Gold Summit GSM market cap $5m have new Comstock

Could Gold Summit GSM, on the TSX-V, market cap $5m have new Comstock - $600 Billion?

The Comstock Lode was the first major U.S. deposit of silver ore, discovered under what is now Virginia City, Nevada on the eastern slope of Mt. Davidson, a peak in the Virginia range. After the discovery was made public in 1859, prospectors rushed to the area and scrambled to stake their claims. Mining camps soon thrived in the vicinity, which became bustling centers of fabulous wealth.

Between 1859 and 1878, it yielded $400 million in silver and gold, equivalent to approximately $500-600 billion dollars in 2005, as a relative share of Gross Domestic Product (GDP).

http://en.wikipedia.org/wiki/Comstock_Lode

According to their most recent corporate presentation, GSM feel that Monte Christo, which they will drill again, in the Fall - has similarities to the new Comstock.

Already, according to Minesite "A 43-101 compliant resource of 365,000 tonnes at 5.7 g/t gold has been estimated at the McLean Lode and field mapping and compilation is complete along the whole 11 kms belt of alteration and major faulting running through the heart of the property. Eleven targets are now ready for drilling this year and there should be no trouble over permitting"

From tooclassy - old post

Gold Summit Corp. (GSM on the Toronto Venture exchange) is now closing privately on about $1.25 million of financing which has attracted the interest of dozens of accredited and sophisticated investors. That financing is more than sufficient for GSM to drill their flagship Monte Christo property in Nevada, the property which already has a very conservatively calculated 69,000 ounce 43-101 compliant gold resource based on minimal drilling. That property has a lot more gold in it, but needs the drilling to prove up more ounces. With sufficient drilling that shows the market something of this deposit's potential, the present puny $5 Million market cap has plenty of room for significant expansion. Substantial success with the drill bit could lead to returns of 10 or 20 times the current market price.

Further financings in the future will be done undoubtedly at higher prices. I am not worried about dilution. However, I was worried that the company could not get the money to drill Monte Christo. That worry has suddenly been put to rest, as the current private placement has been fully subscribed despite almost no publicity. At present levels the stock is at rock bottom, and is basing here during the summer doldrums for a nice run in the autumn (if not sooner, due to the imminent closing of its private placement). A presumably higher gold price in the autumn, the end of the summer doldrums in September (just weeks away!), and a drill program that finally shows what the Monte Christo property has in it - all these things should give investors a run for their money in the coming months.

TooClassy

This is great news. Looks like the funding is in place and we can look for lots of fun in September.

smilewithme


GOLD SUMMIT HAS ADDITIONAL DRILL TARGETS AT MONTE CRISTO: 3000m CORE PROGRAMME PLANNED


Reno, NV August 01, 2007

FSC / Press Release


GOLD SUMMIT HAS ADDITIONAL DRILL TARGETS AT MONTE CRISTO: 3000m CORE PROGRAMME PLANNED

Reno, Nevada US, August 01, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), ("GSM") reports results from a new soil grid survey on selected parts of the 26 sq km Monte Cristo property completed earlier in the summer. The data has yielded several new linear Au-Ag-As-Sb+/-Hg anomalies that translate into drill targets for high grade epithermal Au-Ag veins. It also confirms and strengthens other linear trends in these areas, partly developed by detailed outcrop mapping and drilling by previous explorers. A 3000m diamond drilling programme is planned to test these, estimated now to begin in mid- September.

Commenting on the significance of these new soil results, Dr Anthony P. Taylor, President/CEO of Gold summit said: "in that these new multi-element linear anomalies reflect barely outcropping epithermal vein mineralization they only add to our enthusiasm for the ultimate potential of the Monte Cristo property".

In the Ohio Camp area, the most prominent drill target is defined by banded quartz vein outcrops in the north and gold mineralization drilled by Atlas in the late 1980s to the south. Their drilling defined a 200 by 50m area of shallow gold mineralization, including an intersection of 12g/t Au over 1.5m. This target ("Atlas-Quartz Vein") is now more clearly defined and extended by a Au-Ag-As-Sb soil anomaly along a NNE strike over 1300m, between 50 to 250m wide. Maximum values are 113ppb Au, 250 ppb Ag, 159 ppm As and 5.7 ppm Sb. GSM will test this mineralized structure at greater depth, down dip from the Atlas intersections and along the strike length of the soil anomaly..

