Gold Summit GSM market cap $5m have new Comstock

I entered to buy 50,000 shares of GSM today ( on the OTCBB ) ...and got filled with only one thousand !
( paid $ 9,95 commision for $ 149 trade..)

Next time I will specify minimum shares to trade....

http://www.goldsummitcorp.com/_resources/pressreleases/2007_11_14.pdf

GOLD SUMMIT REPORTS GOLD INTERSECTIONS AT MONTE CRISTO AND A NEW GOLD TARGET IN THE CAROLINAS


Reno, NV November 14, 2007

FSC / Press Release


GOLD SUMMIT REPORTS GOLD INTERSECTIONS AT MONTE CRISTO AND A NEW GOLD TARGET IN THE CAROLINAS

Reno, Nevada US, November 14, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), announces that it intersected a broad zone of gold mineralization in one out of three holes recently completed in the Ohio Camp area on the Monte Cristo property in the Walker Lane province in western Nevada. A total of 1075m of RC drilling in three holes tested a 200 metre strike length. The holes, angled and drilled from west to east, were located to test for deeper and higher grade extensions to mineralization previously intersected by Atlas, as well as an untested outcropping quartz vein and soil anomaly.

Gold mineralization, associated with alteration and quartz vein stringers, was intersected in two out of the three holes. Hole 2 intersected an extensive mineralized interval 44m wide down hole at 36m that assays 0.3 g/t gold, including 12m interval of 0.5 g/t gold. In Hole 3 three separate 7 m intervals assayed 0.2 g/t gold and one 1.5m interval assayed 1.0 g/t gold. The results extend the Atlas zone an additional 150 metres along strike to the south. Dr A.P.Taylor, President and CEO said: "this is a test of one small area in one of the many excellent targets we have in the 11 km Monte Cristo district and, in this case, the gold is widely dispersed in host volcanics and not concentrated into a dominant vein."

With approval of the Plan of Operations permit for the northern half of the Monte Cristo belt imminent, GSM is now concentrating efforts to target new drill sites within and around the McLean Lode. This, to explore for extensions under cover believed to be displaced by cross faulting. As part of this process, a new interpretation of the 3D geological model, surrounding the 43-101 compliant resource of 331,000 tons at 6.5 g/t gold, is being constructed. Drilling is planned early in 2008.

One striking, newly recognised, target lies under alluvial cover NW of the McLean Pit is a 400 m by 100m gold anomaly, derived from a GSM survey sampling desert bushes. The plants, commonly named greasewood, draw water and metals, including gold, from depths up to 70m. "The size and strength of this biogeochemical anomaly make it the best ever seen in Nevada" according to Shea Clark Smith, Consultant Geochemist and a pioneer in the development of this technique. Highest values are 66 ppb for gold and 234 ppb for silver against backgrounds of 2 ppb and 5 ppb, respectively.

The biogeochemical anomaly partly overlaps a resistivity high, approximately 700m long, striking NNW. The southern end is displaced west from the strong resistivity high that characterises the McLean Lode itself (resistivity highs reflect the massive alunite- adularia-quartz alteration that carries the gold and silver of the McLean Lode). The resistivity data were collected by Cyprus in 1988 and recently reinterpreted on behalf of GSM by Zonge Geosciences.
In North Carolina, GSM consultants have defined a large gold anomaly in soils and rock chips along an ENE striking zone approximately 400 metres long and 100 metres wide in the Bear Creek area. Rock chip values are mostly in the range between 0.5 and 0.8 g/t gold with one siliceous sample assaying 6 g/t gold. Soil values range between 0.05 and 0.2 g/t gold. The anomaly represents a new drill target. The project is part of a joint venture with Astral Mining Company.

Additional core samples of quartz-clay rich zones from Hole 6 of the series drilled earlier this year in the Saluda Area, South Carolina, assayed 1.8 g/t gold over a 1.5 m interval. It represents a strike extension of the high grade gold intersections reported previously. These data have aided construction of a 3D computer model that suggests the presence of two sets of sub-parallel quartz veining dipping at shallow angles to the west. A new core drilling programme to follow these veins has been proposed to JV partners, Astral Mining Company and a bid from a contractor obtained. The scope and timing is still to be decided.

