Gold Summit Corporation
TSX VENTURE : GSM

Gold Summit Corporation

August 15, 2006 14:26 ET

Gold Summit Completes $350,000 Private Placement

RENO, NEVADA--(CCNMatthews - Aug. 15, 2006) - Gold Summit (TSX VENTURE:GSM) has completed subject to exchange approval, a non-brokered private placement for net proceeds of $350,000 by issuing 2,000,000 units at a price of $0.175 per unit. Each unit consists of one common share and one common share purchase warrant exercisable for 18 months at $0.30. No fees were paid in connection with this financing.

The funds are intended to support continuing field work and compilation on the expanded Monte Cristo prospect in the Walker Lane. There, at the Maclean Pit, a 43-101 compliant Inferred Resource of 365,000 tons at 0.19 opt Au was announced in February 2006. The field work includes extensions of soil grids and mapping of the South Gilbert area acquired in April 2006. That, together with completion of the compilation currently underway is aimed at refining targets for drilling later this year. Geochemical results from the recent soil survey have already produced new targets not located by previous explorers. Recently mapping has identified a 40 metre wide zone of steeply dipping banded quartz-calcite veins in altered rhyolitic volcanic rocks. It appears to be untested by angle drilling for bonanza vein mineralization and is located approximately 10 km south of the McLean Pit.

Assay results from three core holes NAC-7, NAC-8 and NAC-9 drilled on the National property earlier in the summer, are available. All three holes, totalling 654 metres in length, were drilled to the west from the east side of Radiator Hill and intersected the Cheeffoo Vein over true widths between 20 and 30 metres. The vein consists highly altered zones that are extensively brecciated and dominated by clay and fine sulphides, mostly pyrite, with some thin quartz veining. The two southerly holes contained very weak precious metal values, but Hole NAC-9, the most northerly, contained adjoining intervals of (approximately true widths) 1.1 m of 35.2 g/t Ag and 1.5 m of 15.5 g/t Ag. Gold values were 0.1 g/t or less. Interpretation is that, while robustly developed, the Cheeffoo vein shows little sign of open space characteristics over the 200 metres of strike length tested. However, the vein extends 3 km further north and drilling of other targets along it, together with the southern extension of the National vein itself, is deferred until 2007.

In addition to other bonanza vein prospects in Nevada, namely Gold Springs, Blue Sphinx and Gold Basin, GSM recently acquired a sediment-hosted gold target in central Nevada, (news release June 26, 2006). This prospect and the Carolina initiative announced on July19, 2006 are part of an effort to use GSM's technical knowledge, experience and industry contacts to broaden its geological target base.

The company's news release of July19, 2006 inaccurately referred to an agreement between GSM and the "Eastern Minerals Syndicate". The legal counterparties to the agreement with GSM are Palmetto Crescent, LLC and Eastern Mineral Exploration, Inc, both privately held companies incorporated in South Carolina. The total cash and share payments due under the terms of the agreement, summarized in the July 19 news release, are shared equally between the two counterparties.

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 36,773,086

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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