Gateway Gold Corp.

Gateway Gold Corp.

January 23, 2006 09:30 ET

Gateway Gold Corp.: Second Discovery of Gold in Lower Plate Rocks

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2006) - Gateway Gold Corp. (the "Company") (TSX:GTQ) is pleased to announce the discovery of gold in Lower Plate rocks at the Lower Mac Ridge prospect. Rock chip samples collected from altered Lower Plate outcrops returned significant gold values ranging from 1.17 g/t (0.034 opt) to 5.67 g/t (0.165 opt). The samples were collected within a gold soil anomaly measuring approximately 450 feet by 800 feet. The former Mac Ridge open pit mine is located about 4,300 feet west of the discovery; the closest drill hole is 2,400 feet to the west.

After reviewing the lower Mac Ridge results, John Zimmerman, a veteran in Nevada exploration and co-discoverer of Gold Field's Chimney Creek (later Twin Creeks) deposit, said, "This is the most exciting exposed Lower Plate exploration play in recent memory, similar to the early results at Chimney Creek: great grades in outcrops of great host rocks. It is rare and extremely significant to find exposures of ore-grade in good Carlin-type units that remains untested."

This is the second discovery of gold in Lower Plate rocks by the Company in 2005. (See Golden Dome News Release, dated November 15, 2005). Three holes drilled on the Golden Dome property, 5 miles south of Mac Ridge, all intersected Lower Plate rocks. Hole GD05-08C intersected 15 feet grading 1.783 g/t (0.052 opt) gold in Lower Plate. Two other holes encountered "anomalous" gold values in both Upper and Lower Plate rocks, in most cases with elevated arsenic and antimony contents, typical of Carlin-style mineralization. The Upper Plate occurrences appear to be structurally controlled and may represent "upward leakage" from mineralization in the Lower Plate. The best intersection in Upper Plate, in hole GD05-06C, was 0.903 g/t (0.026 opt) over 15 feet.

The discovery of Lower Plate rocks at Mac Ridge by the Company geologists resulted from field mapping carried out by following the easterly trending structures that control the gold mineralization at the Mac Ridge deposit. The Mac Ridge deposit was mined in the late 1980's by Independence Mining Company and had a reported average grade of 7.54 g/t (0.22 opt). Rock sampling of the recently discovered Lower Plate outcrops returned significant gold values. Of the 16 samples collected, 15 returned values greater than 100 ppb gold and eight exceeded 1.0 g/t (0.029 opt). The three highest samples were 3.20 g/t (0.093 opt), 3.31 g/t (0.097 opt) and 5.70 g/t (0.166 opt). The alteration and geochemical suite are typical of Carlin-style gold systems, which are known for producing large high-grade gold deposits.

The current geological interpretation suggests that the Lower Plate rocks continue at relatively shallow depths under and beyond the original Mac Ridge pit area. The Company is planning an aggressive evaluation of this promising Mac Ridge target in 2006.

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


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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