Gold Summit Files Sugar Loaf Peak NI 43-101 Report
11 November 2009 - 7:44AM
Marketwired
Gold Summit Corporation ("GSM" or the "Company")(TSX VENTURE: GSM),
yesterday filed a NI 43-101 compliant technical report on its
Sugarloaf Peak gold prospect in Esmeralda County, Nevada. Summary
information was reported the GSM news release of October 25, 2009.
The report is available on the company's website,
www.goldsummitcorp.com.
At a 1 g/t gold cut-off, indicated and inferred resources at the
Tip Top mine total 646,234 tonnes grading 2.9 g/t gold, a total of
60,270 ounces. The Tip Top vein system has an identified
strike-length of 370 m with an average true width of 2 m, ranging
between 1 m and 5 m.
The report concludes that more drilling of both distal and down
dip portions of the deposit is warranted to enlarge the resource
and recommends $685,000 programme for that purpose, to include
initial base line studies for any proposed operation.
GSM explores in Nevada primarily for high-grade gold and
gold/silver deposits that would support underground, low cost
mining 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.
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. An updated resource evaluation and NI
43-101 report, to include drilling results obtained since the
completion of the first report in 2006, is underway. The report
will include a newly recognised shallow resource to the north west
of the main McLean Lode as well as an estimate for old drill
results and channel sampling from the Black Mammoth mine that may
be part of the whole McLean structure.
High grade shoots that form the heart of the McLean Lode
resource are open down plunge and the Company plans drilling to
extend these. This will be guided by a new Surpac generated model,
the basis for the new resource report.
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.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Gold Summit Corporation Andrea Rascati (775) 284-7200
www.goldsummitcorp.com
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