GSM Gold Summit Corp.

Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:GSM) announces
that it is no longer proceeding with additional tranches of the private
placement announced on September 17, 2009 and October 22, 2009.


GSM currently explores primarily in Nevada for high grade gold and gold/silver
deposits that would support underground, low cash cost operations. GSM has
recently announced resources at the Monte Cristo and Tip Top properties and
holds part of four more Tertiary epithermal vein districts, all with drill ready
targets defined by surface work. All GSM properties have potentially economic
gold and or silver grades in outcrops or discovery drill holes.


On December 14, GSM announced preliminary results from a NI 43 101 compliant
study on the McLean Lode at Monte Cristo to be filed in January 2010. The new
inferred global resource there amounts to 278,923 ounces of gold contained in
1,923,391 tonnes at a grade of 4.5 g/t gold at a 1.0 g/t gold cut-off. 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 gold cut off grades.


The Sugarloaf Peak Prospect in Esmeralda County, Nevada, includes the old Tip
Top Mine, 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. Results from column leach metallurgical
tests of 6 samples, approximately 40 kg each, collected in and around the old
Tip Top adit will soon be available. The resource outcrops and exploitation by
open pit-heap leach operation is under evaluation with potential partners.


The 43-101 report on Monte Cristo is authored by Nicole Preuss, M.Sc., LG, M.
Aus IMM, a Qualified Person, defined in National Instrument 43-101 Standards of
Disclosure of Mineral Projects, licensed in the State of Washington.


First Canadian Capital Corp. provides strategic marketing and corporate
communications advice to Gold Summit. Contact Jason Monaco:
jmonaco@firstcanadiancapital.com416-742-5600 or1-866-580-8891


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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