Gold Summit Files Sugar Loaf Peak NI 43-101 Report

  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.

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 [phone] www.goldsummitcorp.com