Superior Canadian Resources Inc.
TSX VENTURE : CAD

Superior Canadian Resources Inc.

October 24, 2007 15:52 ET

Superior Canadian Announces Private Placement With MineralFields Group

CALGARY, ALBERTA--(Marketwire - Oct. 24, 2007) - Superior Canadian Resources Inc. (TSX VENTURE:CAD) Superior Canadian Resources Inc. today announced that it has entered into a nonbrokered private placement agreement to raise gross proceeds of up to $ 550,000 through the sale of up to 4,400,000 flow through common share units ("FT Units") at $ 0.125 per unit to the MineralFields Group.

Each FT Unit would consist of one (1) flow through common share and one half (1/2) of a non-flow through share purchase warrant (with a term of 24 months at an exercise price of $ 0.20). The securities issued pursuant to the offering are subject to a four (4) month hold period.

Subject to satisfactory due diligence and receipt of regulatory approval, Limited Market Dealer Group, will receive a cash finders fee of 5 % , and non-flow through finders fee warrants to acquire that number of units equal to 10 % of the number of units subscribed for at an exercise price of $ 0.125 per unit, with each unit consisting of one (1) non-flow through common share and one half (1/2) of a non-flow through share purchase warrant on the same terms as the FT Unit warrant.

Superior's management is pleased to further solidify its relationship with the MineralFields Group and allows the growth and development of the O'Sullivan Lake gold project and Sim Lake Project in North Western Ontario.

The completion of this private placement is subject to regulatory approval.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

About Superior Canadian Resources Inc:

Based in Calgary Alberta, The Company has two mineral exploration projects (nickel, platinum, palladium, copper & gold) in Northwestern Ontario.

Should you wish to receive Company news via email, please email js@superiorcanadian.ca or visit Superior Canadian's website at www.superiorcanadian.ca.

Shares Outstanding: 39,163,118

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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