The Gold Basin project is located approximately 150 kilometers east of Reno, Nevada and is situated at the south end of the Clan Alpine Range between Fairview Peak and Bell Mountain. It comprises three northwest trending epithermal vein systems within the resurgent Miocene Fairview Caldera on the eastern margin of the Walker Lane structural province. Two other vein systems in the immediate area are controlled by competitor claims; one of these, the Bell Mountain, contains a reported near-surface resource of 900,000 tons @ 1.33 g/t gold. Gold Summit currently controls 62 unpatented lode mining claims in two separate blocks covering three identified vein systems. These claims are held under a lease-option agreement with Renegade Exploration Inc. and Elliott Crist, which grants Gold Summit the option to acquire a 100% interest for a combination of cash payments totalling US$41,000 and 200,000 common shares paid and issued over three years. Thereafter the property is subject to a 3% NSR production royalty that may be reduced to 1% on payment of US$2,000,000.

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The Gold Basin, Sphinx and South Extension vein systems are of the low-sulfidation type and occur within a 10 square mile area of hydrothermally altered lithic ash flow tuffs of the Fairview Caldera. The Gold Basin vein can be followed in float and outcrop for over 1500 meters within a structural zone of jointing and shearing up to 15 meters wide. Gold assays up to 16 g/t gold are reported from surface rock chip sampling, with equivalent levels of silver. The Sphinx vein system occupies a structural zone with a width of 1-300 meters that has been traced for over 3000 meters from the northwest flank of Bell Mountain to an intersection with the east-northeast trending Bell Mountain vein system to the northwest. Samples of quartz vein from within the Sphinx vein system routinely report gold values of 1.0-9.1 g/t and silver values up to 84 g/t. Silver to gold ratios average 20:1 where gold exceeds 1.0 g/t. The South Extension Zone is a 1700 meter long structural zone parallel to and southwest of the Sphinx Vein. It is dominated by widespread silicification over widths of a meter to over 100 meters with small outcroppings of vein quartz. First pass sampling of silicification and quartz veining produced gold values ranging from 100-454 ppb and silver values from 10-21.6 ppm.

The Gold Basin project contains multiple, robust epithermal quartz veins that have never been drilled and appear to be very prospective for high grade, underground gold mineralization. Final evaluation of the successful first pass surface sampling will lead to a plan for drilling, the timing of which will depend on overall priorities for funds and staff in 2008.