Gold Summit Corporation

Gold Summit Corporation

December 24, 2009 14:31 ET

Gold Summit Cancels Private Placement

RENO, NEVADA--(Marketwire - Dec. 24, 2009) - Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:GSM) announces that it is no longer proceeding with additional tranches of the private placement announced on September 17, 2009 and October 22, 2009.

GSM currently explores primarily in Nevada for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM has recently announced resources at the Monte Cristo and Tip Top properties and holds part of four more Tertiary epithermal vein districts, all with drill ready targets defined by surface work. All GSM properties have potentially economic gold and or silver grades in outcrops or discovery drill holes.

On December 14, GSM announced preliminary results from a NI 43 101 compliant study on the McLean Lode at Monte Cristo to be filed in January 2010. The new inferred global resource there amounts to 278,923 ounces of gold contained in 1,923,391 tonnes at a grade of 4.5 g/t gold at a 1.0 g/t gold cut-off. At a 5.0 g/t gold cut-off, the inferred global resource amounts to 173,939 ounces gold contained in 364,767 tonnes at a grade of 14.83 g/t gold. Additional variography and statistical studies are in progress to produce resource estimates at 2.0, 3.0 and 4.0 g/t gold cut off grades.

The Sugarloaf Peak Prospect in Esmeralda County, Nevada, includes the old Tip Top Mine, the subject of a NI 43-101 compliant report, filed November 10, 2009. The Tip Top Mine has indicated and inferred resources of 646,234 tonnes grading 2.9 g/t gold at a 1 g/t gold cut off. Results from column leach metallurgical tests of 6 samples, approximately 40 kg each, collected in and around the old Tip Top adit will soon be available. The resource outcrops and exploitation by open pit-heap leach operation is under evaluation with potential partners.

The 43-101 report on Monte Cristo is authored by Nicole Preuss, M.Sc., LG, M. Aus IMM, a Qualified Person, defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects, licensed in the State of Washington.

First Canadian Capital Corp. provides strategic marketing and corporate communications advice to Gold Summit. Contact Jason Monaco: jmonaco@firstcanadiancapital.com416-742-5600 or1-866-580-8891

This news release contains forward-looking statements. These statements are based on information currently available to GSM and GSM provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe GSM's future plans, objectives or goals, including words to the effect that GSM or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of GSM's mineral properties, and GSM's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of GSM's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on GSM's forward-looking statements. GSM does not undertake to update any forward-looking statement that may be made from time to time by GSM or on its behalf, except in accordance with applicable securities laws.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources and reserves, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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