Gold Summit Sells Portion of Nevada Lithium Assets
07 Enero 2010 - 8:13AM
Marketwired
Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE: GSM)
announces that it has signed an agreement Monday, January 4, 2010,
to sell a portion of its Nevada lithium assets to American Lithium
Minerals, Inc. for a consideration of US$50,000 cash, 500,000
shares in American Lithium common shares and a 2% net returns
royalty subject to a US$2 million buyback. The common shares are
subject to a one year hold period and, if the price falls below
$1.00 within a six month to one year period, Gold Summit will
received an additional 200,000 American Lithium common shares.
Commenting on the sale Gold Summit's Chief Executive Officer Dr
Anthony P Taylor said: "this sale should be viewed in the
circumstances where we choose to put all our efforts into
developing and expanding our high grade gold-silver resources".
GSM currently explores primarily in Nevada for high grade gold
and gold/silver deposits that would support underground, low cash
cost operations. GSM has recently announced resources at the Monte
Cristo and Tip Top properties and holds part of four more Tertiary
epithermal vein districts, all with drill ready targets defined by
surface work. All GSM properties have potentially economic gold and
or silver grades in outcrops or discovery drill holes.
On December 14, 2009, GSM announced preliminary results from a
NI 43 101 compliant study on the McLean Lode at Monte Cristo to be
filed in January 2010. The new inferred global resource there
amounts to 278,923 ounces of gold contained in 1,923,391 tonnes at
a grade of 4.5 g/t gold at a 1.0 g/t gold cut-off. At a 5.0 g/t
gold cut-off, the inferred global resource amounts to 173,939
ounces gold contained in 364,767 tonnes at a grade of 14.83 g/t
gold. Additional variography and statistical studies are in
progress to produce resource estimates at 2.0, 3.0 and 4.0 g/t gold
cut off grades.
The Sugarloaf Peak Prospect in Esmeralda County, Nevada,
includes the old Tip Top Mine, the subject of a NI 43-101 compliant
report, filed November 10, 2009. The Tip Top Mine has indicated and
inferred resources of 646,234 tonnes grading 2.9 g/t gold at a 1
g/t gold cut off. Results from column leach metallurgical tests of
6 samples, approximately 40 kg each, collected in and around the
old Tip Top adit will soon be available. The resource outcrops and
exploitation by open pit-heap leach operation is under evaluation
with potential partners.
Gold Summit also retains an option on the Surprise Lake
greenstone gold property east of Red Lake in south west Ontario.
The property has numerous surface gold showings and strong iron
carbonate alteration in typical greenstone volcanic host rocks that
warrants surface mapping and geochemical work.
The 43-101 report on Monte Cristo is authored by Nicole Preuss,
M.Sc., LG, M. Aus IMM, a Qualified Person, defined in National
Instrument 43-101 Standards of Disclosure of Mineral Projects,
licensed in the State of Washington.
First Canadian Capital Corp. provides strategic marketing and
corporate communications advice to Gold Summit. Contact Jason
Monaco: jmonaco@firstcanadiancapital.com 416-742-5600 or
1-866-580-8891.
This news release contains forward-looking statements. These
statements are based on information currently available to GSM and
GSM provides no assurance that actual results will meet
management's expectations. Forward-looking statements include
estimates and statements that describe GSM's future plans,
objectives or goals, including words to the effect that GSM or
management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would". Since forward-looking statements are
based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of
GSM's mineral properties, and GSM's financial condition and
prospects, could differ materially from those currently anticipated
in such statements for many reasons such as: changes in general
economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments; technological and operational
difficulties encountered in connection with the activities of the
Company; and other matters discussed in this news release. This
list is not exhaustive of the factors that may affect any of GSM's
forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
GSM's forward-looking statements. GSM does not undertake to update
any forward-looking statement that may be made from time to time by
GSM or on its behalf, except in accordance with applicable
securities laws.
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 and reserves,
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Gold Summit Corporation Andrea Rascati (775) 284-7200
www.goldsummitcorp.com
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