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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 Canadian Lithium Corporation Reports Resumption of Fieldwork in Nevada

20/08/2009 7:23pm

Marketwired Canada


Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:GSM), operator on
behalf of joint venture partner Canadian Lithium Corporation ("CLQ") has
recommenced field work exploring for lithium brine deposits in south west
Nevada. Canadian Lithium holds a 75% interest in the joint venture and Gold
Summit 25% (see news release March 9, 2009).


On the Paymaster property in Esmeralda County site selection and drill permit
applications are underway to drill test hole to approximately 400 metres. The
objective of the drilling is to locate intrabasinal aquifers and sample and
assay any brines encountered. Drilling bids are being solicited for a planned
start in late September.


Field work and data studies are underway in a number of other basins in south
west Nevada that were 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, totalling 42 km2, cover four Tertiary epithermal vein districts. All
these 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 National Instrument 43-101 compliant inferred resource
estimate of 331,000 tonnes averaging 6.5 g/t gold. High grade shoots that form
the heart of the resource are open down plunge and the company plans work to
extend these. At the recently acquired Sugarloaf Peak property, work on a SURPAC
generated 3D model and resource estimate to form the basis for a 43 101 report
is well advanced.


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.


1 Year Gold Summit Corp. Chart

1 Year Gold Summit Corp. Chart

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