Gold Summit Corporation

Gold Summit Corporation

August 20, 2009 14:23 ET

Gold Summit and Canadian Lithium Corporation Reports Resumption of Fieldwork in Nevada

RENO, NEVADA--(Marketwire - Aug. 20, 2009) - Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:GSM), operator on behalf of joint venture partner Canadian Lithium Corporation ("CLQ") has recommenced field work exploring for lithium brine deposits in south west Nevada. Canadian Lithium holds a 75% interest in the joint venture and Gold Summit 25% (see news release March 9, 2009).

On the Paymaster property in Esmeralda County site selection and drill permit applications are underway to drill test hole to approximately 400 metres. The objective of the drilling is to locate intrabasinal aquifers and sample and assay any brines encountered. Drilling bids are being solicited for a planned start in late September.

Field work and data studies are underway in a number of other basins in south west Nevada that were selected from field and office studies undertaken in 2008. This work is expected to lead to the selection of other drill targets.

GSM explores primarily in Nevada for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 km2, cover four Tertiary epithermal vein districts. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. The company's flagship property, Monte Cristo, contains a National Instrument 43-101 compliant inferred resource estimate of 331,000 tonnes averaging 6.5 g/t gold. High grade shoots that form the heart of the resource are open down plunge and the company plans work to extend these. At the recently acquired Sugarloaf Peak property, work on a SURPAC generated 3D model and resource estimate to form the basis for a 43 101 report is well advanced.

Larry Kornze, a GSM director and a registered Professional Geologist, is designated as the Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this news release.

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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