GSM Gold Summit Corp.

Gold Summit Corporation (TSX VENTURE:GSM) ("GSM" or the "Company") announces
that it has received preliminary results from the new SURPAC block model of the
McLean Lode at Monte Cristo, forming part of a National Instrument 43-101 ("NI
43-101") compliant technical report to be posted on SEDAR within 45 days of this
announcement.


At a 1.0 g/t gold cut off, the inferred global resource amounts to 278,923
ounces of gold contained in 1,923,391 tonnes at a grade of 4.51 g/t gold. At a
5.0 g/t gold cut off, the inferred global resource amounts to 173,939 ounces
gold contained in 364,767 tonnes at a grade of 14.83 g/t gold. Additional
variography and statistical studies are in progress to produce resource
estimates at 2.0, 3.0 and 4.0 g/t cut off grades.


Commenting on the new resource numbers, Dr. Anthony P. Taylor, Chief Executive
Officer of GSM said: "we have long considered that the McLean Lode has
production promise and are very encouraged with the new estimate that clearly
points in the direction of a mine scoping study. That may include step out
drilling to increase the resource, additional core drilling within the resource
to provide a more accurate estimate of mineable widths and gold and silver
grades and mine and metallurgical engineering and permitting studies".  


The new resource remains heavily weighted by a predominant number of reverse
circulation drill results that exaggerate vein widths and dilute grade for gold.
The majority of the holes drilled prior to GSM's work were not assayed for
silver. Four GSM core holes, in particular, encountered significant silver
grades, ranging between 500 g/t and 1500 g/t leading to the conclusion that a
significant, but unquantifiable, silver resource exists. 


Since the previous NI 43-101 study, completed four years ago, the new study is
intended to gauge economic viability given current gold and silver prices. It
indicates that, at a cut-off grade between 1.0 and 5.0 g/t gold, there is the
potential for a resource to support a ten year, small scale, mine operation.
Additional work is warranted to quantify that and a scoping study is planned.


GSM controls approximately 7.5 km strike length of a wide mineralized and
altered fault zone at Monte Cristo. The Mclean Lode lies towards the northern
end and other mineralized target areas remain to be tested and other similar ore
shoots are thought likely to occur. The McLean Lode and containing fault zone
has many geological similarities, including host rocks, structural styles,
alteration, gangue and ore mineralogy to the famous Comstock Lode 200 km to the
northwest, located in the same Miocene age volcanic suite. 


Individual ore bodies of the Comstock system are of similar dimensions to the
Mclean Lode and with distinct plunge (elongation) directions within the host
fault zone. The Comstock ore bodies produced a total of approximately 8 million
ounces of gold and 200 million ounces of silver. 


GSM currently explores primarily in Nevada for high grade gold and gold/silver
deposits that would support underground, low cash cost operations. Apart from
Monte Cristo, GSM's other properties cover part of four more 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. 


One is the Sugarloaf Peak Prospect in Esmeralda County, Nevada, the subject of a
NI 43-101 compliant report, filed November 10, 2009. The Tip Top Mine has
indicated and inferred resources of 646,234 tonnes grading 2.9 g/t gold at a 1
g/t gold cut off and column leach tests to evaluate an open pit-heap leach
option are in progress.


The 43-101 report on Monte Cristo is authored by Nicole Preuss, M.Sc., LG, M.Aus
IMM, a Qualified Person, as defined in NI 43-101, licensed in the State of
Washington.


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.


First Canadian Capital Corp. provides strategic marketing and corporate
communications advice to Gold Summit. Contact Jason Monaco:
jmonaco@firstcanadiancapital.com 416-742-5600 or 1-866-580-8891


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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