The two new anomalies defined in the Ohio Camp Area occur on either side of the Atlas Quartz vein zone. The first is located 3000 m east and extends NNE for 400m, averaging 250 m in width with maximum values of 64 ppb Au, 700 ppb Ag, 790 ppm As, 24.9 ppm Sb and 2.26 ppm Hg. There is no evidence of previous drilling on this zone. The second new anomaly lies 500 meters west of the Atlas-Quartz vein, straddling an intensely silicified, NNW trending, volcanic ridge. It has a strike length of 700m, averages 270 m in width and has maximum values of 87ppb gold, 180 ppb Ag, 193.5 ppm as and 8.16 ppm Sb. GSM has found no evidence of drilling in this area.

Elsewhere on the Monte Cristo property, new anomalies occur in the Norman Mill and in the "Flats" approximately 1200m south of the McLean Lode. The Norman Mill anomaly covers an area of intense silica-alunite alteration in volcanic rocks with a strike length of 400 meters and an average width of 250 m. The Norman Mill anomaly has maximum values of 113 ppb Au, 870 ppb Ag, 75 ppm As and 8 ppm Sb. Shallow drilling by Anaconda in the area intersected 1.8 g/t gold over 1.5m.

In the McLean Flats 1200 meters south of the McLean Lode are several Au-Ag-As-Sb-Hg anomalies. One lies along a large regional structure, while the other is probably the extension of the McLean Lode itself. The third may indicate a parallel structure west of the McLean Lode.

Gold Summit explores only in the United States for high grade, gold or gold/silver deposits that would support underground, low cash cost operations. The company'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.

The most advanced property is Monte Cristo where the company has already made an initial discovery called the McLean Lode with a 43-101 compliant resource of 331,000 tonnes of 6.5 g/t Au. Gold and silver grades in the McLean Lode range from 0.1 to 253 g/t Au and 0.1 to 1300 g/t Ag. The discovery lies along a major fault with associated alteration that GSM has now traced for over 11 km. The drill targets described above are in addition to approximately 17 targets already selected for drilling in the future.

The geological setting of the Monte Cristo district bears striking geological similarities to the Comstock Lode from which a series of "ore shoots" collectively produced approximately 8 million ozs of gold and 185 million ozs of silver. The fault or "lode" that hosts the ore shoots of the Comstock extends for approximately 4.5 km.

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.

All geochemical results quoted in this release are by AAS performed on -80# samples submitted to ALS Chemex Laboratories in Sparks, Nevada. Douglas R. Bowden, registered Professional Geologist in the State of Utah, is designated as the Qualified Person supervising Gold Summit's technical work.

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. 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, 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.

Shares Outstanding 42,172,313

http://www.stockhouse.com/bullboards/viewmessage.asp?no=15360651&t=0&all=0&TableID=0

from tooclassy:

I had a nice chat today with Tony Taylor. The drill plans, targets, and rig(s) are being further expedited now that it is clear that Tony will have the necessary funds for an aggressive drill program. He explained again how he is looking for and planning to drill more potential oreshoots (or what could be called pods) of gold mineralization similar to what was found already at Monte Christo, in a formation of hopefully a dozen more such oreshoots stretching over a 11KM area, all of which together would prove his hypothesized geological model that he has found another Comstock Lode type gold district in Nevada. Considering that the necessary drilling will be much shallower as compared to the Maclean pit where a 69,000 ounce gold resource has already been confirmed, the drilling should get more "bang for the buck" per meter drilled. I am pleased that with the private placement now approaching the maximum $1.25 million limit and set to close in a matter of days, Tony will be able to really do what he wants to do and substantially test the geological model. With a gold resource in just one location already confirmed, and substantial similarities in geological signature between Monte Christo and the Comstock Lode, I can extrapolate that there really is a lot more gold at Monte Christo, and it is just a matter of time before Tony finds it.

TooClassy

GOLD SUMMIT CORPORATION COMPLETES $733,620 PRIVATE PLACEMENT


Reno, NV August 16, 2007

FSC / Press Release


GOLD SUMMIT CORPORATION COMPLETES $733,620 PRIVATE PLACEMENT

Reno, Nevada US, August 16, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), ("GSM") announces that it has closed a $733,620 non-brokered private placement. Under amended terms the offering consists of Units offered at $0.125 per Unit. Each Unit consists of one common share and one warrant. Each warrant is exercisable to acquire one common share of GSM for twenty-four months at a price of $0.25 per share. GSM issued 5,868,960 Units for gross proceeds of $733,620. The common shares and warrants comprising the Units and the common shares issuable on the exercise of the warrants will be subject to resale restrictions until December 17, 2007. Finders' fees were paid on part of this financing. GSM will use the proceeds to fund a new phase of drilling on its Monte Cristo property in Nevada and for general working capital purposes.

