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Gold Summit to Increase Private Placement to $500,000
Reno, NV May 08, 2009
FSC / Press Release
Gold Summit to Increase Private Placement to $500,000
Reno,Nevada US, May 08, 2009 /FSC/ - Gold Summit Corporation (TSX - VX:GSM), announces that it will increase the private placement of $350,000previously announced on April 16, 2009 to a total of $500,000 byissuing 5,000,000 units at a price of $0.10 per unit. Each unit willconsist of one common share and one common share purchase warrantexercisable for 24 months at $0.15. The private placement is subject tothe approval of the TSX Venture Exchange. GSM may pay finder's fees inconnection with this financing.
GSM will use the funds toevaluate a number of near term gold production opportunities currentlyon the market as well as maintaining its Nevada gold-silver properties.
GSM explores primarily in Nevada for high grade gold andgold/silver deposits that would support underground, low cash costoperations. GSM's primary properties, totaling 42 km2, cover fourTertiary epithermal vein districts. All these have drill ready targetsdefined by surface work, most with bonanza grades in outcrops ordiscovery drill holes. The company's flagship property, Monte Cristo,contains a 43-101 compliant inferred resource estimate of 331,000tonnes averaging 6.5 g/t gold. High grade shoots that form the heart ofthe resource are open down plunge and the company plans work to extendthese.
For further information, contact Hillary Vonich at (775) 284-7200 or visit our web site at
www.goldsummitcorp.com.
NeitherTSX Venture Exchange nor its Regulation Services Provider (as that termis defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Thisnews release contains forward-looking statements. These statements arebased on information currently available to GSM and GSM provides noassurance that actual results will meet management's expectations.Forward-looking statements include estimates and statements thatdescribe GSM's future plans, objectives or goals, including words tothe effect that GSM or management expects a stated condition or resultto occur. Forward-looking statements may be identified by such terms as"anticipates", "believes", "could", "estimates", "expects", "may","shall", "will", or "would". Since forward-looking statements are basedon assumptions and address future events and conditions, by their verynature they involve inherent risks and uncertainties. Actual resultsrelating to, among other things, results of exploration, projectdevelopment, reclamation and capital costs of GSM's mineral properties,and GSM's financial condition and prospects, could differ materiallyfrom those currently anticipated in such statements for many reasonssuch as: changes in general economic conditions and conditions in thefinancial markets; changes in demand and prices for minerals;litigation, legislative, environmental and other judicial, regulatory,political and competitive developments; technological and operationaldifficulties encountered in connection with the activities of theCompany; and other matters discussed in this news release. This list isnot exhaustive of the factors that may affect any of GSM'sforward-looking statements. These and other factors should beconsidered carefully and readers should not place undue reliance onGSM's forward-looking statements. GSM does not undertake to update anyforward-looking statement that may be made from time to time by GSM oron its behalf, except in accordance with applicable securities laws.
Thisnews release includes certain "forward looking statements" within themeaning of the United States Private Securities Litigation Reform Actof 1995. Without limitation, statements regarding potentialmineralization and resources and reserves, exploration results, andfuture plans and objectives of the Company are forward lookingstatements that involve various degrees of risk. The following areimportant factors that could cause the Company's actual results todiffer materially from those expressed or implied by such forwardlooking statements: changes in the world wide price of mineralcommodities, general market conditions, risks inherent in mineralexploration, risks associated with development, construction and miningoperations, the uncertainty of future profitability and the uncertaintyof access to additional capital.
Source: Gold Summit Corporation (GSM - TSX-V)
https://www.goldsummitcorp.com
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