Gold Summit Corporation (TSX VENTURE: GSM) ("GSM" or the "Company")
announces that it has received preliminary results from the new
SURPAC block model of the McLean Lode at Monte Cristo, forming part
of a National Instrument 43-101 ("NI 43-101") compliant technical
report to be posted on SEDAR within 45 days of this announcement.
At a 1.0 g/t gold cut off, the inferred global resource amounts
to 278,923 ounces of gold contained in 1,923,391 tonnes at a grade
of 4.51 g/t gold. At a 5.0 g/t gold cut off, the inferred global
resource amounts to 173,939 ounces gold contained in 364,767 tonnes
at a grade of 14.83 g/t gold. Additional variography and
statistical studies are in progress to produce resource estimates
at 2.0, 3.0 and 4.0 g/t cut off grades.
Commenting on the new resource numbers, Dr. Anthony P. Taylor,
Chief Executive Officer of GSM said: "we have long considered that
the McLean Lode has production promise and are very encouraged with
the new estimate that clearly points in the direction of a mine
scoping study. That may include step out drilling to increase the
resource, additional core drilling within the resource to provide a
more accurate estimate of mineable widths and gold and silver
grades and mine and metallurgical engineering and permitting
studies".
The new resource remains heavily weighted by a predominant
number of reverse circulation drill results that exaggerate vein
widths and dilute grade for gold. The majority of the holes drilled
prior to GSM's work were not assayed for silver. Four GSM core
holes, in particular, encountered significant silver grades,
ranging between 500 g/t and 1500 g/t leading to the conclusion that
a significant, but unquantifiable, silver resource exists.
Since the previous NI 43-101 study, completed four years ago,
the new study is intended to gauge economic viability given current
gold and silver prices. It indicates that, at a cut-off grade
between 1.0 and 5.0 g/t gold, there is the potential for a resource
to support a ten year, small scale, mine operation. Additional work
is warranted to quantify that and a scoping study is planned.
GSM controls approximately 7.5 km strike length of a wide
mineralized and altered fault zone at Monte Cristo. The Mclean Lode
lies towards the northern end and other mineralized target areas
remain to be tested and other similar ore shoots are thought likely
to occur. The McLean Lode and containing fault zone has many
geological similarities, including host rocks, structural styles,
alteration, gangue and ore mineralogy to the famous Comstock Lode
200 km to the northwest, located in the same Miocene age volcanic
suite.
Individual ore bodies of the Comstock system are of similar
dimensions to the Mclean Lode and with distinct plunge (elongation)
directions within the host fault zone. The Comstock ore bodies
produced a total of approximately 8 million ounces of gold and 200
million ounces of silver.
GSM currently explores primarily in Nevada for high grade gold
and gold/silver deposits that would support underground, low cash
cost operations. Apart from Monte Cristo, GSM's other properties
cover part of four more 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.
One is the Sugarloaf Peak Prospect in Esmeralda County, Nevada,
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 and
column leach tests to evaluate an open pit-heap leach option are in
progress.
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.
First Canadian Capital Corp. provides strategic marketing and
corporate communications advice to Gold Summit. Contact Jason
Monaco: jmonaco@firstcanadiancapital.com 416-742-5600 or
1-866-580-8891
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: Gold Summit Corporation Andrea Rascati Gold Summit's
operating office in Reno (775) 284-7200 Or visit GSM's web site at
www.goldsummitcorp.com
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