GSM explores only in the United States for high grade, gold or gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada, three of which lie in the Walker Lane. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. A fifth property is a sedimentary hosted target located north of the Reese River silver district in central Nevada

All biogeochemical samples mentioned in this release were collected and prepared by Shea Clark Smith, Consultant Geochemist and assayed by Acme Analytical Labs, Vancouver, BC.

In conjunction with JV partner Astral Mining Company, GSM is also exploring greenstone vein gold systems in island arc rocks on two areas of the Carolina Slate belt, the location of the first gold deposits discovered in the United States. Ronald McDaniel, registered professional geologist in the State of North Carolina is designated as the Qualified Person supervising Gold Summit's technical work in the eastern United States.

Although am disappointed they have not hit a vein, am still happy with my large holding here.

There are explorers out there with nothing who are worth more. All we need for GSM is a bit of interest from an outside group or JV partner and more drilling will eventually find what we know is there.

Looks like the McLean lode could be a winner. They already have around 100,000ozs Gold in-situ value worth around $80 million. Thats a start! And if they find more...

From Stockhouse post dfergu7477


I believe Tony and Ruth are doing the right thing by focusing on the area NW of the McLean pit. We already have a gold resource right there, and given the biochemical anomalies and resistivity highs just north of the pit, it's probably a good place to drill.

I recently came back from spending a full day in the field with Tony and Ruth at Monte Cristo and have a lot of thoughts I'll post on that trip, here. Still collecting them!...

The bottom line, though... I am glad I participated in the recent private placement. I don't know when it'll all break, but Monte Cristo is a terrific property. It's so big it's hard to attack, piecemeal. By now going into an area adjacent to the McLean lode itself, I think the odds are increased that they'll find some of these dang epitermal veins.

If you could see all the old workings all around the area where they'll drill next (holes in hills, and holes down into the ground with wood workings on top), you'd think that area has a ton of potential. Heck, they assayed the dump sites from one of these old workings (at least, they think it was a dump site--big quartz rocks piled up next to the hole going into the ground), and it came back with 13g/tonne of gold. When I heard that, I wanted to jump right down the hole, myself!

Again, more to follow. The trip is still swirling around me and it's hard to pick any one thing.

Long and strong! GLTA!

From Stockhouse post dfergu7477


I believe Tony and Ruth are doing the right thing by focusing on the area NW of the McLean pit. We already have a gold resource right there, and given the biochemical anomalies and resistivity highs just north of the pit, it's probably a good place to drill.

I recently came back from spending a full day in the field with Tony and Ruth at Monte Cristo and have a lot of thoughts I'll post on that trip, here. Still collecting them!...

The bottom line, though... I am glad I participated in the recent private placement. I don't know when it'll all break, but Monte Cristo is a terrific property. It's so big it's hard to attack, piecemeal. By now going into an area adjacent to the McLean lode itself, I think the odds are increased that they'll find some of these dang epitermal veins.

If you could see all the old workings all around the area where they'll drill next (holes in hills, and holes down into the ground with wood workings on top), you'd think that area has a ton of potential. Heck, they assayed the dump sites from one of these old workings (at least, they think it was a dump site--big quartz rocks piled up next to the hole going into the ground), and it came back with 13g/tonne of gold. When I heard that, I wanted to jump right down the hole, myself!

Again, more to follow. The trip is still swirling around me and it's hard to pick any one thing.

Long and strong! GLTA!

And from UK Chris at Stockhouse

"One striking, newly recognised, target lies under alluvial cover NW of the McLean Pit is a 400 m by 100m gold anomaly, derived from a GSM survey sampling desert bushes. The plants, commonly named greasewood, draw water and metals, including gold, from depths up to 70m. "The size and strength of this biogeochemical anomaly make it the best ever seen in Nevada" according to Shea Clark Smith, Consultant Geochemist and a pioneer in the development of this technique. Highest values are 66 ppb for gold and 234 ppb for silver against backgrounds of 2 ppb and 5 ppb, respectively."

Does anybody know what it actually means?

What does this mean?

Here's a comment from another board:

"Good to see they are using low cost biogeochemistry (BGC) as a reconnisance tool.

MAG found the Juancipico jackpot using the same technique in combination with an induced polarization (IP) geophysical survey.

GSM is looking for narrow veins, so BGC may lend itself to this task. Overburden soil geochem can yield indistinct values as a result of "smearing" of the alluvial sediment train. BGC is more focused....I'm well acquainted with these desert plants as they grow on my property in New Mexico.

