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GSM Gold Summit Corp.

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Share Name Share Symbol Market Type
Gold Summit Corp. TSXV:GSM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Gold Summit and Canada Lithium Start Drilling for Lithium Brine in Nevada

25/09/2009 2:25pm

Marketwired Canada


Gold Summit Corporation (TSX VENTURE:GSM) ("GSM") or the "Company"), operator on
behalf of joint venture partner Canada Lithium Corp. ("CLQ") reports that
drilling at the Paymaster property commenced Wednesday, September 23, 2009.


Initially, one hole is planned to a depth of approximately 400 metres to explore
for potential lithium brine in subsurface aquifers. The site was selected on the
basis of geochemical and geophysical data collected and interpreted over the
past year.


Canada Lithium Corp. holds a 75% interest in the joint venture and Gold Summit
Corporation holds 25% (news release March 9, 2009).


Field work and data studies are underway in a number of other basins in
southwest Nevada, selected from field and office studies undertaken in 2008.
This work is expected to lead to the selection of other drill targets.


GSM explores primarily in Nevada for high grade gold and gold/silver deposits
that would support underground, low cash cost 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.


At the recently acquired Sugarloaf Peak property, work on a SURPAC generated 3D
model and resource estimate is complete and form the basis for a National
Instrument 43-101 report to be issued shortly. The 3D model developed for the
deposit will guide new drilling to add to the resource.


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. A new
resource evaluation and NI 43-101 report is planned to include drilling results
obtained since the completion of the first report in 2006. High grade shoots
that form the heart of the resource are open down plunge and the Company plans
work to extend these.


Larry Kornze, a GSM director and a registered Professional Geologist, is
designated as the Qualified Person under National Instrument 43-101 and 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.


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