NEWS - $1.1 million for Monte Christo$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
https://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.