Gold Summit Corporation

Gold Summit Corporation

September 19, 2005 06:00 ET

Gold Summit to Drill Historic High Grade National Property

RENO, NEVADA--(CCNMatthews - Sept. 19, 2005) - Gold Summit Corporation is in receipt of permits to drill the historic high grade National District located in Humboldt County, Nevada. The drilling of up to 10 RC holes for a total of 1700 metres is planned to start in early October.

Four targets are selected for testing based on extensive rock and soil geochemical data from the large concessions held in the National District. The targets form four distinct clusters, individually up to 1 km in length, and consist of strongly anomalous silver, arsenic (As), antimony (Sb), mercury (Hg) and selenium (Se) values. The latter four metals are important "pathfinder" elements used as a surface guide to bonanza gold and silver shoots at depth. Two of the targets lie along the Birthday Vein that was mapped along 3.5 km of strike. Of 69 samples collected along the Birthday vein, 45% contain silver values in excess of 67 g/t Ag (2 opt) with a high of 1700 g/t Ag (50 opt). Gold values are less consistent, but run up to 3.5 g/t.

The multi-element anomalies are typical of metal association in the famous National Vein which lies 1.5 km east, just outside the land held under option by Gold Summit. The National Vein is renowned for its extremely high grade electrum (50% Au, 50% Ag) ores mined in the early 1900's. When mined, it was pronounced "the highest grade mine in the world" with average grades as high as 1 ounce of gold (and 1 ounce of silver) per pound. It is notable that the first exposures of the National Vein were mined for silver with gold encountered as underground mining deepened. Similarly, the drill targets along the Birthday Vein have the potential for discovery of bonanza grade gold as well as silver.

On Gold Summit's other main properties, core drilling has resumed in the McLean Pit area at Monte Cristo where a third party resource evaluation is to be undertaken.

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.

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, 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.

Shares Outstanding 27,813,586

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information