GSM also announces it intends to raise up to $466,380 in a further non-brokered private placement by issuing up to 3,731,040 Units at a price of $0.125 per Unit. Each Unit will consist of one common share and one warrant. Each warrant will be exercisable to acquire one common share of GSM for twenty-four months at a price of $0.25 per share.

The private placement is subject to the approval of the TSX Venture Exchange.

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

good post from stockhouse tictactoe111

http://www.stockhouse.com/bullboards/viewmessage.asp?stat_num=15649803&all=0&t=0&archived=False&link_symbol=GSM&link_table=LIST&navmode=1&navd=fwd&

We have a conflicting situation as regards Gold Summit imho:
On the down side:

The reason VSA Resources are an unknown broker in London is for good reason, their raising ability was pathetic to say the least in both price achieved and quantity of funds raised.

Frey (Swiss IR) Partners also seems a complete joke, well at least that's the impression I got when I saw him in an interview.

Tony Taylors own judgement in appointing the above has to cast some doubts on his own understanding of what makes markets tick these days. Any stock needs some consistent newsflow to maintain investor interest and momentum, unfortunately, Gold Summit only approached the market after it had 'ceased' drilling through cash constraints putting itself in an extremely weak and completely unnecessary position.

On the up side:

Gold Summit's land package is large and we have already had sniffs at VERY significant grading, especially from MC.

Because of the down side points made above we have a completely artificial stockprice considering the asset potential. It wouldn't take much to ten fold this stock in all honesty.

Tony Taylor's understanding of the markets seems appalling, however, with that said no one can question his experience when it come to doing what miners do best - securing potentially valuable land packages/licences. Gold Summits valuation problems lie not in it's assets but in the professionalism of the way the company projects itself to the market imho, solve this and the fund raising to accelerate future drilling will fall in their lap.

I do have to add that from my experience Tony Taylor as a person is a completely honest and extremely well respected person in the sector, for that we are fortunate.

hi tictactoe111,

since you said "we have a completely artificial stockprice considering the asset potential. It wouldn't take much to ten fold this stock in all honesty" - could not agree more!

all we need here is some decent results at Monte Christo and a bit of promotion.

are you aware of www.piedmontmining.com ? - also in Reno looking for Gold.

.8 to .38 high (because a group got involved in promoting the company) From what I can see, GSM has a lot more Gold - even a 43-101 albeit small at this point.

so come on GSM!

Promotion Begins - Hume Report

Looks like GSM are getting ready to tell the world what they have!

Just released but not yet on the www.hume-media.com website.

Tony Taylor - "We have reason to believe that results from our current drill targets in Nevada — a wholly owned property for Gold Summit — will be positive, and the resulting economics from our work there will be very pleasing indeed for our shareholders.”

$1.1 million for Monte Christo - New Comstock

GSM has now completed the second tranche raising another $378,186 in addition to earlier $733,620 making a total of $1,111,806.

This will have a big impact and give the company enough money to do some decent drilling at their flag ship Monte Christo project.

From the Hume Report

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


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.

The New Comstock?

Dr. Tony Taylor, CEO of Gold Summit Corporation (GSM: TSX-V), boasts some 40 years of international mineral exploration experience, some of it in countries as far away as Australia and South Africa. When asked what sets his junior exploration firm apart from the
rest, he zones in on their wholly-owned Monte Cristo property in Nevada, which is part of larger series of holdings in that
same area. The company expects to have drill results on at least one of their own targets there before the end of the year.
“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.”


GOLD SUMMIT CORPORATION COMPLETES $378,186 PRIVATE PLACEMENT


Reno, NV October 01, 2007

FSC / Press Release


GOLD SUMMIT CORPORATION COMPLETES $378,186 PRIVATE PLACEMENT

Reno, Nevada US, October 01, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), ("GSM") has closed a $378,186 non brokered private placement announced on August 16, 2007. A Finders fee of $37,819 was paid. A total of 3,025,488 Units were issued at $0.125 per Unit for gross proceeds of $378,186. Each Unit consists of one common share and one warrant. Each warrant entitles the holder to purchase one common share at a price of $0.25 for a period of 24 months. The common shares and warrants that comprise the Units and the common shares issued on exercise of the warrants are subject to resale restrictions until January 29, 2008. The proceeds will fund additional drilling at Monte Cristo and for general working capital purposes.

