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Gold Summit reports 16.17 g/t Au over 2.65m at Monte Cristo new high grade samples at Gold Springs 6/23/05 TSX-V Symbol "GSM" Shares Outstanding 25,952,755 RENO, NV, Jun 23, 2005 (Canada NewsWire via COMTEX) -- Gold Summit Corporation reports assay results on the Monte Cristo property for quartz vein intersections in Hole MCC 34 which returned values of 16.17 g/t Au over an inferred width of 2.65 metres from 271.58 metres to 274.23 metres. Three other holes MCC 35, 36, 37 all intersected the quartz vein system but returned lower grade values up to 4 g/t Au and 95 g/t Ag. All are part of a series of drill holes targeted on approximately 35 to 50 metre centres to test the extent of the vein system with multi-ounce gold and silver intersections previously reported in Holes MCC 12, 16, 22 and 23. The Company continues to be encouraged with the results to date and drilling with two core rigs continues with a further 12 holes on approximately 100 foot (30m) centres to fill large gaps in the drill pattern at shallower depths. This work will test for additional high grade mineralization and add valuable geological information to guide deeper drilling in future. In addition to the ongoing exploration work at Monte Cristo, field work is now underway on the Company's Blue Sphinx, Gold Springs and National properties, also in Nevada. Underground mapping and sampling was completed at the old Golden Pen Mine that forms the core of the Blue Sphinx district. Historic production records report grades in excess of 200 g/t Au from the Lucky Strike ore body in the upper levels of the Golden Pen mine workings. Gold Summit collected 65 channel and grab samples on four underground levels totalling 1500 feet of workings. Fifteen samples collected from the down dip extension of the Lucky Strike ore body exceeded 1 g/t Au with five in excess of 10 g/t Au. Samples of pillars on the edges of the Lucky Strike stoped area produced assays up to 21.3 g/t Au and 25 g/t Ag. The mineralization occurs as steeply plunging shoots within the 30 to 50 foot wide Golden Pen fault zone. Gold Summit's sampling indicates that the mineralized structure remains open at depth and along strike, constituting an excellent drill target. At the Gold Springs area, in Lincoln County, Nevada, new claims were staked to cover a newly identified quartz vein system where 9 out of 13 rock chip samples collected at surface assayed greater than 1 g/t Au with the two highest samples assaying 41.6 and 52.8 g/t Au. A 1.23 metre composite of four samples collected across the steeply dipping vein averages 33.49 g/t Au and 87 g/t Ag. On the original Gold Springs property, the Company has recently amended the terms of its letter agreement and, subject to TSX Venture Exchange approval, will issue 20,000 shares of the Company to fulfill the lease payment for the 2005 year. All core samples from which assays are listed are from sawn half HQ size core. Core is recovered with triple tube equipment and, with very few exceptions in badly broken vein material, generally approaches 100%. All assays are Fire with AA or gravimetric finish performed by American Assay Laboratory and BSI - Inspectorate Laboratory in Sparks, Nevada. Douglas R. Bowden, VP Exploration, a registered Professional Geologist in the State of Utah, is designated as the Qualified Person supervising Gold Summit's technical work. 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. %SEDAR: 00004924E contact Hillary Vonich at [phone], or visit our web site at: www.goldsummitcorp.com Copyright (C) 2005 CNW. All rights reserved.