GSM Gold Summit Corp.

Gold Summit Corporation (TSX VENTURE:GSM) ("GSM" or the "Company") intends to
raise up to CDN$750,000 in a non-brokered private placement, by issuing
3,750,000 common shares at a price of $0.20 per common share. The private
placement is subject to the approval of the TSX Venture Exchange. GSM may pay
finder's fees in connection with this financing.


GSM plans to use the funds to complete National Instrument 43-101 technical
reports on its Sugarloaf Peak/Tip Top and Monte Cristo properties, to fund
metallurgical and engineering studies at Tip Top, fund this season's work on the
Great Basin Playa lithium project joint venture with Canada Lithium Corp. and
for general working capital purposes.


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 these have drill
ready targets defined by surface work with potentially economic gold and or
silver grades in outcrops or discovery drill holes.


On July 10, 2009 the company announced that it had optioned the Sugarloaf Peak
prospect and is completing a NI 43-101 compliant estimate of a resource at the
Tip Top mine. The company's flagship property, Monte Cristo, contains a 43-101
compliant inferred resource estimate of 331,000 tonnes averaging 6.5 g/t gold.
This resource estimate, dated February 2 2006, is currently being revised to
incorporate subsequent drilling results. High grade shoots that form the heart
of the resource are open down plunge and the company plans work to extend these.


The company is also exploring playa basins for lithium brines in a joint venture
with Canada Lithium Corp. The company is the operator for the joint venture.


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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