Gateway Gold Corp

Published : December 17th, 2008

Announces Closing of Plan of Arrangement With Victoria Gold

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Keywords :   Gold |

Gateway Gold Announces Closing of Plan of Arrangement with Victoria Gold

Wednesday, December 17, 2008 Symbol: GTQ - TSX

Gateway Gold Corp. (GTQ-TSX) ("Gateway" or the "Company") is pleased to announce that, further to its press releases dated August 19, 2008, September 23, 2008, October 1, 2008 and November 28, 2008, the business combination with Victoria Gold Corp. ("Victoria") has closed with an expected effective date and time of 12:01am December 18, 2008 (the "Effective Date"). On the Effective Date, Victoria will acquire all of the outstanding common shares of Gateway under the plan of arrangement (the "Transaction") approved by the Supreme Court of British Columbia on December 4, 2008 and by the Gateway shareholders on November 28, 2008.

On the Effective Date, all of the outstanding common shares of Gateway will be deemed exchanged for common shares of Victoria on the basis of 0.50 of a Victoria common share for each common share of Gateway held, and thereafter all Gateway shares will be delisted from the Toronto Stock Exchange.

All outstanding warrants and options to acquire common shares of Gateway will, on the Effective Date, be deemed to represent comparable securities of Victoria adjusted on the same share exchange ratio basis.

As more described in the Gateway Information Circular dated October 28, 2008 (the "Information Circular"), upon surrender to Computershare Investor Services Inc. (the "Depository"), for cancellation of a certificate which, immediately prior to the Effective Date, represented outstanding Gateway Shares together with a completed Letter of Transmittal in the form enclosed with the Information Circular, and such additional documents and instruments as the Depository may reasonably require, the holder of such surrendered certificate will be entitled to receive in exchange, and the Depository will deliver to such holder, a certificate representing that number (rounded down to the nearest whole number) of Victoria common shares that such holder has the right to receive pursuant to the Transaction. No fractional Victoria shares will be issued to shareholders upon the surrender of Gateway shares for exchange and no cash amount will be paid in lieu of such fractional shares.

Additional information regarding the Transaction is available in the Information Circular, filed on SEDAR at www.sedar.com.

For further information about the Gateway 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.

Gateway Gold Corp

PRODUCER
CODE : GTQ.TO
ISIN : CA36761P1071
CUSIP : 36761P
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Gateway Gold is a gold producing company based in Canada.

Gateway Gold holds various exploration projects in USA.

Its main asset in production is ISLAND MOUNTAIN in USA and its main exploration properties are BIG SPRINGS MINE, GOLDEN DOME, JACK CREEK, DORSEY CREEK, MAC RIDGE, CARLIN EAST and SANTA FE GOLD in USA.

Gateway Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 3.2 millions as of today (US$ 2.5 millions, € 1.8 millions).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 2.00, and its lowest recent point on October 24, 2008 at CA$ 0.03.

Gateway Gold has 38 142 000 shares outstanding.

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Financings of Gateway Gold Corp
5/13/2008Announces Private Placement
3/30/2006$4.0 million brokered private placement
Project news of Gateway Gold Corp
9/25/2008Intersects 345 feet grading 2.39 g/t Gold and 59.9 g/t Silv...
7/22/2008(Carlin East)Gives Newmont Permission to Run Gravity Survey Over Carlin E...
6/16/2008(Santa Fe Gold)Commences Drilling on Santa Fe Property, Nevada
4/23/2008(Big Springs Mine)Initiates Preliminary Assessment Study on Big Springs Projec...
6/6/2006(Jack Creek)Farms out Jack Creek property
5/31/2006to commence 30000m drill program in Nevada
Corporate news of Gateway Gold Corp
12/17/2008Announces Closing of Plan of Arrangement With Victoria Gold
12/2/2008Announces Shareholder Approval of Plan of Arrangement
8/19/2008Receives Offer from Victoria Gold Corp.
8/12/2008Reports Encouraging Gold-Silver Results at Santa Fe
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