GSM Gold Summit Corp.

Gold Summit Corporation ("GSM" or the "Company")(TSX VENTURE:GSM), yesterday
filed a NI 43-101 compliant technical report on its Sugarloaf Peak gold prospect
in Esmeralda County, Nevada. Summary information was reported the GSM news
release of October 25, 2009. The report is available on the company's website,
www.goldsummitcorp.com.


At a 1 g/t gold cut-off, indicated and inferred resources at the Tip Top mine
total 646,234 tonnes grading 2.9 g/t gold, a total of 60,270 ounces. The Tip Top
vein system has an identified strike-length of 370 m with an average true width
of 2 m, ranging between 1 m and 5 m. 


The report concludes that more drilling of both distal and down dip portions of
the deposit is warranted to enlarge the resource and recommends $685,000
programme for that purpose, to include initial base line studies for any
proposed operation.


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


The Company's flagship property, Monte Cristo, contains a NI 43-101 compliant
inferred resource estimate of 331,000 tonnes averaging 6.5 g/t gold. An updated
resource evaluation and NI 43-101 report, to include drilling results obtained
since the completion of the first report in 2006, is underway. The report will
include a newly recognised shallow resource to the north west of the main McLean
Lode as well as an estimate for old drill results and channel sampling from the
Black Mammoth mine that may be part of the whole McLean structure. 


High grade shoots that form the heart of the McLean Lode resource are open down
plunge and the Company plans drilling to extend these. This will be guided by a
new Surpac generated model, the basis for the new resource report. 


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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