Plants such as mesquite and creosote bush can send roots down close to a hundred meters, depending on local soil conditions and depth to the water table. Dorinho and I have done quite a bit of research on this subject, including discussions with Dr. Colin Dunn, retired from the Can Geo Survey, and an expert on BGC. FYI, greasewood and creosote bush are the same plant, just a variation in local place names... "

And again from Stockhouse dfergu:

ukchris, I believe you asked what this means:

"'The size and strength of this biogeochemical anomaly make it the best ever seen in Nevada' according to Shea Clark Smith, Consultant Geochemist and a pioneer in the development of this technique."

---------------------------------------------------------------

What it means is that gold and silver are present in the soil, and that some greasewood plants themselves contain relatively significant quantities of gold and silver. They can be a strong indicator of what's below.



What's most significant is that the Geochemist who sampled the Monte Cristo plants--and who does this for a living--says the levels of precious metal in the greasewood plants at Monte Cristo are the HIGHEST HE HAS EVER SEEN.



So, unless the soil moved to the site from somewhere else (where it could have picked up the gold and silver), this may indicate that high levels of precious metal are present below.

That the site for the readings of these plants is adjacent to the McLean Lode; that it also overlaps a resistivity high about 700m long similar to the McLean Lode; and, that there are prior, old, small workings in the area (one of which had rocks piled next to it that tested at 13g/tonne of gold) apparently interests GSM enough that they think it's a good place to drill.

It's a combination of science and detective work. You have to piece together clues as best you can, select sites to drill where you think you have the best shot to hit a vein, and hope your clues lead to finding gold. Educated guesses are made.

The veins are hard to find. Look at the Midas mine in Nevada, for example; they didn't hit a vein that lead to a mine until their 38th hole. And, by the time Newmont is done with that mine, it may produce 6 million ounces of gold.

When GSM hits a vein in this area, it'll indicate where the strike is and lead to an expansion of the resource. This, in turn, will lead to a higher stock price, which makes raising funds, easier. That then leads to more resource definition and the ability to drill new areas of the property, which should lead again to a higher stock price... You get the idea--a virtuous cycle.

All they need is ONE good hole and we're headed to the promised land. GSM has terrific properties; the company will be on its way. Greasewood plants and biogeochemistry may lead us there.

Looks interesting. I will check them out. I know there is something to this mobile metal ion analysis that others have used to determine the presence of metals deep below the surface. Thanks and best wishes!

Talked to Ruth the geologist and to Hillary Vonich ( IR ) -- told Ruth I am waiting for the stock to drop to the price she paid at the open market -
0.12 Cad $ .

Added 11-19-07 Stock dropped to 12 c today ! Buying opportunity .

http://seekingalpha.com/article/55866-john-embry-on-gold-i-can-t-think-of-a-better-time-to-buy-juniors

John Embry on Gold: 'I Can't Think of a Better Time to Buy Juniors'

TGR: What about some junior names?

EMBRY: Right now, most of them are extremely inexpensive. You could almost choose any decent-quality junior with a six-month timeframe and I think you will be very pleasantly surprised

This looks interesting. GSM on TSX-V are doing their best to help shareholder value.....

GOLD SUMMIT OPTIONS BURNING LAKE NICKEL-COPPER PROSPECT IN
ONTARIO

Gold Summit Corporation (“GSM”) TSX-V GSM announces that it has entered into an option agreement to acquire a 100% interest in a group of 16 claim units (640 acres)covering an area with exposed nickel-copper gossans in mafic and gabbroic rocks in Satterley Township, near Dryden, Ontario. An additional 32 units were subsequently staked.

Nickel and copper bearing gossans (oxidised sulphides) are exposed in logging roads and samples from one, collected by a prospector in 1997, assayed between 0.21 and 1.05 % nickel and 0.36 and 1.25% copper. These were confirmed by Falconbridge sampling in 1998 that yielded values between 0.52 and 1.9% copper and between 0.88 and 1.74% nickel. Under option, Falconbridge completed a geological map of the property together with extensive magnetic and electromagnetic geophysical surveys, but decided against drilling.
The prospect was re-examined by A. Raoul of the Kenora Resident Geologist Office, MNDM, in 2005 who concluded that the absence of a strong geophysical conductor did not preclude the possibility of copper-nickel sulphide deposits, the implication being that drilling is warranted.

