Gold Summit Elects Martin Quick As Director; Announces Equity Financing

Equity FinancingMr Martin Quick was elected to the Board of Gold Summit Corporation at the AGM held on September 26, 2006. Martin Quick has had a career of more than 40 years in the mining industry as engineer at all operational and managerial levels with experience in many countries and commodities. He recently retired as President and COO of Power Resources, a Cameco subsidiary, prior to which he held the position of Vice President, Mining, of Cameco Corporation. Currently he is employed as President and CEO of Khan Resources Inc., a uranium exploration and development company listed on the Toronto Stock Exchange.
Subject to TSX Venture Exchange approval, the company plans to raise a minimum of $300,000 through a non-brokered private placement by issuing 2 million units at a price of $0.15 per unit. Each unit will consist of one common share and common share purchase warrant exercisable for 18 months at $0.25. Finders’ fees may be paid in connection with this financing. The funds are intended to continue funding land acquisition in Carolina, field work on the Monte Cristo Property and general corporate purposes.

In Nevada, sampling and mapping of the southern part of the enlarged Monte Cristo block is complete. Rock samples of the widespread quartz-calcite veining in the Ohio Camp area show clustering of anomalous gold and silver values. Compilation work of all old exploration records for the whole 11 km Monte Cristo belt continues. In Carolina, sampling of dump and float material around old shallow, early 1800 workings has confirmed old records of visible gold in “greenstone” style quartz veining. Two samples from one working in North Carolina in which VG occurs, assayed 0.5 and 0.25 ounces per ton (opt) Au. One composite dump sample from the Saluda area, South Carolina assayed 5.9 opt Au.

The company has granted 1.7 million options to employees, consultants, officers and directors at an exercise price of $0.15 per share, expiring on September 29, 2009. The grant of options is subject to regulatory approval.

Assays were either by Fire/AA or Fire/Gravimetric methods at the American Assay laboratories in Sparks, Nevada. Douglas R. Bowden BSc, MSc, VP Exploration, registered geologist in the State of Utah is the Qualified Person supervising GSM’s technical work.

For further information, contact Hillary Vonich at (775) 284-7200, or visit our web site at: www.goldsummitcorp.com

news releaseThe 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.