Gold Summit Corporation (“GSM”), TSX-V GSM, announces that it’s wholly owned subsidiary, Gold Summit Corporation USA Inc., has signed an option agreement with Astral Mining US Corporation, a wholly-owned subsidiary of Astral Mining Corporation (”Astral”), TSX-V AST, for a joint venture to explore for high-grade gold deposits in the Carolina Slate Belt. The agreement allows Astral to acquire an initial 51% interest in any property within two designated gold districts, one both in North Carolina and South Carolina after total expenditures of US $300,000 over a two year period. Of that, US$100,000 is a commitment within one year. After earning a 51% interest the parties will continue to fund exploration in the two designated gold districts unless Astral exercises its further option to acquire a total 70% interest in any property by funding further exploration and completing a feasibility study. In addition, Astral has the option to acquire a total 80% interest in any property by placing a mine into production. GSM’s team of consultants in the Carolinas will operate the joint venture subject to budget and programme approval by Astral.
The Carolina districts, previously described in a press release dated July 19, 2006, both contain old workings with outcropping “greenstone-style” quartz veining from which samples containing visible gold, confirmed by assay, were obtained. In the North Carolina district five linear gold soil anomalies and quartz-pyrite alteration are present. A key 170 acre tract was recently leased there. In South Carolina, an additional 50 acre tract was also leased for a total of 253 acres. It adjoins the Rhinehart lease where grab rock chip values in quartz vein outcrop and float, assaying between 3.4 and 144 g/t gold, were previously reported. (Dec 13, 2006 Gold Summit News Release).
The President/CEO of Gold Summit, Dr Anthony P. Taylor, comments “we look forward to our association with Astral who bring a strong technical background and financing capabilities to help discover high grade gold deposits in the Carolinas.” Dr Taylor subscribed to the seed capital of Astral and holds approximately 0.49% of Astral outstanding shares.
For further information, contact Hillary Vonich at (775) 284-7200 or visit our web site at www.goldsummitcorp.com and see the recent video interview with Dr Taylor provided by Mining Interactive (www.mininginteractive.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. |
