Gold Summit Corporation

Gold Summit Corporation

February 10, 2010 09:00 ET

Gold Summit Plans $1,200,000 Private Placement

RENO, NEVADA--(Marketwire - Feb. 10, 2010) - Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:GSM) intends to raise up to CDN$1,200,000 in a non-brokered private placement by issuing 5,600,000 units at a price of $0.125 per unit for a total of $700,000. Each unit will consist of one common share and one common share purchase warrant exercisable for 24 months at $0.20. In addition, the Company intends to raise CDN$500,000 flow-through funds by issuing 3,571,429 units at a price of $0.14 per unit. Each unit will consist of one common share and one common share purchase warrant exercisable for 24 months at $0.20. The private placement is subject to the approval of the TSX Venture Exchange and fees may apply. The Company has retained the services of Nottingham Consulting Ltd to act as sole lead agent.

The Company plans to use the 'hard dollar' proceeds to advance scoping studies, including metallurgical test work and initial engineering studies on both the Sugarloaf Peak and Monte Cristo properties while it continues discussions with a number of interested potential joint venture partners. Flow-through proceeds will be used for drilling at the Sakoose high grade target on the Tabour Lake prospect and for surface work and drilling at Surprise Lake, both greenstone gold prospects in Western Ontario.

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.

GSM recently filed a new NI 43-101 compliant report announcing a new resource estimate for the McLean Lode located on the 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 goldIn 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 silver resource is estimated from only part of the drill database. A majority of holes drilled by predecessor explorers were not assayed for silver.

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 are now under available and show very encouraging recoveries. 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.

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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