Gold Summit Reports Head Assays for Sugarloaf Metallurgical Test Work: Grants Stock Options
06 November 2009 - 7:36AM
Marketwired Canada
Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:GSM), has received
head assays from 6, approximately 40 kg, metallurgical test samples recently
collected from underground in the Tip Top adit and adjacent surface outcrops.
The samples are considered representative of the vein system.
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Sample I.D. Gold Assays
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oz Au/st oz Au/st oz Au/st oz Au/st Avg., oz Au/st
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1 0.150 0.154 0.142 -- 0.147
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2 0.062 -- 0.060 -- 0.061
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3 0.055 -- 0.057 -- 0.056
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4 0.280 -- 0.291 -- 0.286
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5 0.111 -- 0.119 -- 0.115
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6 0.123 -- 0.118 0.128 0.123
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Column leach tests of these samples are now underway. Previous metallurgical
work on single samples have produced gold recoveries ranging from 95% in bottle
roll tests and 75% in one column leach test.
Assay and metallurgical test work are performed by Kappes, Cassiday and
Associates, a highly regarded, Reno based, metallurgical consulting group, who
will continue to be involved in test work and any metallurgical plant and mine
design work to follow. All assays reported above are by standard fire/AA
methods.
Commenting on the metallurgical testing, Gold Summit's Chief Executive Officer,
Dr. Anthony P. Taylor said "having completed the 43-101 compliant resource study
we are moving on to evaluate options for possible small scale exploitation of
the existing 60,000 ounce resource as well as planning to increase it with step
out drilling. Our plans include preliminary environmental base line studies as
well as the metallurgical test work, both following recommendations from the
43-101 compliant study. The 43 101 report is in final proof-reading stage and is
expected to be filed shortly."
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.
In other news, Gold Summit announces that a total of 895,000 options to purchase
common shares of the Company are being granted to Consultants, Directors,
Employees, Officers, at an exercise price of $0.20 per share, expiring on
November 4, 2014. The grant is subject to regulatory approval.
Under the Company's stock option plan, 2,055,492 common shares are reserved for
issuance. Including the above grant, a total of 1,876,600 options are
outstanding under the stock option plan.
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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