Gartmore Smaller Cos Share Discussion Threads

[smilewithme] 17/8/2007 00:16

GOLD SUMMIT CORPORATION COMPLETES $733,620 PRIVATE PLACEMENT


Reno, NV August 16, 2007

FSC / Press Release


GOLD SUMMIT CORPORATION COMPLETES $733,620 PRIVATE PLACEMENT

Reno, Nevada US, August 16, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), ("GSM") announces that it has closed a $733,620 non-brokered private placement. Under amended terms the offering consists of Units offered at $0.125 per Unit. Each Unit consists of one common share and one warrant. Each warrant is exercisable to acquire one common share of GSM for twenty-four months at a price of $0.25 per share. GSM issued 5,868,960 Units for gross proceeds of $733,620. The common shares and warrants comprising the Units and the common shares issuable on the exercise of the warrants will be subject to resale restrictions until December 17, 2007. Finders' fees were paid on part of this financing. GSM will use the proceeds to fund a new phase of drilling on its Monte Cristo property in Nevada and for general working capital purposes.

GSM also announces it intends to raise up to $466,380 in a further non-brokered private placement by issuing up to 3,731,040 Units at a price of $0.125 per Unit. Each Unit will consist of one common share and one warrant. Each warrant will be exercisable to acquire one common share of GSM for twenty-four months at a price of $0.25 per share.

The private placement is subject to the approval of the TSX Venture Exchange.

For further information, contact Hillary Vonich at [phone] or visit our web site at www.goldsummitcorp.com.

[smilewithme] 13/8/2007 23:06

chris

i love the chart - please post on stockhouse...

[chris1983] 13/8/2007 17:51

"Based on gold medals won per capita" and then the comparison is the same.

If you think the statement is misleading, fair enough, but I don't believe it's incorrect.

It's an interesting stat because Nevada is so much smaller than Australia, South Africa etc. so it puts into perspective how GOLD DENSE this location is.

[smilewithme] 13/8/2007 17:31

AUSTRALIA WINS MORE GOLD MEDALS at the OLYMPICS than the rest of the world combined *











*Based on size of population....

[chris1983] 13/8/2007 17:12

There is an * next to the statement. Below the chart you'll see the * which clarifies that this is based on gold production per km. I am posting this info exactly as I found it here:

[smilewithme] 13/8/2007 14:48

Yip but your statement

In the year 2003, Nevada had more gold production than the rest of the major producing nations... combined!*

is not correct!

[chris1983] 13/8/2007 13:28

Hi smilewithme,

I will do. Says just below the graph "per square km", but Nevada still ranks 3rd in the world overall. Impressive and bodes well for GSM. We're definitely digging in the right place!

[smilewithme] 13/8/2007 10:18

chris

great post - have you done this on stock house yet?

BUT you need to think about this - its not total gold production - its PER sq kilometre...

[chris1983] 12/8/2007 12:44

A couple of interesting facts:

In the year 2003, Nevada had more gold production than the rest of the major producing nations... combined!*



* Based on gold production per square km.

If Nevada were a country, its gold production would rank third in the world behind South Africa and Australia

[smilewithme] 09/8/2007 15:31

Wow!

Single order for 560,000 at 14.5 cents!

[smilewithme] 07/8/2007 12:00

from tooclassy:

I had a nice chat today with Tony Taylor. The drill plans, targets, and rig(s) are being further expedited now that it is clear that Tony will have the necessary funds for an aggressive drill program. He explained again how he is looking for and planning to drill more potential oreshoots (or what could be called pods) of gold mineralization similar to what was found already at Monte Christo, in a formation of hopefully a dozen more such oreshoots stretching over a 11KM area, all of which together would prove his hypothesized geological model that he has found another Comstock Lode type gold district in Nevada. Considering that the necessary drilling will be much shallower as compared to the Maclean pit where a 69,000 ounce gold resource has already been confirmed, the drilling should get more "bang for the buck" per meter drilled. I am pleased that with the private placement now approaching the maximum $1.25 million limit and set to close in a matter of days, Tony will be able to really do what he wants to do and substantially test the geological model. With a gold resource in just one location already confirmed, and substantial similarities in geological signature between Monte Christo and the Comstock Lode, I can extrapolate that there really is a lot more gold at Monte Christo, and it is just a matter of time before Tony finds it.