Although this is a departure from Gold Summit’s principal gold and silver exploration in Nevada, Dr A. P. Taylor, President and CEO commented: “This presented itself as a good opportunity to drill an untested target for valuable nickel copper sulphide mineralization
in mafic greenstone rocks that I worked on extensively in Western Australia during the nickel boom of the late 1960’s and was the subject of my Doctoral thesis work”.

GSM plans field work, including drilling, in 2008. The agreement, with English Prospecting Services on behalf of Rubicon Minerals Corporation, requires option payments totalling $70,000 and the issue of 100,000 GSM shares over a period of four years and is subject to a 2% NSR royalty and first right of refusal to buy down the royalty to a 1% NSR.
GSM explores mostly in the United States for high grade, gold or gold/silver deposits that would support underground, low cash cost operations. GSM’s primary properties,totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada, three of which lie in the Walker Lane. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. A fifth property is a sedimentary hosted target located north of the Reese River silver district in central
Nevada.

This new deal gives GSM something new to work on, giving them some extra breadth.

Meanwhile, I am pleased that the stock price is holding up okay during the most horrendous tax loss selling I have ever seen. I have seen some stocks absolutely trashed in the last few weeks. So, we have a good technical picture here to support the company's projects (namely, their high potential Monte Christo project in Nevada). I believe GSM investors are more intelligent and patient than the average drillhole play investors, and are waiting out the tax loss season for better things to come in the first quarter.

I heard at the San Francisco Hard Assets Conference that GSM president Tony Taylor was approached by a number of companies regarding doing joint ventures. Taylor has been busily setting up the groundwork for building up shareholder value. It looks to me like new JVs are likely to be announced soon.

Superb video as explained below. This was in connection with a Gold Play which I do not own - Piedmont Mining, but am hoping that Gold Summit can replicate their success.

Originally posted by tooclassy:

Video: http://piedmontmining.com/video.asp

Dr. Barry has led a group and his subscribers which has moved Gold Summit (TSX-V: GSM) look-alike Piedmont Mining (OTC: PIED) from .10 to about .30 and we hope it will climb from here. Both GSM and PIED focus on Nevada gold exploration.

This video with Dr. Barry discusses the concept of "discovery investing" and I think covers some important points. While his focus is not on GSM, the first 25 minutes of this video are can be applied to GSM and why we own it. Piedmont Mining president Robert Shields talks during the rest of the video and it would be interesting to compare his approach to Piedmont with Tony Taylor's approach to Gold Summit. Shields also discusses the uniqueness of Nevada as a place to explore for gold, and that of course is applicable to Gold Summit's Nevada projects.

http://www.ceoclips.com/media/gold_summit.asx


Seems to be from mid-December – Tony Taylor talking about Gold Summit as part of a Company Execs On-Line Presentation. After this, there are a number of other CEOs giving presentations – fascinating stuff.

Am happy that I have a major position in this company and look forward to more drilling/ results in 2008. We “know” that there’s Gold at Monte Christo – just a matter of when it will be found. And Monte Christo could be even bigger than the Comstock. (GSM currently have around 100,000 ozs at the McLean Lode – just a tiny part of the property)

As mentioned earlier “The discovery of the ‘Comstock Lode’ in the American West in 1859”... created the dawn of a new era scientifically, economically, and socially.” Using the technology of the era — which would be considered archaic today — this belt ultimately produced some 8.0 million ounces of gold and provided the cash flow that funded the rebuilding of San Francisco after one of history’s most spectacular earthquakes tore it apart”

Gold Summit (GSM on TSX-V) signing JV which will give them the ability to get some serious drilling done on their Monte Christo Project.

“many geological similarities to the Comstock Lode system that produced approximately 8 million ounces of gold and over 200 million ounces of silver”

http://www.bethlehemmining.com (IBC on TSX-V)

http://www.goldsummitcorp.com/_resources/2008_01_30.pdf

GOLD SUMMIT AND INTERNATIONAL BETHLEHEM MINING AGREE TO EXPLORE MONTE CRISTO

/FSC/ - Gold Summit Corporation (GSM - TSX Venture), ('GSM') has signed a Letter of Intent (the 'Agreement') with International Bethlehem Mining Corporation ('IBMC') for that company to acquire up to a 50% interest in Gold Summit's Monte Cristo property in Nevada.

