TORONTO, ONTARIO and VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 23, 2008 -- Victoria Gold Corp. (CDNX:VIT.V - News)("Victoria") and Gateway Gold Corp. (Toronto:GTQ.TO - News)("Gateway") announced today that they have extended the deadline for the execution of a definitive agreement (the "Definitive Agreement") in connection with the proposed acquisition by Victoria of all of the outstanding common shares of Gateway (the "Transaction"). The execution of the letter Agreement (the "Letter Agreement") in respect of the Transaction was announced in press releases of Victoria and Gateway each dated August 19, 2008. In order to satisfy all of the legal and regulatory requirements associated with the agreement, Victoria and Gateway have mutually agreed to a brief extension of the deadline for the execution of the Definitive Agreement to September 30, 2008. All other terms set out in the Letter Agreement and described in the press releases dated August 19, 2008 remain unchanged. Victoria and Gateway remain committed to completing the Transaction and the process is on track and on budget for a timely closing.

     Contacts:
     Victoria Gold Corp
     Chad Williams
     President & CEO
     (416) 866-8800 ext 230
     Email: cwilliams@victoriaus.com
      
     Victoria Gold Corp
     Linda Dorrington
     Director Public & Investor Relations
     (416) 866-8800 ext 226
     Email: ldorrington@victoriaus.com
      
     Gateway Gold Corp.
     Michael D. McInnis
     President
     (604) 902-6040
      
     Gateway Gold Corp.
     Raju Wani
     Investor Relations
     (403) 240-0555
      
     Gateway Gold Corp.
     Ron Cooper
     Investor Relations
     (604) 986-0112
     Website: http://www.gatewaygold.com