Gold Summit Gains 100% Interest in Nevada Lithium Brine Exploration: Joint Venture Partner Withdraws

Gold Summit Corporation (TSX VENTURE:GSM) ("GSM") or the ("Company"), today
received notice that Canada Lithium Corporation (TSX VENTURE:CLQ) has withdrawn
from the Nevada Lithium Brine Joint Venture in order to concentrate on their
Quebec Lithium pegmatite resource. Canada Lithium held a 75% interest in the
joint venture.


Analytical results from the first test well drilled by the joint venture in the
Paymaster area are now available. They show that the saline water encountered
below 150 metres contains only weakly anomalous lithium values (8 ppm) despite
the highly anomalous values in the containing clastic sediments. These average
316 ppm lithium between 150 and 365 metres in a range between 130 ppm and 940
ppm lithium. These high indicate that some lithium clays, probably hectorite are
present, but could not be competitive with other hectorite bearing clay deposits
lithium values in the 3500 ppm range.


Commenting on the drilling results, Dr. Anthony P. Taylor Chief Executive
Officer of Gold Summit said, "we are obviously disappointed that our first well
does not contain economic levels in brines, but the lithium enriched sediments
indicate that abundant source rocks are present. We now have a 100% interest in
the project that includes a large data base and some 15 other target areas. We
are in the exploration business and success is rarely immediate. Given suitable
funding, we plan to continue the search for a new economic lithium brine
deposit, although not to the detriment of our core high grade gold and silver
efforts".


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.