Gold Summit Corporation
TSX VENTURE : GSM

Gold Summit Corporation

July 10, 2007 08:06 ET

Gold Summit/Astral JV Intersects 1.98 m of 17.8 g/t Au at Saluda, South Carolina

RENO, NEVADA--(Marketwire - July 10, 2007) - Gold Summit Corporation ("GSM"),(TSX VENTURE:GSM), and JV Partner Astral Mining Corporation ("Astral"), (TSX VENTURE:AST) report further assay results from quartz veins intersected in core drilling on the Rinehart Property, Saluda County, South Carolina.

A total of 525m in 6 holes were completed along a 135m long segment of a northwest-trending shear zone containing several sub-parallel gold-bearing quartz veins dipping southwest at approximately 45 degrees.

The Main Vein, first identified and sampled in a prospect pit (3.4 to 144 g/t gold), was intersected by Hole S1 (14.4 g/t Au over 2.16m and 7.8 g/t Au over 1.95m in duplicate intersections) 55m to the northwest (reported May 24, 2007 News Release) and now in vertical hole S4 which intersected 1.98m (drilled interval) assaying 17.8 g/t Au 75m northwest of the prospect pit (see attached Map).

Where intersected, the Main Vein has an interpreted true width of 1.3m: it strikes northwest and dips approximately 45 degrees southwest. Although the Main Vein does not appear to continue southeast of the pit outcrop, potential exists for extensions down-dip and along strike to the northwest. Geological observations so far confirm the "greenstone" lode gold model with potential for a stand-alone, high grade, underground deposit.

Sub-parallel mineralized veins also exist and additional sampling of altered felsic and mafic schist host rocks is in progress to determine if broader mineralized zones occur between veins. This possibility is suggested by historical trench sampling (1.4 g/t Au over an interval of 56.4m in channel samples from weathered, altered, volcanic rocks --see May 24, 2007 News Release). Positive assays results would open up potential for an open pit, bulk tonnage deposit.

Once all assays have been received, plan will be finalized for the next stage of work on this project.

Technical Details:

A summary of the Rinehart drill hole information and assay results for intervals containing greater than 1.0 g/t Au is provided below. Hole S4 intersected 1.98m (drilled interval) assaying 17.8 g/t Au, approximately 20m further along strike to the northwest from the previously-reported Hole S1 intersection (see above). Visible gold associated with galena occurs in a massive quartz vein between 18.14 and 20.12m from which 83% of the core was recovered. This intersection demonstrates that the main vein has a true width of approximately 1.3m (in the Prospect Pit and Holes 1 and 4) over a strike extent of at least 75 m.

Quartz veins, sub-parallel to the main vein, were also intersected in Holes S2, S3 and S5. The Main Vein was not intersected in Hole S2, drilled across strike close southeast of the prospect pit outcrop, suggesting it is either cut off by a fault or rapidly pinches out below outcrop.

Hole S3 was drilled to the northeast to intersect the Main Vein between the prospect pit and the previously reported high-grade intercept in Hole S1, 40m down-dip. A 3.8m wide zone of quartz veining was intercepted between 46.50 and 50.30m. However, only 0.45 m of core was recovered and contained only background gold values. However, because of extensive core loss the result may not be representative of the gold content of the whole interval. A deeper interval of veining in Hole S3 contained anomalous gold values in the 0.2 -0.3 g/t range.

Holes S5 and S6 drilled were drilled from the same collar location 53m to the northwest of Hole S4 to test the northwest extension of the shear zone. These both intersected quartz veining but did not intersect the Main Vein. Further drilling will be required to determine if the Main Vein pinches out or is offset in this area.



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Hole Easting Northing Azimuth Angle Depth From To Interval Au
# (m) (m) (m) (m) (m) (m) g/t
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S 1 445812 3767283 125 -45 157.00 22.13 24.23 2.10 11.3
degrees degrees
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S 2 445845 3767212 045 -45 129.00 21.10 22.86 0.76 1.20
degrees degrees
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S 3 445797 3767222 045 -60 85.00 NSR
degrees degrees
--------------------------------------------------------------------------
S 4 445807 3767285 -90 43.00 18.14 20.12 1.98 17.8
degrees
--------------------------------------------------------------------------
S 5 445768 3767322 045 -60 55.00 32.92 33.23 0.29 5.2
degrees degrees
--------------------------------------------------------------------------
S 6 445768 3767322 -90 56.00 NSR
degrees
--------------------------------------------------------------------------
- NSR equals No Significant Results


Terms of the joint venture allow Astral to acquire an initial 51% interest in any defined property within two designated gold districts, one both in North Carolina and South Carolina after total expenditures of US $300,000 over a two year period. Of that, $100,000 is a commitment within one year.

Astral has the further option to acquire a total 70% interest in any designated property by funding further exploration and completing a feasibility study. In addition, Astral has the option to acquire a total 80% interest in any designated property by placing a mine into production. GSM's consulting team in the Carolinas operates the joint venture subject to budget and programme approval by Astral.

The Carolina districts, previously described in a press release dated July 19, 2006 both contain old workings with outcropping, "greenstone" style, quartz veining from which samples containing visible gold, confirmed by assay, were obtained. They are part of a an island arc greenstone belt that extends 1000 km and containing over 400 separate gold occurrences, many of which lie unexplored since the early 1800's.

In other news, GSM has retained the services of The Richmond Club Corp ("Richmond Club") of Toronto to provide investor relations services to the company, subject to TSX Venture Exchange approval. The Richmond Club receives $1,450 a month for 12 months and options to purchase 276,000 GSM shares at $0.155c/share for three years, vesting as to 25% every three months, subject to TSX-V approval.

The Richmond Club is a media company showcasing 3-4 companies that it feels have an excellent chance of out-performing the market over a 1-2 year period. These companies are presented to the Club's 612 members by website and investor luncheon meetings held monthly at the National Club at Bay and King Street. Members are a mixture of brokers, fund managers and high net worth investors.

Ronald D McDaniel, BSc.,MSc., a registered Professional Geologist in the State of North Carolina, is designated as the Qualified Person supervising Gold Summit's technical work in the eastern United States.

All assays quoted in this release were performed in duplicate by standard Fire Assay/AA methods on sawn, half core samples submitted to American Assay Laboratories in Sparks, Nevada

The securities referenced by this news release have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and unless so registered may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities of Gold Summit Corporation in any jurisdiction.

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.

To view a copy of the "Map : 2007 Phase I Diamond Drill Hole Location Map - Saluda Gold Project", please visit the link below:

http://www.ccnmatthews.com/docs/gsmmap710.pdf

Shares Outstanding 42,172,313

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

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