Gold Summit Reports New Resource Estimate of 280,000 Ounces Gold at Monte Cristo

  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: [e-mail] 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 [phone] Or visit GSM's web site at www.goldsummitcorp.com