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.

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.

from tooclassy:

I can see that Gold Summit (TSX-V: GSM) has been edging up lately. It is nice to see these microcap juniors doing well. When money flows into this sector, these exploration companies with tiny market caps but excellent pedigrees and properties in good locations will rise the most in percentage terms. The stock is rising on not much volume (when measured in dollars of stock bought). If - I should say when - gold goes to $850 or $1,000, imagine how far these companies can fly. The leverage to gold is tremendous.

This company can be compared quite favorably with Piedmont Mining (USA-OTC: PIED) which is a company I know a lot about. Piedmont has a similar tiny market cap as Gold Summit (GSM) does. Like GSM it has stellar geological talent behind it. Also, PIED is focused only on Nevada with about 7 exploration projects there, 3 of which are starting drill programs in the next week or two. Nevada is the place to be, a safe mine-friendly jurisdiction with over twice the gold production per square mile as South Africa. I have watched Piedmont go from 7 cents to 37 cents (yesterday's close) in the last 3 years. GSM is at about the same stage now as Piedmont. GSM is focused primarily (though not exclusively) on Nevada, and is drilling now. It owns its Monte Christo project 100% as far as I know (no JV partner) and has a lower market cap. With excellent drill results this stock could be $.50 or $1.00; with $850-1,000 gold it could be $2.00. (I know, these sorts of stock prices seem ridiculous at this time, but so did $750 gold six years ago when gold was trading at $260). We have to let the drill rig and the passage of time tell the story further.

Monte Christo Geologist on site is buying

Seems that Carraher, Ruth Ann is buying on the open market – understand she’s the Geologist on site at Monte Christo! That’s a pretty good signal to me.

Hi,

This was a reply that I posted elsewhere but felt it may be useful here also to clarify just why this is exciting.

Smilewithme

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


Thanks for the opportunity to help here.

It is not Monte Christo itself that has the inferred resource but only a small part of it.

“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. (Although a small resource, I don't know of any other mining juniors with a 43-101 and such a small market cap around $7 million)

Further drilling, in May, was not successul at the McLean Lode, so GSM decided to look elsewhere.

Since you said “I don't see much in the way of head way here. Am I wrong?”

Well, suggest you also consider, from the same report.

“Compilation and integration of Gold Summit's 2006 field mapping and data from old exploration programmes conducted by previous explorers is now virtually complete. The process has defined 11 target areas, apart from the McLean Lode along the 11km of alteration and major faulting that bisects the property”

These are called Bonanza Drill Targets, by CEO Tony Taylor. "The McLean Lode and Ohio Camp, as well as 12 other drill target areas, sit astride a major regional fault with associated alteration that GSM has mapped for over 11 km, all contained within the Monte Cristo project area. The geological setting of the Monte Cristo district bears striking geological similarities to the Comstock Lode from which a series of “ore shoots” collectively produced approximately 8 million ozs of gold and 185 million ozs of silver. The fault or “lode” that hosts the ore shoots of the Comstock extends for approximately 4.5 km"

Suggest you take a look at
http://www.goldsummitcorp.com/properties/nevada/monte_cristo/ where you will find more information including property map.

Unlike you, I do see a lot of excitement here for all the reasons explained earlier in the thread - and that's why as a newcomer, I have made a major investment in the recent placement at 12.5 cents. (And the market does appear to be wakening up to the possibilities here - share price now at 17.5 cents, having broken out, up 35% in two months)

Even apart from Monte Christo, there seems to be a lot happening in the Carolina's with their JV partner - Astral Mining. "potential exists for extensions down-dip and along strike to the northwest. Geological observations so far confirm the “greenstone” lode gold model with potential for a stand-alone, high grade, underground deposit."

http://www.goldsummitcorp.com/news/2007/index.php?&content_id=113


In conclusion, this is still exploration with associated risk - I see little downside and massive upside. Elsewhere someone has suggested that if this is actually the new Comstock, we could see $10/ share!