The Agreement gives IBMC the right to earn up to a 50% interest in the Monte Cristo Property by incurring $3 million in exploration expenditures over four years and issuing a total 600,000 common shares in three stages. IBMC has the right to acquire a 25% interest after expenditures of $1.5 million and issuing 400,000 common shares. IBMC also has the right to accelerate work payments and share issuances if initial exploration results are favourable. The Agreement is subject to regulatory approval and completion of a definitive agreement.

The Monte Cristo Property consists of 337 unpatented lode mining claims, an area of approximately 2,677 hectares (7,500 acres) covering an 11 km north-northeast trending fault zone in Tertiary volcanic rocks. Along the trend, GSM has identified numerous geological and geochemical drill targets.

Currently, the most significant target is the McLean Lode, with a NI 43-101 inferred resource of 331,000 tonnes averaging 6.5 g/t gold and 20 g/t silver. GSM believes that the McLean Lode may lie within a much larger gold/silver bearing zone with many geological similarities to the Comstock Lode system that produced approximately 8 million ounces of gold and over 200 million ounces of silver.

Gold Summit anticipates receipt of a Plan of Operations permit in early February and drilling is currently planned to expand both the size of the McLean Lode and to test several of the better drill targets along the whole Monte Cristo mineralized trend.

Under the terms of the Agreement, Gold Summit will be the operator for the exploration work with budgets and programmes subject to International Bethlehem Mining's review and approval.

Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. A fifth property is a sedimentary hosted target located north of the Reese River silver district in central Nevada.

In conjunction with Astral Mining Company, GSM is also exploring greenstone gold systems in island arc rocks in two areas of the Carolina Slate Belt. Drilling of a new gold target in North Carolina and additional drilling of a vein system discovered at Saluda in South Carolina by the partners in 2007 is expected to begin in mid February.

For further information, contact Hillary Vonich at (775) 284-7200 or visit our web site at www.goldsummitcorp.com.

New J/V at Monte Cristo is the first but not the last of the J/Vs that Gold Summit (GSM) will sign up in Nevada.

On December 6th, I wrote here that GSM had been approached by various companies to do J/Vs on GSM's properties. It looks like progress has been made in this. The J/V at Monte Cristo is the first and most important of these J/Vs but not the last one.

In fact, GSM is employing the joint venture business model that has other companies spending their money, not GSM's money, to further exploration progress. This minimizes dilution and raises the odds for success. This model has been employed by other fine exploration companies such as Auex (Ron Parratt) and Miranda Exploration (Ken Cunningham), so GSM and its president Tony Taylor are in fine company. GSM needs to sign up more J/Vs, and rumor has it that another J/V may be finalized shortly. It looks like GSM is doing the right things that will ultimately increase shareholder value (the stock price).

http://www.objectivecapital.com/c/ocuk/articles/080131-263.asp?oid=MA2

Gold Summit (GSM.V) - partners Monte Cristo property with International Bethlehem

Comment by Objective Capital , Jan 31, 2008
Questions? Contact our analyst


Monte Cristo LOI agreement
The agreement gives International Bethlehem Mining Corporation the right to earn up to a fifty percent interest in the Monte Cristo property by spending US$3 million in exploration over four years and issuing 600,000 common shares. IBMC has the right to acquire a 25 percent interest for US$1.5 million in exploration expenditure and issuing 400,000 shares. If exploration results are favourable, International Bethlehem has the right to accelerate payments and share issuances.

To date, Gold Summit has established an NI 43-101 inferred resource of 331,000 tonnes averaging 6.5 grams per tonne of gold and twenty grams per tonne of silver for around 80,000 ounces of contained gold and gold equivalent resources. This resource is in the vicinity of the McLean open pit. Gold Summit has identified several additional drill targets within the eleven-kilometre strike length of the structure.

Objective's view:



During last year, Gold Summit made slow progress at the Monte Cristo property, largely due to the inability to raise sufficient funds for their planned core drilling campaign. The company drilled 2,000 metres of reverse circulation drilling, concentrating on the Ohio Camp in the south of the property. Results showed that gold is widely dispersed in the volcanic host rocks, and not concentrated in veins.

This recent development provides a welcome financial boost and should enable Gold Summit to advance its exploration campaign, subject to receipt of a Plan of Operations permit, expected in early February. The programme is designed to expand the existing resource in the McLean lode and to test several of the better drill targets. Gold Summit will be the operator, with budgets and programmes subject to International Bethlehem’s review and approval.

