Gold Summit Closes Private Placement

Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:GSM) announces
that it has closed the brokered part of the private placement, originally
announced on February 10, 2010 and April 8, 2010. The Company received aggregate
gross proceeds of $232,088 and issued 1,688,700 units at a price of $0.125 per
unit and 150,000 flow-through units at a price of $0.14 per flow-through unit.
Each unit consists of one common share and one common share purchase warrant
exercisable for 24 months at $0.20 per share and each flow-through unit consists
of one common share and one common share purchase warrant exercisable for 24
months at $0.20 per share. 


Nottingham Consulting Ltd. acted as the sole lead agent and received a cash
commission equal to 10% of the aggregate gross proceeds of the private placement
and non-transferable warrants to purchase 10% of the aggregate number of units
sold pursuant to the private placement exercisable at a price of $0.125 per
unit. GSM paid a commission of $23,209 and issued 183,870 broker warrants in
respect of this closing.


The Company plans to use the funds advance scoping studies on both the Sugarloaf
Peak and Monte Cristo properties and for general corporate purposes connected
with the proposed merger with Crown Minerals Inc. Flow-through proceeds will be
used for field work on the Tabour Lake prospect in Western Ontario.


The private placement is subject to the approval of the TSX Venture Exchange.

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.