Gold Summit Corporation

Gold Summit Corporation

November 05, 2009 10:50 ET

Gold Summit Gains 100% Interest in Nevada Lithium Brine Exploration: Joint Venture Partner Withdraws

RENO, NEVADA--(Marketwire - Nov. 5, 2009) - Gold Summit Corporation (TSX VENTURE:GSM) ("GSM") or the ("Company"), today received notice that Canada Lithium Corporation (TSX VENTURE:CLQ) has withdrawn from the Nevada Lithium Brine Joint Venture in order to concentrate on their Quebec Lithium pegmatite resource. Canada Lithium held a 75% interest in the joint venture. 

Analytical results from the first test well drilled by the joint venture in the Paymaster area are now available. They show that the saline water encountered below 150 metres contains only weakly anomalous lithium values (8 ppm) despite the highly anomalous values in the containing clastic sediments. These average 316 ppm lithium between 150 and 365 metres in a range between130 ppm and 940 ppm lithium. These high indicate that some lithium clays, probably hectorite are present, but could not be competitive with other hectorite bearing clay deposits lithium values in the 3500 ppm range.

Commenting on the drilling results, Dr. Anthony P. Taylor Chief Executive Officer of Gold Summit said, "we are obviously disappointed that our first well does not contain economic levels in brines, but the lithium enriched sediments indicate that abundant source rocks are present. We now have a 100% interest in the project that includes a large data base and some 15 other target areas. We are in the exploration business and success is rarely immediate. Given suitable funding, we plan to continue the search for a new economic lithium brine deposit, although not to the detriment of our core high grade gold and silver efforts"

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.

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