TooClassy

[smilewithme] 02/8/2007 22:18

This is great news. Looks like the funding is in place and we can look for lots of fun in September.

smilewithme


GOLD SUMMIT HAS ADDITIONAL DRILL TARGETS AT MONTE CRISTO: 3000m CORE PROGRAMME PLANNED


Reno, NV August 01, 2007

FSC / Press Release


GOLD SUMMIT HAS ADDITIONAL DRILL TARGETS AT MONTE CRISTO: 3000m CORE PROGRAMME PLANNED

Reno, Nevada US, August 01, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), ("GSM") reports results from a new soil grid survey on selected parts of the 26 sq km Monte Cristo property completed earlier in the summer. The data has yielded several new linear Au-Ag-As-Sb+/-Hg anomalies that translate into drill targets for high grade epithermal Au-Ag veins. It also confirms and strengthens other linear trends in these areas, partly developed by detailed outcrop mapping and drilling by previous explorers. A 3000m diamond drilling programme is planned to test these, estimated now to begin in mid- September.

Commenting on the significance of these new soil results, Dr Anthony P. Taylor, President/CEO of Gold summit said: "in that these new multi-element linear anomalies reflect barely outcropping epithermal vein mineralization they only add to our enthusiasm for the ultimate potential of the Monte Cristo property".

In the Ohio Camp area, the most prominent drill target is defined by banded quartz vein outcrops in the north and gold mineralization drilled by Atlas in the late 1980s to the south. Their drilling defined a 200 by 50m area of shallow gold mineralization, including an intersection of 12g/t Au over 1.5m. This target ("Atlas-Quartz Vein") is now more clearly defined and extended by a Au-Ag-As-Sb soil anomaly along a NNE strike over 1300m, between 50 to 250m wide. Maximum values are 113ppb Au, 250 ppb Ag, 159 ppm As and 5.7 ppm Sb. GSM will test this mineralized structure at greater depth, down dip from the Atlas intersections and along the strike length of the soil anomaly..

The two new anomalies defined in the Ohio Camp Area occur on either side of the Atlas Quartz vein zone. The first is located 3000 m east and extends NNE for 400m, averaging 250 m in width with maximum values of 64 ppb Au, 700 ppb Ag, 790 ppm As, 24.9 ppm Sb and 2.26 ppm Hg. There is no evidence of previous drilling on this zone. The second new anomaly lies 500 meters west of the Atlas-Quartz vein, straddling an intensely silicified, NNW trending, volcanic ridge. It has a strike length of 700m, averages 270 m in width and has maximum values of 87ppb gold, 180 ppb Ag, 193.5 ppm as and 8.16 ppm Sb. GSM has found no evidence of drilling in this area.

Elsewhere on the Monte Cristo property, new anomalies occur in the Norman Mill and in the "Flats" approximately 1200m south of the McLean Lode. The Norman Mill anomaly covers an area of intense silica-alunite alteration in volcanic rocks with a strike length of 400 meters and an average width of 250 m. The Norman Mill anomaly has maximum values of 113 ppb Au, 870 ppb Ag, 75 ppm As and 8 ppm Sb. Shallow drilling by Anaconda in the area intersected 1.8 g/t gold over 1.5m.

In the McLean Flats 1200 meters south of the McLean Lode are several Au-Ag-As-Sb-Hg anomalies. One lies along a large regional structure, while the other is probably the extension of the McLean Lode itself. The third may indicate a parallel structure west of the McLean Lode.

Gold Summit explores only in the United States for high grade, gold or gold/silver deposits that would support underground, low cash cost operations. The company's primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada, three of which lie in the Walker Lane. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes.

The most advanced property is Monte Cristo where the company has already made an initial discovery called the McLean Lode with a 43-101 compliant resource of 331,000 tonnes of 6.5 g/t Au. Gold and silver grades in the McLean Lode range from 0.1 to 253 g/t Au and 0.1 to 1300 g/t Ag. The discovery lies along a major fault with associated alteration that GSM has now traced for over 11 km. The drill targets described above are in addition to approximately 17 targets already selected for drilling in the future.

