GSM Gold Summit Corp.

Gold Summit Corporation (TSX VENTURE:GSM)("GSM" or the "Company") announces that
the private placement announced on September 17, 2009 will now include a half
common share purchase warrant. GSM intends to raise up to $750,000 in a
non-brokered private placement, by issuing 3,750,000 units at a price of $0.20
per unit. Each unit will consist of one common share and one half of one common
share purchase warrant exercisable for 24 months at $0.30 per share.


GSM also announces that it has closed the first of tranche of its private
placement. The Company received aggregate gross proceeds of $381,611, and issued
1,908,058 units at a price of $0.20 per unit. Each unit consists of one common
share and one half of one common share purchase warrant exercisable for 24
months at $0.30 per share. The securities issued are subject to a four month
hold period.


The private placement will continue to be offered by GSM on a best efforts basis
and is subject to the approval of the TSX Venture Exchange.


GSM plans to use the funds to complete National Instrument 43-101 technical
reports on its Sugarloaf Peak and Monte Cristo properties, to fund metallurgical
and engineering studies at Sugarloaf, fund this season's work on the Great Basin
Playa lithium project joint venture with Canada Lithium Corp. and for general
working capital purposes. 


GSM explores primarily in Nevada for high grade gold and gold/silver deposits
that would support underground, low cash cost operations. GSM's primary
properties cover four Tertiary epithermal vein districts. All these have drill
ready targets defined by surface work with potentially economic gold and or
silver grades in outcrops or discovery drill holes. 


On July 10, 2009 the company announced that it had optioned the Sugarloaf Peak
prospect and is completing a NI 43-101 compliant estimate of a resource at the
Tip Top mine there. The company's flagship property, Monte Cristo, contains a
43-101 compliant inferred resource estimate of 331,000 tonnes averaging 6.5 g/t
gold. This resource estimate, dated February 2 2006, is currently being revised
to incorporate subsequent drilling results. High grade shoots that form the
heart of the resource are open down plunge and the company plans work to extend
these.


The company is also exploring playa basins for lithium brines in a joint venture
with Canada Lithium Corp. The company is the operator for the joint venture.


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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