GATEWAY MINING LIMITED — Interim / Quarterly Report 2009

Apr 26, 2009

ABN: 31 008 402 391 Level 7, Simpson House, 249 Pitt Street Sydney NSW 2000 PO Box A278 Sydney South NSW 1235 Tel: 61 2 9283 5711 Fax: 61 2 9283 5766 Email: gml8@bigpond.com Website: www.gatewaymining.com.au

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Quarterly Activities Report

For the period ended 31[st] March 2009

HIGHLIGHTS

• The recent rise in the gold price has enhanced the potential of the Gidgee Project area in Western Australia

• Following a review of Gidgee exploration data, three areas containing appreciable gold mineralisation in drillholes have been selected for further analysis by an independent consultant

• Infill EM surveying at Barrelmaker West has confirmed a bedrock EM conductor over interpreted komatiitic basalts

• The company plans to carry out an aircore drilling programme in the next quarter to test a number of gold, copper and nickel targets

• Results from a recently completed VTEM survey over the Cowra Project are very encouraging, with a number of anomalies outlined

• The company raised $400,000 in working capital through a private share placement

OVERVIEW OF EXPLORATION PROJECTS

WESTERN AUSTRALIA

GIDGEE PROJECT

During the period the company has carried out a sub-audio magnetics (SAM) geophysical survey over the area west of Whistler. The purpose of this survey was to test the suitability of this method for targeting in the Gidgee area, and the results of the survey are currently being interpreted. This method has proved successful in detailed structural mapping at other sites, and a preliminary review of the results indicates that it may be a suitable exploration tool at Gidgee.

Following a comprehensive review of all exploration data, areas of known gold mineralisation outside the historic open cuts were selected and sent to an independent consultant for preliminary resource calculations and depending upon the results of this work, pit optimisations. This work is underway with the areas selected for follow up, shown in figure 3.

As a result of the review the company has also selected tenements for relinquishment so it can concentrate efforts on the most prospective areas of the Gidgee Project. The company has started to relinquish non-core areas, commencing with tenements in the Gidgee North area.

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Follow up EM surveying at Barrelmaker West confirmed a well defined bedrock conductor in interpreted komatiitic basalts.

The company has planned an aircore drilling programme over the Gidgee tenements. It is expected that this programme will commence in the June 2009 quarter, and will test a number of gold, copper and nickel targets.

Montague Area

Airport Central Joint Venture

Gateway 85%, Herald Resources 15%

The company has largely completed a review of the historic exploration data, with this review confirming that there is significant potential for the discovery of additional sulphide gold mineralisation within the area, given only limited drilling has been carried out below the oxide zone. This work has also delineated previously drilled areas that are worthy of follow up to define additional oxide mineralisation. This potential has been enhanced by the recent strong gold price.

The sulphide potential has been confirmed by previously reported drilling carried out by former JV partner WCP, with 22m @ 14.94g/t Au (including 9m @ 33.82 g/t Au) being intersected in hole WCR017 drilled into the Whistler inferred resource (25,600oz at a grade of 7.50g/t Au).

Hole WCR018 intersected what has been interpreted as a hanging wall shoot to the resource, which requires follow up. Other encouraging intersections resulted from this programme, with follow up required.

As a part of this review and in the light of the strong gold price, the company selected data from three areas, namely Whistler (sulphide mineralisation), Rosie North (oxide mineralisation) and Central/Bullseye (oxide mineralisation) to be sent to an independent consultant for preliminary resource calculations and, if warranted, new pit optimisations.

Should the results of this work be positive ,the company will then carry out JORCcompliant resource estimations on the relevant areas.

The Cup E57/417

Gateway 100%

As reported in the previous quarterly, EM surveying south of The Cup has resulted in moderate conductors being outlined. These surveys were targeted at the along strike extension of the interpreted structure over which The Cup is located. These conductors, along with others may be related to pyrite and/or graphite, and as such will need to be drill tested as they represent possible further gold and/ or copper targets.

These targets will be tested as part of the upcoming aircore drilling programme.

Julia’s Fault and Victory Creek M57/429

Gateway 75%/Red 5 25%

These gold prospects are planned to be further tested as part of the planned aircore

drilling programme.

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Bungarra West Joint Venture E57/709 / North Montague Area P57/1179, P57/1181

Gateway 30%, Legend Mining 70%/ Gateway 100%

Nil work has been carried out on these tenements in the quarter, however work reported previously within E57/709 identified a strong conductor with a 400m strike extent and a depth of less than 50m. The work on the Gateway tenements immediately to the south of E57/709 outlined a number of additional strong conductors, associated with magnetic highs and interpreted folded gabbroic sills associated with the Bungarra Complex.

One interpretation is that these conductors may be caused by magmatic associated pyrrhotite, thus enhancing its prospectivity for Ni/Cu/PGE ultramafic-associated mineralisation.

Follow up of the targets within the Gateway tenements is planned as part of the upcoming aircore drilling programme.

Barrelmaker Area

Barrelmaker West E57/685

Gateway 100%

Previously reported EM surveying, targeting an interpreted komatiitic flow on the western side of the licence resulted in one weak conductor being outlined. This anomaly sits at the base of magnetic trend, and follow up EM surveying at 100m line spacings during the period confirmed the anomaly as a well defined bedrock anomaly, with a strike extent of 250-300m. A preliminary image is shown in figure 4.

This will be followed up as part of the proposed upcoming aircore drilling programme.

NEW SOUTH WALES

COWRA PROJECT EL 5514 & 6102

Gateway Mining 100%; Minotaur and Mitsubishi Corporation - Mitsubishi Materials Corporation earning 51% and 24% respectively.

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An airborne electromagnetic (VTEM) program of 960 line-kilometers covering 205 square kilometers was completed in March. The results after processing and interpretation are very encouraging as there are a number of significant anomalies that are evident in the data. The quality of the data is high, and the results allow a re-orientation of the exploration effort. Previously the targets were generated by reference to soil geochemistry, magnetics and Induced Polarization (IP). The VTEM is deep penetrating indicating the presence of conductors in the ground that are not “seen” by the IP nor the soil geochemistry because they are too deep.

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It is planned to follow-up the anomalies by fieldwork and a program of ground electromagnetics in early May , which will better define drill targets. Drilling is expected to occur in either late June or early July dependent mainly on weather conditions.

QUEENSLAND

SURPRISE PROJECT EPM 9053 & 13677

Gateway 100%

Following the decision of Minotaur to exit the Surprise JV, Gateway has been reviewing all historic exploration data with a view to planning further work on the tenements.

HODGKINSON BASIN

Republic Gold, Gateway 6% free carried

Republic Gold is continuing on work to advance its Far North Queensland gold and tungsten projects.

CORPORATE

The company raised $400,000 in working capital through a private placement of 5 million shares at $0.08 each. This is to be used to fund ongoing exploration projects.

For further information visit our website atwww.gatewaymining.com.au or contact: Brian Gomez , Chairman or Bob Creelman, Director on Tel: 02 9283 5711

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr. R.A.Creelman, a Director of the company, a Fellow of the Australasian Institute of Mining and Metallurgy and a Certified Professional (CP) of Aus. I.M.M. Dr.R.A.Creelman has a minimum of 5 years experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr. R.A.Creelman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Figure 1. Gateway Mining Limited Project Locations

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Gateway Mining Ltd Quarterly Report March 2009

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Figure 2. Prospect locations, Gidgee Project

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Figure 3. Airport Area, Gidgee, showing areas for further work

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Figure 4. West Barrelmaker, preliminary Channel 18 EM image. Grid spacing is 200m

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