Gold Summit Corporation

Gold Summit Corporation

February 03, 2010 10:24 ET

Gold Summit Files New Monte Cristo NI 43-101 Resource Report

RENO, NEVADA--(Marketwire - Feb. 3, 2010) - Gold Summit Corporation (TSX VENTURE:GSM) ("GSM" or the "Company") reports that, further to its news release of December 14, 2009, it has now filed on SEDAR the new NI 43-101 compliant resource report on its flagship Monte Cristo property.

At a 0.5 g/t gold cut-off, the inferred resource known as the McLean Lode amounts to 313,335 ounces of gold contained in 3,481,500 tonnes at a grade of 3.14 g/t gold. At a 2.0 g/t gold cut-off, the inferred resource amounts to 237,000 ounces of gold contained in 1,025,700 tonnes at a grade of 7.2 g/t gold. In addition, the study shows a separate inferred resource of 1,507,000 ounces of silver contained in 1,124,000 tonnes at a grade of 42 g/t silver using a 9 g/t silver cut-off. At a 35 g/t silver cut-off the separate inferred resource is 1,025,000 ounces of silver contained in 396,000 tonnes at a grade of 80 g/t silver.

The report recommends a $3 million Phase One budget for infill and step out drilling to enlarge and upgrade the resource from "inferred" status to "measured" or "indicated" and to complete a scoping study. The recommended program includes 10,000 meters of core drilling that will provide more accurate width and grade estimates of both gold and silver and material for metallurgical test work. Dependent on positive results from Phase One, a Phase Two budget of $7.9 million for construction of a decline and underground drilling to further enlarge the resource is also recommended.

Commenting on the report Dr. Anthony P. Taylor, Chief Executive Officer of GSM said: "these resources are now sufficient to support an underground mining operation and there is every indication that they can be expanded by further drilling while we collect the necessary additional data for a scoping study to provide a more accurate estimate of mineable widths, gold and silver grades and mine, metallurgical engineering and permitting studies. We also believe that there are more similar high grade epithermal gold-silver deposits to be found along the 7.5 km of the major structure that runs through the claims controlled by us."

The company recently signed confidentiality agreements with six groups of potential joint venture partners and have held discussions with an additional three to consider further development of Monte Cristo. Some of these groups are also reviewing the resource at Sugarloaf Peak and the possibility of a common processing facility.

GSM currently explores primarily in Nevada for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM has recently announced resources at the Monte Cristo and Sugarloaf (Tip Top) properties and holds part of four more Tertiary epithermal vein districts, all with drill ready targets defined by surface work. All GSM properties have potentially economic gold and or silver grades in outcrops or discovery drill holes.

The Sugarloaf Peak Prospect in Esmeralda County, Nevada, includes the old Tip Top Mine, the subject of a NI 43-101 compliant report, filed November 10, 2009. The Tip Top Mine has indicated and inferred resources of 646,234 tonnes grading 2.9 g/t gold at a 1 g/t gold cut off. Results from column leach metallurgical tests of 6 samples, approximately 40 kg each, collected in and around the old Tip Top adit will soon be available. The resource outcrops and exploitation by open pit-heap leach operation is under evaluation with potential partners.

In north-west Ontario, Gold Summit recently optioned the Tabour Lake gold prospect in the Kenora mining district which contains the Sakoose gold mine that has a number of high grade gold drill intercepts. The company also retains its interest in the Surprise Lake greenstone gold property east of Red Lake after receiving approval from the TSX Venture Exchange to convert $8,000 owed to an optionor as an annual payment under an option agreement dated October 29, 2008 into 40,000 common shares at a deemed price of $0.20 per share.

The 43-101 report on Monte Cristo is authored by Nicole Preuss, M.Sc.,LG, M.Aus IMM, a Qualified Person, as defined in NI 43-101, licensed in the State of Washington.

Larry Kornze, a GSM director and a registered Professional Geologist, designated as the Qualified Person under National Instrument 43-101 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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