Gold Summit Corp. making rapid progressGSM 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.
Further financings in the future will be done undoubtedly at higher prices. I am not worried about dilution. I have however been 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. 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