 2006 16:02 ET

Gateway Gold Corp.: Initial Resource Estimate-Big Springs

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2006) - Gateway Gold Corp. (TSX:GTQ) is pleased to report the results of a resource estimate for the Big Springs property in the Independence Mountains, Nevada. The resource estimate, prepared by Gustavson Associates, LLC of Boulder, Colorado, is based on data from Gateway's drilling and from the database purchased from AngloGold USA, the former operator. The total database includes results from over 2,000 holes. The estimate includes the North and South Sammy areas as well as the 601, 701, Beadles and Crusher zones.

"This first resource estimate by us is a milestone event for Gateway and helps to quantify the Company's exploration success over the past two years," commented M. D. McInnis, President and CEO of Gateway. "Most of the resource areas are open for expansion and provide ample opportunity to build the resource with further exploration in 2006."

The results of the estimate are considered at this time to be in the inferred category and are summarized in the following table:



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CUTOFF GRADE TOTAL AVERAGE AVERAGE CONTAINED
OUNCE/TON GOLD TONS GRADE (opt) GRADE (g/t) OUNCES GOLD
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0.300 468,000 0.450 15.43 211,000
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0.250 616,000 0.406 13.92 250,000
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0.200 914,000 0.345 11.83 315,000
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0.150 1,534,000 0.274 9.39 420,000
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0.100 2,992,000 0.198 6.79 592,000
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0.050 8,353,000 0.113 3.87 944,000
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0.025 15,415,000 0.078 2.67 1,195,000
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The resource estimate was prepared by Gustavson Associates by multiple indicator kriging geostatistical methods. Values have been rounded to the nearest thousand tons and ounces of gold. A bulk density of 11.67 cubic feet per ton (2.75 tonnes per cubic metre) was employed, based on Gateway Gold's testwork. There is no implication of mineability and no provision has been made for dilution or mining losses. With these caveats in mind, the resource is considered to be NI 43-101 compliant.

Gustavson Associates LLC is a Colorado based consulting firm with more than 27 years of experience in the mining business, specializing in minerals exploration, production and evaluation.

Full details of the resource calculation and other aspects of the program will be presented in a NI 43-101 report to be posted on SEDAR within 45 days.

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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