Gold Summit Corporation

Gold Summit Corporation

October 12, 2005 08:00 ET

Gold Summit Intersects 25.9 g/t Au Over 0.49m at Monte Cristo: MDA Begins Resource Valuation

RENO, NEVADA--(CCNMatthews - Oct. 12, 2005) - Gold Summit Corporation (TSX VENTURE:GSM) reports assay results from core drilling at the Monte Cristo property located in Esmeralda County, Nevada. Hole MCC 45, starting at a depth of 239.6m down the hole, intersected an interval of 1.3m averaged 12.1 g/t Au and 119 g/t Ag including an interval of 25.9 g/t Au over 0.49m and 200 g/t Ag over 0.76 m. This is the deepest intersection at the extreme north east end of the McLean Pit immediately south of the cross fault that displaces the lode eastwards. MCC 46, the last hole in the present series of diamond drill holes, was drilled at the south end of the pit and intersected weak mineralization over approximately 6m.

The company retained Mine Development Associates of Reno to complete a 43-101 compliant study resource evaluation. The study will include the 46 drill holes recently completed by Gold Summit, 30 of which are HQ core, as well as all previous RC holes drilled by prior explorers. All but 4 of the Gold Summit holes intersected the McLean Pit fault breccia ("lode") extending, essentially uninterrupted by cross faulting, over 400 m along strike and 350m vertically with an average width of 15m. Within this lies an equally continuous sheet of precious metal mineralization grading over 0.5 g/t Au.

Assay intervals that exceed 1 m assaying 5 g/t Au or greater are present in 20 of Gold Summit's holes with grades up to 237 g/t Au over a minimum drill width of 1m. These constitute potentially economic, high grade shoots that also contain up to 1,300 g/t Ag. A 3D computer model is expected to provide better definition of the geometry of these high grade shoots as a basis for the resource calculation. Mineralization is still open down dip and along strike. It is displaced by cross faults at both north and south ends of the McLean Pit. These extensions will be tested in another round of drilling.

RC drilling of the first of many areas of alteration that lie along strike of the McLean Pit begins this week. The extensive fault zone that hosts the alteration is traceable over approximately 5.5 km through the Monte Cristo prospect. Drilling will proceed in a systematic manner testing for extensions to the McLean Pit zone or similar, but separate, shoots. The host rocks, structural styles, metal associations and gangue mineralogy display many similarities to the Comstock Lode that lies in the same volcanic province 130 km to the northwest. The Comstock Lode produced approximately 8 million ounces of gold and 200 million ounces of silver from at least 18 ore bodies along a lode fault breccia structure 4 km long. The extent of the McLean mineralization, so far drilled, is comparable in size to any individual ore shoot of the Comstock system.

Elsewhere on Gold Summit's extensive portfolio of epithermal bonanza vein targets in Nevada, RC drilling of new targets along the Birthday Vein in the National District is expected to start next week.

All Monte Cristo core samples from which assays are quoted are from sawn half HQ size core recovered with triple tube equipment and, with very few exceptions in badly broken vein material. Recoveries generally approach 100%. All assays are Fire with AA or gravimetric finish performed by American Assay Laboratory and BSI - Inspectorate Laboratory in Sparks, Nevada. Douglas R. Bowden, VP Exploration, a registered Professional Geologist in the State of Utah, is designated as the Qualified Person supervising Gold Summit's technical work.

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, 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.

Shares Outstanding 27,813,586

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information