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Forex Broker (AXcess News) Reno - Reno-based Gold Summit Corp. (TSX.V: GSM) said Thursday it was increasing its most recent private placement to $1.6 million, $600,000 more than originally announced on December 5 due to demand, according to Dr. Anthony Taylor, CEO and President.

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Online Brokerage Taylor told AXcess News in a telephone interview shortly after Gold Summit released the news on its increased private placement that the company has been exploring for precious metals in Nevada since 1997 and went public through a reverse takover two years ago. Since that time, Summit has increased its efforts in exploration.

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Real Estate Broker The company said that it "is planning a new drilling programme to extend gold mineralization in the McLean Lode at its Monte Cristo property, near Tonopah in Esmeralda County, Nevada, as well as follow up on the encouraging results from recent drilling at the National property in northern Nevada."

Iamgold bid $2.2 billion for Wheaton on March 30, Coeur bid $1. based Golden Star then bid $ stock offer. With prices above $400 an ounce, gold mining was once again profitable, but with a gap in production looming, priced acquisitions the right direction Joint ventures and mining claim acquisitions were also on the rise, savvy investors familiar with the yellow rock weren't budging. At least not until Apollo Gold ( AGT) began raising cash.

Agency Brokerage Spark "We believe that we've discovered the next "Comstock Load" near Tonopah," Taylor told AXcess News. Taylor was referring to the Monte Cristo property. Samples taken there from Hole MCC 12 showed g/t as high as 155 in leach assay at a depth of 198 feet, according to an announcement Dec 6, 2005.

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Business Broker Oddly, the Reno Gazette Journal has never covered Gold Summit, even though its mining properties are concentrated in Nevada.

Brokerage Account AXcess News noted that the price of Gold Summit's shares were up nearly 9%, or 2 cents, at $0.234 on heavy share volume. Three times its daily average by 12:10pm EST Thursday, lifting the company's shares from its 52-week lo of $0.21 set at the beginning of December.

Stock Broker Taylor said the private placement offering was being sold by the company, not a broker-dealer and that the offering was priced at $0.25 per Unit. Each Unit consisted of one share of common stock and a warrant to purchase an additional share at $0.35. AXcess news noted that as a Canadian stock exchange listed company the warrants were priced higher than mining companies listed there normally are. Tayloradmitted that the price was out of character for a Canadianpublic company,Gold Summit- and those investors interested in buyingits private placement - believed the pricing was realistic, given the small capitalization of the company. Gold Summit reported that its current issued and outstanding shares were only 28,051,086. Typically, mining companies have more shares outstanding, adding weight to Taylor's comment on Gold Summit's warrant strike price.

Brokerage Online Stock Trading While Gold Summit raised its private placement amount by more than 30 percent due to demand. The current stock price is still laying below the offering price, suggesting that there may be something to Taylor's comment in referring to Gold Summit's property near Tonopah as being a "new Comstock Load."

Broker Justin Ticket Taylor is also a director of Hecla Mining Co. (NYSE: HL), a large silver mining operation.

Real Estate Brokerage While Gold Summit is in the exploration business it has yet to cut a deal on its Monte Cristo property with a production company, though Taylor told AXcess News that Gold Summit was in talks with several companies, citing non-disclosure agreements, Taylor would not reveal those players.

Commodity Broker In other mining news, Barrick Gold Corp. (NYSE: ABX) increased its bid for Placer Dome (NYSE: PDG) to $12.1 billion, winning the bid for the Canadian-based precious metals mining company. Barrick had previously bid $10.4 billion, but increased its offer following its hostile bid for Placer in order sway Placer's board into accepting it.

Brokerage House Barrick's partner in the Placer bid, Goldcorp Inc. (NYSE: GG), has agreed to boost the amount it will pay Barrick for some of Placer's assets to about $1.485 billion, from about $1.35 billion originally agreed to between the two mining companies.

Real Estate Broker Exam Under the new deal, Placer's shareholders will be able to choose whether they want $22.50 in cash, or 0.8269 of a Barrick share and five cents in cash, for each Placer share.

Brokerage Services Barrick made its unsolicited tender offer for $10.4 billion nearly two months ago. Barely one-percent of Placer's shareholders were willing to accept the hostile bid for the company.

Broker Live Ticket shares of Barrick were down 49 cents, or 1.8%, at $26.73. Placer shares were down 55 cents, or 2.4%, at $22.10. Gold Corp.'s shares were up 68 cents, or 3.4%, at $20.46. All stock quotes were as of 1:55pm EST Thursday.

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