Gold Summit Gains 100% Interest in Nevada Lithium Brine Exploration: Joint Venture Partner Withdraws

Analytical results from the first test well drilled by the joint venture in the Paymaster area are now available. They show that the saline water encountered below 150 metres contains only weakly anomalous lithium values (8 ppm) despite the highly anomalous values in the containing clastic sediments. These average 316 ppm lithium between 150 and 365 metres in a range between 130 ppm and 940 ppm lithium. These high indicate that some lithium clays, probably hectorite are present, but could not be competitive with other hectorite bearing clay deposits lithium values in the 3500 ppm range.

Commenting on the drilling results, Dr. Anthony P. Taylor Chief Executive Officer of Gold Summit said, "we are obviously disappointed that our first well does not contain economic levels in brines, but the lithium enriched sediments indicate that abundant source rocks are present. We now have a 100% interest in the project that includes a large data base and some 15 other target areas. We are in the exploration business and success is rarely immediate. Given suitable funding, we plan to continue the search for a new economic lithium brine deposit, although not to the detriment of our core high grade gold and silver efforts".

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

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