Gold Summit Reports Head Assays for Sugarloaf Metallurgical Test Work: Grants Stock Options
05 Novembre 2009 - 10:36PM
Marketwired
Gold Summit Corporation ("GSM" or the "Company") (TSX VENTURE:
GSM), has received head assays from 6, approximately 40 kg,
metallurgical test samples recently collected from underground in
the Tip Top adit and adjacent surface outcrops. The samples are
considered representative of the vein system.
----------------------------------------------------------------------------
Sample I.D. Gold Assays
------------------------------------------------------------
oz Au/st oz Au/st oz Au/st oz Au/st Avg., oz Au/st
----------------------------------------------------------------------------
1 0.150 0.154 0.142 -- 0.147
----------------------------------------------------------------------------
2 0.062 -- 0.060 -- 0.061
----------------------------------------------------------------------------
3 0.055 -- 0.057 -- 0.056
----------------------------------------------------------------------------
4 0.280 -- 0.291 -- 0.286
----------------------------------------------------------------------------
5 0.111 -- 0.119 -- 0.115
----------------------------------------------------------------------------
6 0.123 -- 0.118 0.128 0.123
----------------------------------------------------------------------------
Column leach tests of these samples are now underway. Previous
metallurgical work on single samples have produced gold recoveries
ranging from 95% in bottle roll tests and 75% in one column leach
test.
Assay and metallurgical test work are performed by Kappes,
Cassiday and Associates, a highly regarded, Reno based,
metallurgical consulting group, who will continue to be involved in
test work and any metallurgical plant and mine design work to
follow. All assays reported above are by standard fire/AA
methods.
Commenting on the metallurgical testing, Gold Summit's Chief
Executive Officer, Dr. Anthony P. Taylor said "having completed the
43-101 compliant resource study we are moving on to evaluate
options for possible small scale exploitation of the existing
60,000 ounce resource as well as planning to increase it with step
out drilling. Our plans include preliminary environmental base line
studies as well as the metallurgical test work, both following
recommendations from the 43-101 compliant study. The 43 101 report
is in final proof-reading stage and is expected to be filed
shortly."
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.
In other news, Gold Summit announces that a total of 895,000
options to purchase common shares of the Company are being granted
to Consultants, Directors, Employees, Officers, at an exercise
price of $0.20 per share, expiring on November 4, 2014. The grant
is subject to regulatory approval.
Under the Company's stock option plan, 2,055,492 common shares
are reserved for issuance. Including the above grant, a total of
1,876,600 options are outstanding under the stock option plan.
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
Gold Summit Corp. (TSXV:GSM)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Gold Summit Corp. (TSXV:GSM)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024