Gold Summit Corporation

Gold Summit Corporation

November 05, 2009 16:36 ET

Gold Summit Reports Head Assays for Sugarloaf Metallurgical Test Work: Grants Stock Options

RENO, NEVADA--(Marketwire - Nov. 5, 2009) - Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:GSM), has received head assays from 6, approximately 40 kg, metallurgical test samples recently collected from underground in the Tip Top adit and adjacent surface outcrops. The samples are considered representative of the vein system.

Sample I.D.Gold Assays
oz Au/stoz Au/stoz Au/stoz Au/stAvg., oz Au/st

Column leach tests of these samples are now underway. Previous metallurgical work on single samples have produced gold recoveries ranging from 95% in bottle roll tests and 75% in one column leach test.

Assay and metallurgical test work are performed by Kappes, Cassiday and Associates, a highly regarded, Reno based, metallurgical consulting group, who will continue to be involved in test work and any metallurgical plant and mine design work to follow. All assays reported above are by standard fire/AA methods.

Commenting on the metallurgical testing, Gold Summit's Chief Executive Officer, Dr. Anthony P. Taylor said "having completed the 43-101 compliant resource study we are moving on to evaluate options for possible small scale exploitation of the existing 60,000 ounce resource as well as planning to increase it with step out drilling. Our plans include preliminary environmental base line studies as well as the metallurgical test work, both following recommendations from the 43-101 compliant study. The 43 101 report is in final proof-reading stage and is expected to be filed shortly."

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.

In other news, Gold Summit announces that a total of 895,000 options to purchase common shares of the Company are being granted to Consultants, Directors, Employees, Officers, at an exercise price of $0.20 per share, expiring on November 4, 2014. The grant is subject to regulatory approval. 

Under the Company's stock option plan, 2,055,492 common shares are reserved for issuance. Including the above grant, a total of 1,876,600 options are outstanding under the stock option plan.

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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