TORONTO, ONTARIO, Dec 3, 2003 (CCNMatthews via COMTEX) --
Gold Summit Corporation is pleased to announce that it has optioned three claim blocks with prospective Bonanza gold-silver vein occurrences in Nevada. The first property comprises 42 lode mineral claims in the Wonder district in central Nevada. Apart from the Wonder Vein itself that produced almost 400,000 tons of ore between 1911 and 1919, the district contains numerous other NE and NW trending quartz veins hosted by rhyolite and andesite volcanic rocks. Little modern exploration for new, bonanza, gold-silver deposits is evident. Mapping and surface sampling is planned for 2004 to identify diamond drill targets. Warranting early attention is a brecciated quartz vein, 4 to 6 feet wide, from which two samples collected by the Nevada Bureau of Mines assayed 15 and 5,000 g/t silver; 0.4 and 22 g/t gold. Textures noted in these samples include vuggy quartz, adularia and bladed calcite pseudomorphs, all high level bonanza vein indicators.
Terms of the option agreement require total cash payments of $200,000 over a six year period and 200,000 Gold Summit shares to be issued in increments over four years to acquire a 100% interest, subject to a 3% NSR royalty. At Gold Summit's option, the royalty may be reduced to 1% with a $2 million cash payment. Issue of Gold Summit shares is subject to TSX approval.
The two Gold Basin properties comprise 50 lode mineral claims covering two extensive quartz vein/shear zone systems, some 2 km apart, where gold-silver values up to 12 g/t Au in grab samples have been reported in the past. Terms of the option agreement require total cash payments of $41,000 over a three year period and 200,000 Gold Summit shares to be issued in increments over three years to acquire a 100% interest, subject to annual advance royalty payments, deductible from a 3% NSR royalty. At Gold Summit's option, the royalty may be reduced to 1% with a $2 million cash payment. Issue of Gold Summit shares is subject to TSX approval.
In addition to the above, Gold Summit controls four other bonanza vein districts in Nevada and one in San Bernardino County, California. A first round of core drilling was recently completed at the Tip Top property with encouraging gold intersections from the first five holes reported on November 19. Results from the remaining five holes are pending.
Gold Summit is a well financed junior exploration company focusing on high grade bonanza vein deposits in the Great Basin of the SW USA.
WARNING: The Company relies upon litigation protection for 'forward-looking'statements. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. NOT for distribution in the USA
Shares Outstanding: 18,962,251
Hillary Vonich (775) 284-7200 or visit our new web site at: www.goldsummitcorp.com
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