Gold Summit Corporation

Gold Summit Corporation

March 01, 2005 09:12 ET

Gold Summit Reports 261 g/t Gold Over 0.91 Metres At Monte Cristo: Second Core Rig Added


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GOLD SUMMIT CORPORATION

TSX VENTURE SYMBOL: GSM

MARCH 1, 2005 - 09:12 ET

Gold Summit Reports 261 g/t Gold Over 0.91 Metres At
Monte Cristo: Second Core Rig Added

RENO, NEVADA--(CCNMatthews - March 1, 2005) - Gold Summit Corporation
(TSX VENTURE:GSM) announces assay results from the three core holes
completed in 2005, part of the ongoing drill program at the Monte Cristo
property in Nevada.



HOLE FROM IW Au
m m g/t

MCC 239.8 1.0 22.5
20
MCC 218.1 1.2 14.7
21
MCC 256 2.43 117.5
23
incl 257.6 0.91 261


All three holes drilled the same mineralized zone that dips west from
the McLean Pit and includes the high grade core intercepts previously
reported in holes MCC 12 (1.2m of 180 g/t Au) and MCC 16 (1.4m of 55 g/t
Au). Holes MCC 12 and MCC 16 are approximately 140 m apart along a
northeast strike.

The intersection in Hole MCC 23 is approximately 70 m down dip from MCC
16 and contains visible gold in late vuggy, glassy quartz veins
crosscutting intensely silicified, pyritic fault breccia.

Hole MCC 21 was drilled on a section line 90 m along strike to the
northeast of MCC 23. Hole MCC 20 was drilled on a section line 140 m
along strike to the southwest of MCC 23 and intersected mineralization
approximately 70m down dip from MCC 12.

Gold Summit recently added a second core rig to accelerate the drill
programme at Monte Cristo. Subject to final acceptance of the bond
amount by the State BLM office, permitting for an expanded programme of
25-30 holes on approximately 70m centres is complete.

All core samples, drilled using HQ triple tube equipment, are sawn or
split in half for assaying. Core recovery generally approaches 100%. All
assays are Fire with AA or gravimetric finish performed by American
Assay laboratories in Sparks. Douglas R. Bowden, VP Exploration, a
registered Professional Geologist in the State of Utah, is designated as
the Qualified Person supervising Gold Summit's technical work.

Recent exercise of warrants at C$0.45, expiring March 1, 2005, has
raised an additional C$417,000, bringing the current treasury to
approximately C$2.9 million. The company has sufficient funds for its
2005 drill programmes.

WARNING: The Company relies upon litigation protection for
"forward-looking" statements. The TSX Venture Exchange has neither
approved nor disapproved the contents of this press release. NOT for
distribution in the USA

Shares Outstanding 25,255,778

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Gold Summit Corporation
    Hillary Vonich
    (775) 284-7200
    www.goldsummitcorp.com