GATEWAY MINING LIMITED — Regulatory Filings 2012

Oct 18, 2012

MINING Limited

ASX MARKET ANNOUNCEMENT

19 October 2012

Highlights:

• Placement closed significantly oversubscribed
• Recent drilling campaign completed and awaiting assay results
• Review of all historical data currently being undertaken $\bullet$

Placement

On 10 August, 2012 Gateway Mining Ltd ("Gateway" or "the Company") announced to the market a placement to sophisticated, professional and international investors of a maximum of 100,000,000 fully paid ordinary shares at 5 cents per share to raise up to \$5,000,000 ("the Placement").

On 7 September, 2012, shareholders in Gateway unanimously approved the issue of shares under the Placement at a General Meeting.

The Company is pleased to advise it has today closed the Placement with applications significantly in excess of the capacity approved by shareholders. This is considered especially significant given difficult present market conditions for junior explorers.

The strength of interest in the Placement is attributed largely to the potential for Gateway's Gidgee tenements hosting major and significant Volcanogenic Massive Sulphide (VMS) deposits.

This Company will issue the new shares next week and apply for official quotation of the shares.

Recent drilling campaign

The Company recently completed approximately 1,400m of RC drilling over 14 drill holes and is awaiting assay results from the drilling campaign. The samples were transported from the drill site to the laboratory earlier this week.

The program was designed primarily to meet annual expenditure requirements and to provide additional data for a more comprehensive program expected to commence following the now completed fund raising.

The Company will update the market when drilling results are received.

$-2-$

Review of historical data

The Company is of the opinion that its tenements are potentially host to highly significant VMS deposits. This is particularly so in the Gossans Galore, Gravel Pit and Birthday Trend prospects.

Management are currently undertaking a review of all existing data and preparing a document to outline the significant potential of the VMS projects and advise the market of the Company's strategy going forward. The Company expects to release this as soon as practicable.

Work to date has significantly advanced Gateway's projects. This work has included electromagnetic surveying, aircore drilling, geochemical analysis, rock chip sampling, and a small amount of RC drilling. Historical shallow, aircore drilling has also been undertaken on several of the tenements by other exploration companies, the results of which have been obtained by Gateway.

As a result of all work to date, the Company now has a large number of high-probability, drill-ready targets. Following the recent fundraising Management are looking forward to an aggressive exploration program on the identified targets.

Anthony C de Govrik Company Secretary Gateway Mining Limited