Gold Summit Files New Monte Cristo NI 43-101 Resource Report

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.
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