Meanwhile, work is progressing on Gold Summit’s JV property, financed by Astral Mining. Core drilling is expected to start in mid-February on two gold targets, as reported in the press release dated 21 January.

Elsewhere, Gold Summit has been successful in raising funds for its newly optioned Burning Lake nickel-copper deposit in Ontario. This is a different direction from the high-grade underground targets the company has been chasing in Nevada and the Carolinas, and will offer a more balanced portfolio for investors.

Gold Summit remains confident in the potential of the Monte Cristo property, comparing it to the historic Comstock Lode. Clearly the delays and rising industry costs will have taken their toll but gold price forecasts remain bullish. Against that background we view the agreement with International Bethlehem as a reasonable approach to enable the company to continue exploration.

Reno, NV February 06, 2008

FSC / Press Release


GOLD SUMMIT AND ASTRAL START CAROLINA DRILLING

Reno, Nevada US, February 06, 2008 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), and Joint Venture partner Astral Mining Corporation, TSX-V AST, today started diamond drilling at the Bear Creek Prospect in North Carolina, testing a large gold in soil and rock chip anomaly approximately 400 metres long and 100 metres wide. Three core holes, totalling 1000 metres, are planned to drill across the NE trending anomaly to intersect un-weathered volcanic host rocks.

The anomaly is defined by rock chip grab sample assays between 500 and 800 ppb (0.5-0.8 g/t) gold with high of 6 g/t gold. Soil values range between 50 ppb and 200 ppb gold and compare favourably with the 60 ppb gold soil anomaly that defined the southern ore zone at Ridgeway, a 1.7 million ounce deposit in South Carolina discovered in 1980.

The drill rig will then move to the Saluda Prospect in South Carolina to drill down dip of high grade gold mineralization intersected last summer. Grades of 14.4 g/t, 7.8 g/t and 17.8 g/t gold over intersected widths of 2.16, 1.95 and 1.98 metres, respectively, were reported from shallow-dipping, massive quartz veins hosted by island arc volcanic and sedimentary rocks.

A consultant to the Carolina Joint Venture, Ronald D McDaniel, BSc., MSc., a registered Professional Geologist in the State of North Carolina is designated as the "Qualified Person" supervising the technical work under National Instrument 43-101 guidelines.

The GSM/Astral joint venture allows Astral to acquire a 51 % interest in any property within the Saluda Area and the Bear Creek Area in North Carolina after expenditures of US $300,000. Thereafter, Astral may earn a 70% interest in a designated prospect by completing a feasibility study. An 80% interest can subsequently be earned by placing a mine into production.

Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property.

It won't take much to get this one moving up.

this is gonna be GSM's year!

GSM finding it fairly easy to raise new funds…

http://www.goldsummitcorp.com/_resources/pressreleases/2008_02_11.pdf

GOLD SUMMIT CLOSES $308,060 FINANCING
Gold Summit Corporation (TSX-V GSM) has completed a $308,060 non-brokered private placement by issuing 2,464,480 Units at a price of $0.125 per Unit. Each Unit consists of one common share and one common share purchase warrant exercisable for 24 months at a price of $0.25 per share. GSM previously announced that the financing would raise up to $300,000, however it was oversubscribed and closed with gross proceeds of $308,060. The common shares and warrants are subject to resale restrictions until 4 months and a day from the closing date. No fees were paid in connection with this financing. The private placement is subject to the final approval of the TSX VentureExchange.

GSM intends to use the funds of the private placement for general corporate purposes and continuing exploration work on its gold properties in Nevada and North and South Carolina.

Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM’s primary properties, totalling 42 km2, cover four Tertiary epithermal vein districts in Nevada.

All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property.

In conjunction with joint venture partner, Astral Mining Company, GSM is also exploring two gold properties in the Carolina Slate belt where drilling is currently in progress.

Today was unusual for GSM. There have only been four trading days since mid-August (or, over six months) on which the volume has exceeded 200,000 shares. Today was one of them--267,500 traded. What's interesting is that that volume--as rare as it is--represented just $34,000. Here's the key: this stock is so thinly held and so depressed that $34,000 moved up the ask by 22.7%.

