Gold Summit Corporation
TSX VENTURE : GSM

Gold Summit Corporation

March 14, 2007 14:53 ET

Gold Summit Announces Financing Agreement With VSA Resources in U.K.

RENO, NEVADA--(CCNMatthews - March 14, 2007) - Gold Summit Corporation ("GSM"), (TSX VENTURE:GSM), announces that it has entered into a "best efforts" letter agreement with VSA Resources Ltd, a London based finance house, to raise up to $US 7.3 million for a new drilling campaign on the company's flagship Monte Cristo property in Nevada. Options for both an RC and core rig for drilling in early summer 2007 are under negotiation. Some of the funds may also eventually be used to drill high grade gold/silver epithermal vein targets on the Blue Sphinx and Gold Springs properties, also in Nevada.

The Monte Cristo property in the Walker Lane province of western Nevada is the location of the discovery of high grade gold and silver mineralization at the McLean Lode with a 43-101 compliant resource of 365,000 tons at a grade of 5.7 g/t Au. Field mapping and compilation is complete along the whole 11 km belt of alteration and major faulting running through the heart of the property. Eleven targets are now ready for drilling in 2007 and permitting for that is well advanced.

The Monte Cristo belt has many similarities to the famous Comstock Lode and lies in the same belt of Miocene andesite host rocks. The Mclean Lode, which is open at depth, but displaced by cross faulting, is the equivalent in size to one of the Comstock Lodes. The new drilling is intended to demonstrate that a series of lodes or shoots of high grade gold/silver mineralization is present along the controlling fault. The presence of a lode at the Ohio Camp is inferred from gold intersections in RC holes drilled by Atlas in 1987 where 2m true width intersection assayed 12.5 g/t Au

Visit our web site at www.goldsummitcorp.com and see the recent video interview with Dr Taylor provided by Mining Interactive (www.mininginteractive.com).

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.

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