For the immediate future however, it will take very little to get this from .17 to .25 cents - a doubler for me already. And am in this for the long term anyway....

smilewithme

PS. If you take a look at the slide above as annotated by myself above you will understand how big this could be. Original is at http://www.goldsummitcorp.com/inSitePresent/

smilewithme posts alone here.

Bull, what do you think about this stock ?? Management ??

Anybody ???

Thanks

Looks like an interesting speculation to me. I don't have 50 hours to spend on DD right now, but first glance is interesting. I think the 8 mil market cap is more than justified at this stage. They have been raising money...something to keep in mind.

silverman wrote:

smilewithme posts alone here.

hi silverman and the bull,

great to have some company!

just started posting here recently to get the word out, but there's a lot more discussion over at

http://www.stockhouse.com/bullboards/forum.asp?symbol=GSM&table=LIST

and

http://www.smartinvestment.ca/php/phpBB2/viewtopic.php?t=9279

As for management:

http://www.goldsummitcorp.com/corporate/management/

Dr. Anthony P. Taylor
President, Chief Executive Officer and Director

Dr. Taylor brings over 40 years of international minerals exploration experience to the group, with hands-on experience and management in discovery of nickel, platinum, copper-zinc, and gold deposits. He has managed projects in Australia, South Africa, and the United States with Cominco, Selection Trust, BP Minerals, Kennecott, and Gencor. He currently is a Director of Hecla Mining Company.

The GSM management have tended not to be promotional which is why, when they tell you something you tend to listen. There is no hype - just fact. Indeed I have spoken to the company about getting their news releases more promotional - who knows what chemical symbols are for goodness sake! Take a look at some of their press releases and you will see what I mean!

Anyway Tony Taylor is known as being an expert geologist and is well liked and respected - hes a decent bloke.

What is exciting at the moment though - have posted about PIED Piedmont mining doing nothing - then a group got involved and the share price have gone through the roof.

Some of the same people have got involved recently with the GSM placement.

Tony Taylor is off to Europe next week and will be talking to funds in London and Zurich - the next fund raising will be at prices a lot higher!

It will be fairly easy to get this one up from 17 cents to 25 cents and thats only the start - if they do find the new Comstock, we are talking $10 here!

Thanks for the interest

:-)

If you are pumping this baby on 2 or 3 forums ??

Also, what is the max price that you think we should pay for the

stock ? If I buy, it will be on the pink sheets

silverman wrote:

If you are pumping this baby on 2 or 3 forums ??

Also, what is the max price that you think we should pay for the

stock ?

Hi Silverman,

Yes I do own a LOT of shares, as I said got them in private placement at 12.5 cents including full warrant which can be exercised at 25 cents in two years.

Not really a case of pumping, more promotion and actually do this on more than 2 or 3 forums .

Am based in the UK so have got some interest going there too!

You need to do your own research and I can't really comment on what price to buy, if you do decide.

Please understand that this is an exploration play. They have a small 43-101 resource and think that they are going to find more, that's all.

Low downside risk, and massive upside potential is what I suggest.

Myself, I invested in GSM based on recommendations from people that I trust, also my own conversations with Tony Taylor, who incidentally is very approacable if you want to get in touch...

Good Luck!

:-)

Hi Silverman,

Smilewithme isn't alone. I also like and own this stock. And yes, I can see that Smilewithme has quoted me in this thread a lot. I think up to .20 would be relatively safe for purchasing this stock, but I hope you do better than that. I know of earlier investors paying .25 for the stock a year ago, and then buying much more, recently. Of course, if the company releases good drill results and the stock price goes higher, it could well be worth paying a lot more because at that point you have more information.

Not mentioned here is that Tony Taylor, president of GSM was associated with the discovery and development of the Ridgeway mine in North or South Carolina. He is from the cream of the cream of geologists, and is a director of Hecla, the silver/gold miner. At this stage, you are betting as much (or more) on the jockey as you are betting on the horse. I prefer to have the best of both if I can.

Who is your broker, if I may ask? Many U.S. brokers don't emphasize it but they *can* buy Canadian stocks for U.S. accounts - through Canadian stock exchanges.

TooClassy

The stock does look interesting - I may wait for a better entry point..

My broker is schwab..they tell me they cannot buy canadian..

