Gold Summit Plans $1,200,000 Private Placement

Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:GSM) intends to
raise up to CDN$1,200,000 in a non-brokered private placement by issuing
5,600,000 units at a price of $0.125 per unit for a total of $700,000. Each unit
will consist of one common share and one common share purchase warrant
exercisable for 24 months at $0.20. In addition, the Company intends to raise
CDN$500,000 flow-through funds by issuing 3,571,429 units at a price of $0.14
per unit. Each unit will consist of one common share and one common share
purchase warrant exercisable for 24 months at $0.20. The private placement is
subject to the approval of the TSX Venture Exchange and fees may apply. The
Company has retained the services of Nottingham Consulting Ltd to act as sole
lead agent.


The Company plans to use the 'hard dollar' proceeds to advance scoping studies,
including metallurgical test work and initial engineering studies on both the
Sugarloaf Peak and Monte Cristo properties while it continues discussions with a
number of interested potential joint venture partners. Flow-through proceeds
will be used for drilling at the Sakoose high grade target on the Tabour Lake
prospect and for surface work and drilling at Surprise Lake, both greenstone
gold prospects in Western Ontario.


GSM currently explores primarily in Nevada for high grade gold and gold/silver
deposits that would support underground, low cash cost operations. GSM has
recently announced resources at the Monte Cristo and Sugarloaf (Tip Top)
properties and holds part of four more Tertiary epithermal vein districts, all
with drill ready targets defined by surface work. All GSM properties have
potentially economic gold and or silver grades in outcrops or discovery drill
holes.


GSM recently filed a new NI 43-101 compliant report announcing a new resource
estimate for the McLean Lode located on the Monte Cristo property. At a 0.5 g/t
gold cut-off, the inferred resource known as the McLean Lode amounts to 313,335
ounces of gold contained in 3,481,500 tonnes at a grade of 3.14 g/t gold. At a
2.0 g/t gold cut-off, the inferred resource amounts to 237,000 ounces of gold
contained in 1,025,700 tonnes at a grade of 7.2 g/t gold. In addition, the study
shows a separate inferred resource of 1,507,000 ounces of silver contained in
1,124,000 tonnes at a grade of 42 g/t silver using a 9 g/t silver cut-off. At a
35 g/t silver cut-off the separate inferred resource is 1,025,000 ounces of
silver contained in 396,000 tonnes at a grade of 80 g/t silver. The silver
resource is estimated from only part of the drill database. A majority of holes
drilled by predecessor explorers were not assayed for silver.


The Sugarloaf Peak Prospect in Esmeralda County, Nevada, includes the old Tip
Top Mine, 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. Results from column leach metallurgical
tests of 6 samples, approximately 40 kg each, collected in and around the old
Tip Top adit are now under available and show very encouraging recoveries. The
resource outcrops and exploitation by open pit-heap leach operation is under
evaluation with potential partners.


In north-west Ontario, Gold Summit recently optioned the Tabour Lake gold
prospect in the Kenora mining district which contains the Sakoose gold mine that
has a number of high grade gold drill intercepts. The company also retains its
interest in the Surprise Lake greenstone gold property east of Red Lake after
receiving approval from the TSX Venture Exchange to convert $8,000 owed to an
optionor as an annual payment under an option agreement dated October 29, 2008
into 40,000 common shares at a deemed price of $0.20 per share.


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.