Summit Gold Company Update, page-30

Binding share purchase agreement, subject to due diligence to the sole satisfaction of
Augustus, executed to acquire 100% of the issued capital in ACM Contract Mining PNG Ltd, a
company incorporated in Papua New Guinea, which holds a valid third in line license
application for the Mt Kare Gold Project (there being two earlier applications made by
unrelated third parties for the same project area which will be considered prior to ACMPNG’s
application)