Gateway Initiates Preliminary Assessment Study
on Big Springs Project

Gateway Gold Corp. (the "Company" or "Gateway") (GTQ-TSX) is pleased to announce 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.

Gateway Gold Corp is a mineral exploration company with an experienced management team and a solid track record of exploration success. The Company is focused on the discovery and development of gold deposits in Nevada and currently has six active exploration projects.

For further information about the Company and its activities, please refer to the Company's website at www.gatewaygold.com and under the Company's profile at www.sedar.com

ON BEHALF OF THE BOARD

"Michael D. McInnis"

Michael D. McInnis, P.Eng.,
President and CEO

For further information contact:
Michael D. McInnis, President
Tel: 604.801.6040

Website: www.gatewaygold.com
Raju Wani, Investor Relations - Tel: 403.240.0555
Ron Cooper, Investor Relations - Tel: 604.986.0112

The TSX does not accept responsibility for the adequacy or the accuracy of this release. Dr. Giles Peatfield, P. Eng. is an Independent Qualified Person for GTQ and has reviewed and approved the contents of this release.

Certain of the statements made and information contained herein is "forward- looking information" within the meaning of the Ontario Securities Act. and the Alberta Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States Forward-looking statements and forward looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements and forward looking information, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration activities and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's Annual Information Form and in each management discussion and analysis. Forward-looking information and forward looking statements are in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Nevada will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statement.