Gold Summit Receives Approval For Lithium Prospect Arrangement

agreementFurther to the agreement announced in a press release dated June 25, 2008, between Gold Summit Corporation (TSX-V GSM) and Black Pearl Minerals Consolidated Inc (TSX-V BLK) regarding a lithium prospect in Esmeralda County, Nevada, the TSX Venture Exchange has approved the issue of 150,000 common shares as a finder’s fee to a consultant in connection with the arrangement. The shares are subject to a hold period of 4 months expiring on December 26, 2008.

In addition to the acquisition, the agreement with Black Pearl includes provisions for exploring other saline basins within the Great Basin Province in south west United States. These basins are prospective for potassium, sodium and boron deposits as well as lithium. The exploration is funded by Black Pearl with Gold Summit as operator.
Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM’s primary properties, totalling 42 km2, cover four Tertiary epithermal vein districts in Nevada. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes.

Gold Summit is also exploring for nickel-copper sulphide mineralization at the Burning Lake prospect near Dryden in Ontario.

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

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.