| TORONTO, ONTARIO, Oct 29, 2003 (CCNMatthews via COMTEX) --
Gold Summit Corporation announces that McFarlane Gordon Inc. has agreed to act as agent to complete an offering of up to 5,000,000 units at $0.50 per unit on a best efforts basis, for gross proceeds of $2,500,000. Each unit shall consist of one common share and one common share purchase warrant. Each common share purchase warrant will be exercisable for eighteen months at $0.75, provided that the Corporation shall have the right to accelerate the expiry date of the warrants in the event that the weighted average trading price of the common shares is $1.25 or more for any 20 trading day period commencing at least six months after closing. The Agent will receive a cash commission of 6 per cent. Broker warrants, exercisable for 12 months from closing, to acquire units equal to 8 per cent of the units sold under the Offering will also be issued to the Agent. The hold period on shares issued pursuant to this financing is expected to be four months.
Gold Summit Corporation is a well funded junior mining company which is exploring a number of bonanza gold vein prospects in the Great Basin of Nevada and California.
WARNING: The Company relies upon litigation protection for 'forward-looking'statements.
Shares Outstanding: 13,479,601
NOT for distribution to U.S. news wire services or dissemination in the USA.
Gold Summit Corporation Anthony Taylor, President and CEO (775) 284-7200 or Gold Summit Corporation Anthony Roodenburg, Director (416) 485-1327 www.goldsummitcorp.com
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