The geological setting of the Monte Cristo district bears striking geological similarities to the Comstock Lode from which a series of "ore shoots" collectively produced approximately 8 million ozs of gold and 185 million ozs of silver. The fault or "lode" that hosts the ore shoots of the Comstock extends for approximately 4.5 km.

In conjunction with JV partner Astral Mining Company, GSM is also exploring greenstone vein gold systems in island arc rocks on two areas of the Carolina Slate belt, the location of the first gold deposits discovered in the United States.

All geochemical results quoted in this release are by AAS performed on -80# samples submitted to ALS Chemex Laboratories in Sparks, Nevada. Douglas R. Bowden, registered Professional Geologist in the State of Utah, is designated as the Qualified Person supervising Gold Summit's technical work.

For further information, contact Hillary Vonich at [phone] or visit our web site at www.goldsummitcorp.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. 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, 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.

Shares Outstanding 42,172,313

[smilewithme] 31/7/2007 23:33

laserdisc

cheers...

[laserdisc] 31/7/2007 22:33

smilewithme not had a chance to look over all this but here is a recording from earlier in year

[smilewithme] 31/7/2007 20:43

From over the pond..


Gold Summit Corp. (GSM on the Toronto Venture exchange) is now closing privately on about $1.25 million of financing which has attracted the interest of dozens of accredited and sophisticated investors. That financing is more than sufficient for GSM to drill their flagship Monte Christo property in Nevada, the property which already has a very conservatively calculated 69,000 ounce 43-101 compliant gold resource based on minimal drilling. That property has a lot more gold in it, but needs the drilling to prove up more ounces. With sufficient drilling that shows the market something of this deposit's potential, the present puny $5 Million market cap has plenty of room for significant expansion. Substantial success with the drill bit could lead to returns of 10 or 20 times the current market price.

Further financings in the future will be done undoubtedly at higher prices. I am not worried about dilution. However, I was worried that the company could not get the money to drill Monte Christo. That worry has suddenly been put to rest, as the current private placement has been fully subscribed despite almost no publicity. At present levels the stock is at rock bottom, and is basing here during the summer doldrums for a nice run in the autumn (if not sooner, due to the imminent closing of its private placement). A presumably higher gold price in the autumn, the end of the summer doldrums in September (just weeks away!), and a drill program that finally shows what the Monte Christo property has in it - all these things should give investors a run for their money in the coming months.

TooClassy

[smilewithme] 30/7/2007 21:33

Could Gold Summit GSM, on the TSX-V, market cap $5m have new Comstock - $600 Billion?

The Comstock Lode was the first major U.S. deposit of silver ore, discovered under what is now Virginia City, Nevada on the eastern slope of Mt. Davidson, a peak in the Virginia range. After the discovery was made public in 1859, prospectors rushed to the area and scrambled to stake their claims. Mining camps soon thrived in the vicinity, which became bustling centers of fabulous wealth.

Between 1859 and 1878, it yielded $400 million in silver and gold, equivalent to approximately $500-600 billion dollars in 2005, as a relative share of Gross Domestic Product (GDP).



According to their most recent corporate presentation, GSM feel that Monte Christo, which they will drill again, in the Fall - has similarities to the new Comstock.

Already, according to Minesite "A 43-101 compliant resource of 365,000 tonnes at 5.7 g/t gold has been estimated at the McLean Lode and field mapping and compilation is complete along the whole 11 kms belt of alteration and major faulting running through the heart of the property. Eleven targets are now ready for drilling this year and there should be no trouble over permitting"

[smilewithme] 25/7/2007 15:33

yikyak

cheers - all the best - lets hope this works out well for all of us

anyone getting into GSM should understand the risk involved here

;-)

[chris1983] 25/7/2007 01:50

Projecting a nice rosy future? :-)

Not sure we can base it on past performance as with SLV.

[smilewithme] 24/7/2007 19:57

chris

how about one of your nice arrows here?

[chris1983] 24/7/2007 17:00

Might be worth your while selling those shares and getting into the placement.

[tonyx] 24/7/2007 16:31

Smile,

To be honest I thought that there was a minimum amount you needed to take part in the placement. Had only around £2k to spare (at the moment as fully invested)so bought on open market.

[smilewithme] 24/7/2007 16:24

Cool but surprised regarding placement - gives you a full warrant?