| TORONTO, ONTARIO, Nov 21, 2003 (CCNMatthews via COMTEX) --
Shares Outstanding: 18,962,251
Gold Summit Corporation is pleased to announce initial results from the current drill program on its Tip Top property in Esmeralda County, Nevada. A total of 2313 feet of HQ core in 9 holes were drilled over a 200 foot strike length. The holes tested down dip and along strike of a series of high grade gold veins intersected by previous drilling.
To date assay results are only available for holes 1 to 5. A summary of the assays exceeding 1 gram per tonne is tabulated below. In general, intervals that exceed 5 g/t gold correspond to clay zones rich in vuggy, white quartz vein fragments with ubiquitous calcite pseudomorphs.
| TIP TOP ASSAY RESULTS |
| Hole |
From |
To |
Interval |
Gold |
Silver |
| |
Ft |
Ft |
Ft |
g/t |
g/t |
| 1 |
145.60 |
150.50 |
4.90 |
5.00 |
41 |
| 2 |
89.20 |
91.40 |
2.20 |
1.11 |
59 |
| |
91.40 |
94.50 |
3.10 |
7.16 |
64 |
| |
96.70 |
109.00 |
12.30 |
1.93 |
16 |
| |
114.80 |
115.70 |
0.90 |
2.24 |
51 |
| |
141.50 |
144.00 |
2.50 |
2.53 |
11 |
| 3 |
102.70 |
106.20 |
3.50 |
2.93 |
4 |
| |
112.90 |
115.40 |
2.50 |
20.42 |
113 |
| |
119.60 |
123.30 |
3.70 |
3.32 |
29 |
| 4 |
No gold assays greater than 1.0 g/t |
| 5 |
176.00 |
179.40 |
3.40 |
1.00 |
7 |
| |
179.40 |
181.80 |
2.40 |
4.52 |
11 | |
Preparation of samples from the assaying of the remaining 4 holes (6, 7, 7A and 8) is underway.
Planning for the next phase of drilling at Tip Top awaits the evaluation of new geological data obtained from the recent drill program. Detailed mapping of the large Tip Top concession for new targets continues.
Diamond drilling for high grade vein mineralization at the Gold Reef property, located in California, is planned for December. Field mapping and data compilation continues at Gold Summit's Monte Cristo property. Gold Summit also controls the Blue Sphinx and Gold Springs bonanza vein systems in Nevada and continues to evaluate additional prospects for their underground, bonanza gold potential.
Sampling and assay procedures for Tip Top drilling were guided by Larry Kornze, an eminent consulting geologist and Gold Summit Director. Sample preparation and analyses were done at the BSI Inspectorate Laboratory in Sparks, Nevada.
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
Hillary Vonich (775) 284-7200 www.goldsummitcorp.com
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