Further to Gold Summit Corp.'s news in Stockwatch Dec. 14, 2009, it has now filed on SEDAR the new NI 43-101-compliant resource report on its flagship Monte Cristo property.

At a cut-off of 0.5 gram per tonne gold, the inferred resource known as the McLean Lode amounts to 313,335 ounces of gold contained in 3,481,500 tonnes at a grade of 3.14 g/t gold. At a 2.0 g/t gold cut-off, the inferred resource amounts to 237,000 ounces of gold contained in 1,025,700 tonnes at a grade of 7.2 g/t gold. In addition, the study shows a separate inferred resource of 1,507,000 ounces of silver contained in 1,124,000 tonnes at a grade of 42 g/t silver using a nine g/t silver cut-off. At a 35 g/t silver cut-off the separate inferred resource is 1,025,000 ounces of silver contained in 396,000 tonnes at a grade of 80 g/t silver.

The report recommends a $3-million phase one budget for infill and step-out drilling to enlarge and upgrade the resource from inferred status to measured or indicated and to complete a scoping study. The recommended program includes 10,000 metres of core drilling that will provide more accurate width and grade estimates of both gold and silver, and material for metallurgical testwork. Dependent on positive results from phase one, a phase two budget of $7.9-million for construction of a decline and underground drilling to further enlarge the resource is also recommended.

Commenting on the report Dr. Anthony P. Taylor, chief executive officer of Gold Summit, said: "These resources are now sufficient to support an underground mining operation and there is every indication that they can be expanded by further drilling while we collect the necessary additional data for a scoping study to provide a more accurate estimate of minable widths, gold and silver grades, and mine, metallurgical engineering and permitting studies. We also believe that there are more similar high-grade epithermal gold-silver deposits to be found along the 7.5 kilometres of the major structure that runs through the claims controlled by us."

The company recently signed confidentiality agreements with six groups of potential joint venture partners and has held discussions with an additional three to consider further development of Monte Cristo. Some of these groups are also reviewing the resource at Sugarloaf Peak and the possibility of a common processing facility.

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 Sugarloaf (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.

The Sugarloaf Peak prospect in Esmeralda county, Nevada, includes the old Tip Top mine, the subject of an NI 43-101-compliant report, filed Nov. 10, 2009. The Tip Top mine has indicated and inferred resources of 646,234 tonnes grading 2.9 grams per tonne gold at a one g/t gold cut-off. Results from column leach metallurgical tests of six samples, approximately 40 kilograms 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 are under evaluation with potential partners.

In Northwestern Ontario, Gold Summit recently optioned the Tabour Lake gold prospect in the Kenora mining district which contains the Sakoose gold mine that has a number of high-grade gold drill intercepts. The company also retains its interest in the Surprise Lake greenstone gold property east of Red Lake after receiving approval from the TSX Venture Exchange to convert $8,000 owed to an optionor as an annual payment under an option agreement dated Oct. 29, 2008, into 40,000 common shares at a deemed price of 20 cents per share.