Gold Summit Corporation (TSX VENTURE: GSM) ("GSM" or the "Company")
reports that, further to its news release of December 14, 2009, it
has now filed on SEDAR the new NI 43-101 compliant resource report
on its flagship 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 gold. In
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 report recommends a $3 million Phase One budget for infill
and step out drilling to enlarge and upgrade the resource from
"inferred" status to "measured" or "indicated" and to complete a
scoping study. The recommended program includes 10,000 meters of
core drilling that will provide more accurate width and grade
estimates of both gold and silver and material for metallurgical
test work. Dependent on positive results from Phase One, a Phase
Two budget of $7.9 million for construction of a decline and
underground drilling to further enlarge the resource is also
recommended.
Commenting on the report Dr. Anthony P. Taylor, Chief Executive
Officer of GSM said: "these resources are now sufficient to support
an underground mining operation and there is every indication that
they can be expanded by further drilling while we collect the
necessary additional data for a scoping study to provide a more
accurate estimate of mineable widths, gold and silver grades and
mine, metallurgical engineering and permitting studies. We also
believe that there are more similar high grade epithermal
gold-silver deposits to be found along the 7.5 km of the major
structure that runs through the claims controlled by us."
The company recently signed confidentiality agreements with six
groups of potential joint venture partners and have held
discussions with an additional three to consider further
development of Monte Cristo. Some of these groups are also
reviewing the resource at Sugarloaf Peak and the possibility of a
common processing facility.
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.
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 will soon be available. 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.
The 43-101 report on Monte Cristo is authored by Nicole Preuss,
M.Sc.,LG, M.Aus IMM, a Qualified Person, as defined in NI 43-101,
licensed in the State of Washington.
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.
Contacts: First Canadian Capital Corp. Jason Monaco Investor
Relations 416-742-5600 or 866-580-8891
jmonaco@firstcanadiancapital.com Gold Summit's operating office in
Reno Andrea Rascati (775) 284-7200 www.goldsummitcorp.com
Gold Summit Corp. (TSXV:GSM)
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