SMM: High Grade Andersons Drill Results SUMMIT'S 100% MOUNT ISA...

SMM: High Grade Andersons Drill Results

SUMMIT'S 100% MOUNT ISA URANIUM PROJECT

HIGH GRADE ANDERSONS DRILL RESULTS

51m at 3.83lb/t (0.16%) U3O8 and 7.59lb/t (0.34%) V2O5

Grades up to 9.18lb/t (0.42%) U3O8 and 15.47lb/t (0.70%) V2O5 over metre
intervals

Summit Resources Limited's ("Summit") Mount Isa Uranium Project expands with
further drill results reported from the 100% owned Andersons deposit near
Mount Isa.

Wide zones of high grade uranium mineralisation encountered in drill holes at
Andersons include 51 metres at 3.83lb/t (0.16%) uranium oxide ("U3O8") and
7.59lb/t (0.34%) vanadium pentoxide ("V2O5").

Grades up to 9.18lb/t (0.42%) U3O8 and 15.47lb/t (0.70%) V2O5 over metre
intervals are reported in Summit's latest drill holes.

Drill results reported for Andersons include:

ANDERSONS 20m @ 3.50lb/t (0.16%) U3O8 & 7.59lb/t
(0.34%) V2O5
ANDERSONS 51m @ 3.83lb/t (0.17%) U3O8 & 6.38lb/t
(0.29%) V2O5
ANDERSONS 18m @ 4.07lb/t (0.19%) U3O8 & 4.55lb/t
(0.21%) V2O5
ANDERSONS 16m @ 2.96lb/t (0.13%) U3O8 & 4.66lb/t
(0.21%) V2O5
ANDERSONS 19m @ 3.36lb/t (0.15%) U3O8 & 5.70lb/t
(0.26%) V2O5
ANDERSONS 38m @ 3.83lb/t (0.17%) U3O8 & 8.30lb/t
(0.38%) V2O5

High grade uranium vanadium mineralisation outcrops at Andersons and now
consistent widths and high grades down to 300 metres depth have been
encountered in Summit's drill holes into the mineralised system. The deposit
remains open along strike and at depth.

Drill hole details and mineralised intersections in this report are as
follows:

ANDERSONS Uranium Target

Andersons uranium deposit is located 15 kilometres east of Mount Isa city on
EPM14047.

Summit has now drilled forty four diamond and eight RCP holes at Andersons
totalling 9,270 metres of drilling. Assay results are reported for nine holes
(ANDDH15 to ANDDH24).

Andersons Mineralised Intersections reported are:

HOLE DEPTH (M) METRES (M) ASSAY
U3O8 ASSAY
V2O5 COMMENTS
ANDDH15 12 to 32 20 3.50lb/t (0.16%) 7.59lb/t (0.34%)
Altered greywacke and conglomerate
ANDDH15 42 to 65 23 1.46lb/t (0.07%) 5.82lb/t (0.26%)
Altered greywacke and conglomerate
ANDDH16 44 to 46 2 0.94lb/t (0.04%) 3.17lb/t (0.14%)
Altered greywacke and conglomerate
ANDDH16 74 to 76 2 0.67lb/t (0.03%) 5.69lb/t (0.26%)
Altered greywacke and conglomerate
ANDDH17 17 to 68 51 3.83lb/t (0.17%) 6.38lb/t (0.29%)
Altered greywacke and conglomerate
ANDDH18 46 to 64 18 4.07lb/t (0.19%) 4.55lb/t (0.21%)
Altered greywacke and conglomerate
ANDDH18 70 to 86 16 2.96lb/t (0.13%) 4.66lb/t (0.21%)
Altered greywacke and conglomerate
ANDDH18 95 to 100 5 1.95lb/t (0.09%) 4.36lb/t (0.20%)
Altered greywacke and conglomerate
ANDDH19 14 to 33 19 3.36lb/t (0.15%) 5.70lb/t (0.26%)
Altered greywacke and conglomerate
ANDDH19 46 to 51 5 1.96lb/t (0.09%) 5.51lb/t (0.25%)
Altered greywacke and conglomerate
ANDDH20 68 to 74 6 0.83lb/t (0.04%) 5.88lb/t (0.27%)
Altered greywacke and conglomerate
ANDDH21 70 to 79 9 1.24lb/t (0.06%) 4.86lb/t (0.22%)
Altered greywacke and conglomerate
ANDDH21 93 to 114 21 0.67lb/t (0.03%) 4.69lb/t (0.21%)
Altered greywacke and conglomerate
ANDDH22 111 to 149 38 3.83lb/t (0.17%) 8.30lb/t (0.38%)
Altered greywacke and conglomerate
ANDDH23 162 to 176 14 1.85lb/t (0.08%) 5.60lb/t (0.25%)
Altered greywacke and conglomerate
ANDDH23 181 to 191 10 0.58lb/t (0.08%) 3.53lb/t (0.25%)
Altered greywacke and conglomerate
ANDDH24 98 to 123 25 0.88lb/t (0.04%) 4.10lb/t (0.19%)
Altered greywacke and conglomerate

Cut grade for reported intersections is 112ppmU3O8 (0.25lb/t or 0.011%) with
internal dilution up to 4 metres of <112ppmU3O8.

These reported drilling results are consistent with previous drilling of the
deposit. All holes intersected uranium mineralised sediments and conglomerate
with mineralised sections ranging from 2 to 51 metres down hole.

SUMMARY

Drilling is ongoing with two drill rigs operating around the clock for Summit
in the Mount Isa area.

Summit's drilling at Andersons has confirmed previous drilling on the deposit
and a resource estimate is now being modelled, calculated and independently
audited for the deposit. This JORC compliant resource estimate for Andersons
will be calculated and released on receipt of the assays for holes ANDDH1 to
ANDDH30. We have today been advised the assays for the remaining 6 holes will
be reported in the next 10 days.

Further holes are being drilled, or are planned for, Summit's Valhalla,
Andersons, Skal, Bikini, Mirrioola and Watta uranium deposits and prospects
at Mount Isa. The objective is to have sufficient density of drilling in each
deposit to enable resource estimates to be calculated.

The Western, Mixabe, Tjilpa, Red Alpha, Warwai, Rich John and Drum uranium
targets will also be drilled when rigs become available.

The uranium vanadium mineralisation in Summit's Mount Isa uranium deposits
and targets drilled to date is hosted in iron oxide copper gold ("IOCG")
hematite altered sediments and felspar breccias. A common metallurgical
treatment process to recover the uranium, vanadium and copper metals present
in all Summit's Mount Isa uranium deposits is being developed. Metallurgical
testwork is now underway to establish a standard metal recovery process for
all deposits.

Deposit and prospect locations and details of the holes drilled and reported
for Andersons are shown on the attached map and table.

Uranium oxide spot price is now US$90 a pound.