Regards

Silverman,

I am confused at what you have been told. A person *can* buy Canadian stocks through their account at Charles Schwab to be traded in Toronto. In fact, Schwab's global desk brags about the dozens of markets they can trade in. When the orders are placed through Street Smart Pro (their trading software) the orders may or not get to the Canadian exchanges (I don't believe you can specify). Schwab says the trade gets routed to the best market at the time, or something like that. Normally, if there is no real market in the USA as is usually the case with TSX-V stocks, the order goes to Toronto. If you buy Level 2 data from Stockhouse for TSX-V stocks, you can usually see if your order is showing in the order book for the stock. If you see it, that confirms your order is there in Toronto. If you place the order over the phone out of choice or because you don't qualify to have Street Smart Pro software, the commission is higher, but then you can specify the market if your order doesn't show up in the order book. Do not talk to somebody at a local office. Instead, call the customer service department and then ask to be transferred to the global desk. Ask also if you qualify for the Street Smart Pro software if you don't use it already (frequent traders usually qualify).

Hi, All,

I like and own GSM, too. I think it has some unusual things going on that make it a bit different. First, it has a JV in the Carolinas that is producing high-grade drill results so far. That, by itself, is significant and in my mind should alone be worth more than GSM's current fully diluted market cap of around a silly $12M.

Also, GSM has some 43-101 compliant resources. I'm unaware of any other junior exploration company that has any. I know it's a small resource (69,000 ozs. gold; 200,000 ozs. silver), but I’m unaware of any junior exploration company that has ANY. That GSM has that JV and a 43-101 resource constitutes a security blanket for me. With them, it's not an all or nothing company--because GSM already has something.

Then, there's the wild card of this fall's Monte Cristo drilling. We know they'll find SOMETHING, because they're drilling some holes in places where other outfits found gold. If GSM finds what they think they will, it's a moon shot for us.

That's how I see this play. The downside is already here; I don't think there a lot to lose here with the assets already in hand—they remove a lot of the usual risk associated with junior explorers. Conversely, the upside is tremendous if they find some high-grade shoots. Investors will begin to comprehend what GSM could have--a high-grade mine that is more than twice the size of the Comstock lode (that itself produced 8M ozs. of gold and 185M ozs. of silver.)

At that point, no one knows how high the stock would go. I know it sounds crazy, but GSM's market cap with the stock at $10 would still be under a billion dollars. (It'd be about $750M.) And, if Monte Cristo truly is another Comstock but more than twice as large, then even $10 a share would be light.

I'm not saying this WILL happen, only that it could. Given GSM’s known downside cushion and unknown potential, I'm in.

GLTA!

GSM have started drilling at Monte Christo. Lets hope the results help them with some more fund raising - at much higher than recent 12.5 cents. Understand that the company is currently over in Europe .....

Potential "eight million ounces" ? - if they find that well.....:-)

smilewithme

Objective Capital

"Our view is that Gold Summit has opted to proceed with RC drilling in the absence of an available core rig to avoid further delays and to make progress towards increasing the resource. The current NI 43-101 compliant resource over the McLean Lode is an estimated 69,000 ounces of gold, averaging 6.5 grams per tonne. Gold Summit believes there are several such lodes in the Monte Cristo district and that there is the potential for a Comstock Lode style deposit to exist. The company has identified a dozen more drill targets within the Monte Cristo project area, where initial outcrop sampling or drilling has encountered high-grade mineralisation. To prove up a resource on the scale of the Comstock Lode (approximately eight million ounces) will require a few thousand metres of drilling over each of these targets.

This year, progress at Monte Cristo has been slow-moving, largely due to lack of funding. Meanwhile, work on one of the company’s other projects, the Saluda project in the Carolina slate belt is progressing with JV partner Astral Mining. Gold Summit may do well to find a similar way to inject some funds into the Monte Cristo project if they hope to find the next Comstock."

http://www.objectivecapital.co.uk/c/ocuk/articles/070920-201.asp?oid=MA4

I called the global desk at schwab..
If I ask them to buy on the canadian exchange - THEY will transfer it automatically to the OTCBB.

They will not buy canadian for Americans !

SilverMan, I've been a Schwab customer for many years...all my Canadian stocks go thru the PinkSheets listings. Trade execution is poor compared to trading directly in Canada. I try not to trade too often (versus moving my account)

Why not open an interactive broker account? The commission fee is high but it is worth it when you subscribe to Level II. I do not normally trade very often. However I traded a couple of times today base on the level II data and made enough profit for my homes fix expenses for the month.