Gold Summit Reports Plus One Ounce Gold In Rock Samples At Saluda, South Carolina

Saluda area of South CarolinaGold Summit Corporation announces encouraging gold values in rocks and soils from initial systematic sampling work on the Rinehart Tract in the Saluda area of South Carolina. Two NE-SW oriented soil lines, completed on both sides of a quartz vein containing visible gold exposed in an 1800 vintage pit (“Big Pit”), show coherent anomalies along a northwest strike.

Southeast of the big pit the soil anomaly is 130m wide assaying between 130 and 656 ppb Au. Northwest of the pit, soils are anomalous over a 50m width with gold values between 140 and 280 ppb Au. The two soil lines are approximately 80m apart. Soils are thinly developed and small bedrock samples were also collected at each site. Rocks along the southeast anomaly assay between trace and 7.1 g/t Au, with 6 out of 12 samples assaying 0.5 g/t Au or greater. Rocks from the northwest anomaly range from 0.1 to 3.7 g/t gold. Three other rock samples from weakly anomalous soils further to the south west along that line assayed 3.0, 9.1 and 84.7 g/t Au.
Rock samples were also collected at a number of other sites where quartz veining or alteration was noted. A sample from a small working 100 m northwest of the big pit assayed 7.0 g/t gold and a float sample at the edge of a new road, 70m south east of the big pit, assayed 31.6 g/t Au. A further three confirmatory samples from the big pit assayed 21 g/t, 3.4 g/t and 144 g/t Au. Visible gold is present in many quartz float samples in the vicinity. The results are encouraging confirmation of widespread gold mineralization in bedrock over a strike length of 150m within a broad soil anomaly at least 100m wide. Diamond drilling is now planned early in 2007.

The soil values on the Rinehart Lease can be compared with those overlying mineralization at the Ridgeway Mine which averaged 80 ppb Au with a high of 1.5 g/t Au, according to published data (Evans and Taylor, Randol 1997). The Ridgeway Mine lies approximately 50 km east of the Saluda area. Ridgeway was discovery by Amselco, a subsidiary of BP Minerals, in 1980. Open pit mining, based on a reserve of 56.2 million tons at a grade 1.1 g/t Au (1.47 million recoverable ounces) commenced in the late 1980’s. The mine is now in the final stages of reclamation. Key members of Amselco’s Ridgeway discovery team are currently working as consultants for Gold Summit in the Carolina Slate Belt.

All assays quoted in this release are Fire with AA or gravimetric finish performed by American Assay 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.

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

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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.