THAT begs the question: What happens if GSM hits anything at all with their upcoming drilling? The thing is that GSM now has the best chance EVER of hitting something, because they finally have funding for Monte Cristo (MC).

So, here's where we might be with this stock. Because of the past, most investors have given up on GSM. Even as the gold price marched up into the $900s, GSM's stock went DOWN. Now, at its nadir, when it is the most unloved and investors couldn't care less about the company, the prospects were/are the BEST because the company finally has the funding to find more gold. And still the stock sat still.

A few folks not only still believed, but invested more. International Bethlehem CLEARLY believes, as they are committing $3,000,000 (which is 1/88 of today's dollar volume) to drill MC. And that much gets them HALF the value of MC in a JV. I was lucky enough to get more units in the recent PP, which was oversubscribed. As it turned out, Pinetree was a big investor and wanted more, too.

So, here we are. At the darkest moments based on immediate past, the stock foundered. But some relatively big boys--Pinetree and International Bethlehem--took advantage. Now, it's up to individual investors to decide if they want to get on for the ride, too.

Every investment is a balance of risk and reward. I think the risk is pretty much already priced into the stock; GSM's properties are too good for the stock to go to zero (especially with a rising gold price). I suppose the stock could gradually grind down again if they don't find more gold.

Conversely, I think the reward is potentially stupifying. At this price, I'm taking that risk. I don't have all my portfolio in the stock, but I have a meaningful chunk (over 10%) allocated to GSM shares. I look forward to the day when the REALLY big boys move into this stock. What a ride that will be.

GLTA!

13.5 cents to a dollar?

Understand that GSM have a rig lined up and may be drilling at Monte Cristo before month end.

This further drilling may be at the Mclean Pit where GSM already have a 43-101 resource.

Anticipate that announcement regarding drilling may see the stock taking further runs. And as dferfgu7477 has said, just imagine what will happened if they find more gold and silver. Pinetree are certainly confident and have increased their holding as tooclassy has pointed out.

As explained in earlier press release

http://www.goldsummitcorp.com/news/2007/index.php?&content_id=119

“west of the Mclean Pit...........has an inferred resource estimate of 365,000 tons at a grade pf 0.19 ounce per ton gold and .60 ounce per ton silver at a cut off grade of0.1 ounce per ton gold”

And yes that is 70,000 ozs Gold and 200,000 ozs. silver.

Tony Taylor, CEO, has said that “It is our belief, based on science and geology” explains Taylor, “that we may potentially have found the new ‘Comstock’. These are what the industry calls ‘bonanza’ targets with very significant upside potential. Specifically, we are looking at orebodies which tend to be oval-shaped — which is unusual — and
which have one long, common axis. Our early find at Monte Cristo is 70,000 ounces currently, but the excitement is really the geology. Our ‘shoots’ at Monte Cristo — that’s mining terminology — are very similar to the original Comstock shoots from the 1800s. They suggest very rich zones of concentrated mineralization.”

From the Hume Report

http://www.goldsummitcorp.com/_resources/media/Goldsummitsinglreoct.pdf

Well done GSM -other peoples money is going to be spent drilling the San Francisco Property.

But the real excitement is coming soon – more drilling of the flag-ship Monte Christo property should start soon.

“Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property. GSM has received the Plan of Operations Permit from the BLM that will allow drilling to start at Monte Cristo as soon as the definitive JV agreement is signed. Meanwhile, the partners are discussing targets and budgets”

http://www.goldsummitcorp.com/_resources/pressreleases/2008_02_28.pdf

GOLD SUMMIT OPTIONS SAN FRANCISCO PROSPECT TO NEW DIMENSION RESOURCES

Reno, Nevada US, February 28, 2008 /FSC/ - Gold Summit Corporation (GSM - TSX Venture), announces that it has signed an option agreement with New Dimension Resources Ltd (TSX-V NDR) whereby Dimension Resources (USA) Inc., a wholly owned subsidiary, may earn an initial 51% interest in the San Francisco Project from Gold Summit by spending US$350,000 over a three year period. Subsequently it may increase its interest to 61% by spending an additional $1.3 million over three years and further increase to a 75% interest with the completion of a Scoping Study. The agreement is subject to board and regulatory approval.

