Gold Summit Reports 84.3 g/t Gold in Sakoose Samples

Gold Summit (TSX VENTURE:GSM) (reports gold values ranging between 3.1 to 84.3
g/t gold in confirmation samples of quartz vein material from the Sakoose Mine
on the Tabour Lake property near Dryden, Ontario. Three surface samples
collected from spoil around an old shaft and open-stope assayed 84.3, 13.0 and
7.1 g/t gold and two, in-situ, rock samples from exposed quartz veining assayed
3.1 and 39.3 g/t gold.


The Sakoose Mine property was worked in the 1900's from 4 shafts and 2 open
stopes excavated along vein system over a strike length of 280 m. The vein
system occurs at a mafic volcanic/metasediment contact, intruded by a felsic
dike. Mine workings are located on the limbs of a syncline plunging to the
south-southwest where emplacement of gold-bearing quartz veins was controlled by
oblique-slip shearing. The mineralized zone consists of quartz veins which pinch
and swell with thicknesses up to 6.5 m. Associated minerals are pyrite,
chalcopyrite, sphalerite, and galena. Visible gold is present.


Geological data recovered from a number of sources, includes results from ground
magnetic, aeromagnetic, and VLF surveys, and rocks and soil sampling. Details of
previous drilling including drill logs and assays as well as geological maps at
various scales are available. A summary of 20 drill holes by previous explorers,
prepared by the Ontario Department of Mines, shows gold assays ranging between
0.62 g/t gold over 0.52 m to 9.3 g/t over 6.80m. Other potentially economic
widths and grades include 48.2 g/t gold over 1.07 m and 146 g/t gold over 0.24m.
All widths are intersected, not true widths. 


Gold Summit has now located drill core from the property from holes completed in
recent years that, apparently, was neither logged nor assayed. That work is now
planned and, together with review of previous drill results, is expected to
provide new drill targets to extend known mineralization down a shallow WSW
plunge. 


On July 14, GSM announced progress on the proposed merger with Crown Minerals Inc.

Larry Kornze, a GSM director and a registered Professional Engineer, designated
as the Qualified Person under National Instrument 43-101 has reviewed and
approved the contents of this news release.


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.
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