Preliminary Assessment Study on Big Springs Project

VANCOUVER, BC - Gateway Gold Corp. reported that the Company has entered into a contract with SRK Consulting (US) Inc. to prepare a Preliminary Assessment (Scoping Study) study of the Company's Big Springs gold project in northeastern Nevada. The purpose of the study is to evaluate the potential economic viability of the project and to identify the scope of work necessary to take the project to a pre-feasibility stage. The results of all project work will be prepared as a NI43-101 compliant Preliminary Assessment technical report.
Big Springs is the Company's most advanced exploration project. To date Gateway has drilled over 48,000 metres (159,500 feet) in several target areas. Based on results from the Company's work and data from the previous operator, an independent engineering firm prepared an initial NI 43-101 compliant resource estimate of 1.2 million ounces of gold with an average 0.078 opt gold (2.67 g/t) at a 0.025 opt cut-off (0.86 g/t). The report was filed on Sedar on March 17, 2006.
The initial phase of the SRK work will be the preparation of a geologic model and an updated resource estimation and classification of the resource into measured, indicated and inferred categories. Subsequent work will include an evaluation of potential mining methods, metallurgy and processing options, environmental and permitting considerations and estimates of capital and operating costs. The results will then be incorporated into an economic model.
The company's address is 906, 595 Howe St., Vancouver, BC Canada V6C 2T5, 604-801-6040, fax: 604-801-6075.