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Gold Summit Announces Management Changes
RENO, Nev., Oct 8, 2009 (GlobeNewswire via COMTEX News Network) --
GoldSummit Corporation (TSX-V:GSM) ("GSM" or the "Company") is pleased toannounce that Ralph W. Kettell has been appointed as the President ofthe Company and Jeremy S. Budd has been appointed GSM's CorporateSecretary.
Mr. Kettell is also a director of GSM and is takingover the role of President from Dr. Anthony P. Taylor, who will remainas the Chief Executive Officer and a director of the Company. Mr.Kettell is the founder of Concentric Energy Corp., a privately helduranium company, the principal asset being the Anderson uraniumproperty in Arizona. He is also a founding member of three explorationcompanies with precious and base metal interests in the USA and Canada,including AuEx Inc., a TSX listed company with gold resources inNevada. Mr. Kettell was formerly the Marketing Director of 321gold.com,a leading precious metals website and holds BS and MS degrees inElectrical Engineering from Lehigh University. Mr. Kettell is aregistered Professional Engineer.
Mr. Budd was previously GSM'sAssistant Secretary. Mr. Budd has practiced law with Boyle & Co.LLP since 2007 and represents issuers, including GSM, and underwritersin a wide variety of capital market transactions, proxy issues andgeneral corporate matters. Mr. Budd is a member of the Israel-CanadaChamber of Commerce and Industry. Mr. Budd obtained his LL.B./M.B.A.from Osgoode Hall Law School and the Schulich School of Business atYork University and holds a B.A. from the University of WesternOntario.
GSM explores primarily in Nevada for high grade goldand gold/silver deposits that would support underground, low cash costoperations. GSM's primary properties cover four Tertiary epithermalvein districts. All have drill ready targets defined by surface work,most with bonanza grades in outcrops or discovery drill holes.
Atthe recently acquired Sugarloaf Peak property, work on a SURPACgenerated 3D model and resource estimate is complete and form the basisfor a National Instrument 43-101 report to be issued shortly. The 3Dmodel developed for the deposit will guide new drilling to add to theresource.
The Company's flagship property, Monte Cristo,contains a NI 43-101 compliant inferred resource estimate of 331,000tonnes averaging 6.5 g/t gold. A new resource evaluation and NI 43-101report is planned to include drilling results obtained since thecompletion of the first report in 2006. High grade shoots that form theheart of the resource are open down plunge and the Company plans workto extend these.
For further information, contact Andrea Rascati 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Gold Summit Corporation
CONTACT: Gold Summit Corporation Andrea Rascati (775) 284-7200 www.goldsummitcorp.com
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