Gateway cuts wide gold at Big Springs

Vancouver – This year’s initial drill results from Gateway Gold’s (GTQ-T) wholly owned Big Springs project in northeastern Nevada has delivered impressive gold intersections.

Building on previous results, further wide gold intercepts are demonstrating the potential of Big Springs to increase its resource base both at depth and near surface.

Two areas were targeted in the program, the North Sammy and 701 areas. Results from the drilling include:

• Hole GW04-51 A 6.1 metre intersection (from 17 metres) at North Sammy returned 17.6 grams gold per tonne;
• Hole GW04-55 Drilled on the 701 target, an intercept of 47 metres (from 145 metres) averaging 6.24 grams gold was returned, including intervals of 3 metres of 28.2 grams gold, 4.9 metres of 9.4 grams gold and 12.2 metres of 8.7 grams;
• Hole GW04-56 The 7.6 metre section from North Sammy (from 83 metres) averaged 12.2 grams gold;
• Hole GW04-57 This North Sammy hole cut 6 metres (from 112.5 metres) assayed at 20.3 grams gold.

Big Springs was previously mined by Freeport McMoran Copper & Gold (FCX-N) from 1987 through 1993, with 70,000 oz. of gold recovered annually from several small pits. Reported grades ranged from 3.6 grams gold to 7.6 grams. Freeport reported a remaining resource in the mine area that includes high-grade zones of up to 12.3 grams gold.

Gold mineralization at Big Springs is Carlin-type, being sediment hosted, and occurring primarily in steep dipping fault structures. The mined and drilled ore zones average 15 metres in thickness with a predominant structural control. These fault structures (feeder zones) have been encountered, by previous drilling, at depth below the open pits and have returned high-grade gold values.

Gateway Gold holds four gold projects within the Jerritt Canyon Trend and in the vicinity of Queenstake Resources’ (QRL-T) Jerritt Canyon mine. The company plans a minimum of 30,000 metres of drilling this year.

Gateway launched its IPO in June 2003 and has recently graduated to a full TSX-listing. As of the latest figures, the company reports 18.1 million shares outstanding. The issue currently trades in the $1.75-$2.00 per share range, having seen a high of $5.20 a share in late November 2003.