The San Francisco claims cover the source area of one of the most prominent gold-arsenic-antimony-silver stream sediment anomalies in central Nevada. The area is also the intersection of pronounced northwest and northeast linear trends that control the anomalous drainage pattern evident on published USGS data. These factors, plus the wide-spread occurrence of veins, structural zones and small altered intrusive dykes and plugs that carry highly anomalous gold and silver values, strongly suggest that a large mineralized system underlies the area. Once weather conditions allow, New Dimension plans a detailed surface mapping and sampling program on the San Francisco claims to select potential drill targets.

The San Francisco claims adjoin New Dimension's Reese River Project where significant historic silver production came from veins and breccias concentrated at or near the contact between older sediments and younger intrusive rocks. These provide a very attractive exploration target that extends northerly into the San Francisco claims; an important area to test down dip potential. New Dimension recently identified a gold target where one metre chip samples from isolated outcrops, exposed through cover, assayed 9.83 and 4.83 g/t gold.

New Dimension has submitted a Plan of Operation to the U.S. Forest Service for its planned 2008 drill programs and this plan will be modified to include possible drill targets identified on the San Francisco claims.

Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 km2, cover four Tertiary epithermal vein districts in Nevada. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes.

Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property. GSM has received the Plan of Operations Permit from the BLM that will allow drilling to start at Monte Cristo as soon as the definitive JV agreement is signed. Meanwhile, the partners are discussing targets and budgets.

In conjunction with joint venture partner, Astral Mining Company, GSM is exploring two gold properties in the Carolina Slate belt. At the Bear Creek area in North Carolina drilling is currently in progress testing a large gold soil anomaly. Drilling is also planned at the Saluda property in South Carolina where high grade gold values in quartz veins were intersected in 2007.

The market has taken a "show me" attitude to GSM, and therein an opportunity. GSM will shortly have a joint venture partner confirmed for the flagship Monte Cristo property, and $3mm is slated for drilling there. I think this is the significant departure point from the past.

In 2007, GSM took two body blows from VSA. VSA approached GSM (not vice-versa) and represented that they could raise whatever amount of money GSM needed to drill all their properties. Tony Taylor and Ruth Carraher spent a lot of time calculating a ~$7mm figure to do that, and VSA failed to raise anything, at all. Then, VSA modified their stance and said they could raise $2mm for Monte Cristo alone. Again, they raised nothing.

This wasted time and effort hit GSM hard. Their focus had been on getting rolling in a big way on the properties for the entire first half of the year, and not only did that effort get wasted but the opportunity cost of not having other productive efforts during that time, really hurt. Then, last Fall, they raised some funds and--although they found some gold--they missed a big intersection.

With 2007 as the current backdrop, I'm pleased the stock hasn't fallen further. The stock is apparently in strong hands.

This leads us up to the present. Absent VSA, GSM is taking matters into their own hands and starting off the year in strong fashion. It's just not yet reflected in the stock price, because the market wants to see results, first. But look where we are, now. In the last two or three months, GSM has:

* Optioned an attractive nickel property and raised funds in a PP to do preliminary work on it;
* Raised additional funds in a PP that was oversubscribed;
* Optioned the San Francisco property so that that property can be moved forward (it wasn't going to get much work right now from GSM, anyway); and, most importantly,
* Created a JV that aims to expend $3mm on the Monte Cristo property alone. This is huge, IMO. That $ amount is 50% more than VSA stated they'd raise for Monte Cristo.

GSM is an exploration play, and the ultimate story will be told by the drill bit. It's a calculated risk, just as any investment is. On the other hand, we know there is gold at Monte Cristo, and the JV will drill right close by. As ever, the best place to look for gold is next to where there already is gold.

On top of all this, GSM still retains 100% ownership of their other three, excellent properties--Gold Basin, Blue Sphinx, and Gold Springs, and is free to do their own work on them or do additional JVs as they choose.

I believe the best yardstick to judge an exploration company is to assess the extent to which management has made discoveries in the past. Tony and his team have done that. They've found properties with Amselco; located the Carolinas properties, and found gold in the McLean pit at Monte Cristo by drilling deeper than prior operators and explorers went. IMHO, his and his team's geologic and detective skills are among the best in the business.

This doesn't ensure success with the upcoming drilling at Monte Cristo. GSM remains a calculated risk, and these veins are hard to find. I believe our odds are enhanced with Tony and his team at the helm. It appears they finally have the resources to do their thing. And, if GSM finds another epithermal vein, look out--those veins are very rich things. Things will change in dramatic fashion.

GLTA!