Superior Canadian Resources Inc.
TSX VENTURE : CAD

Superior Canadian Resources Inc.

October 23, 2007 17:11 ET

Superior Canadian Closes SFOD Financing and Commencement of Drilling

CALGARY, ALBERTA--(Marketwire - Oct. 23, 2007) - Superior Canadian Resources Inc. (TSX VENTURE:CAD) Superior Canadian Resources Inc. through its agent Union Securities Ltd. closed the Short Form Offering Document to investors in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, and Nova Scotia on October 3, 2007. Total gross proceeds of $ 359,600 were raised.

The Company issued 3,596,000 units with each unit consisting of one common share and onehalf nontransferable share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $ 0.20 for a period of 24 months. Agent's compensation included a cash commission of 10 percent of the gross proceeds and 359,600 nontransferable warrants exercisable to purchase one unit at $ 0.10 per unit for a period of 24 months, each such unit having the same terms as the offered units.

Current Flow Through Financing Status:

The Company also announces that further to its news release of September 10, 2007, the Company has revised its flow through private placement so as to offer up to 13,600,000 "flowthrough" units of the Company at $ 0.125 per unit for total gross proceeds of up to $ 1,700,000 Canadian.

Each unit will be issued on a flow through basis and comprises of one common share of the Company issued on a flowthrough basis and onehalf of one share purchase warrant. Each whole warrant will be exercisable into one common share at a price of $ 0.20 per share for a period of 24 months for the date of issue of the warrants.

The first closing of this financing has occurred today with gross proceeds of $ 1, 233,500 raised, to be used for the diamond drilling program, on the O'Sullivan Lake gold project. The second tranche of this financing is scheduled to close on or before November 08, 2007.

SUPERIOR HAS FINALIZED AND EXECUTED A DIAMOND DRILL CONTRACT that stipulates a minimum of 2,000 metres of drilling on its O'Sullivan Lake gold project which will commence in the next few days.

The drilling will occur on its 100 % owned 27 staked claims and on contiguous patented lands that are (covered under an exploration agreement) hosting the past producing Consolidated Louanna Gold mine. The property is situated in the northeast portion of the BeardmoreGeraldton gold belt approximately 300 km north east of Thunder Bay Ontario. (Visit the Company's website at www.superiorcanadian.ca for further details).

Previous mining at the Louanna mine site has occurred in the early 1980's above the 350 foot depth. This work using a decline and the historical shaft produced 15,400 oz. of gold from 70,000 tons of ore (Ministry of Northern Development and Mines (MNDM) open file report # 5630 1986).

The reports quoted from MNDM files are not 43101 compliant, but the Company believes that they are reliable for these reporting purposes.

General geology, mineralization and structure according to MNDM reports of 1955 & 1986 state:

"(Gold mineralization occurs in two parallel quartz veins hosted in quartzfeldspar porphyry emplaced in sheared mafic tuffs. Rocks exposed on the property are chiefly pillowed lava and metadiabases, which are cut by a variety of quartz porphyry dikes and several diabase dikes. Two narrow bands of highly sheared, more or less silicified, and mineralized tuffs occur interbedded with the lavas and they strike in a general east or eastsoutheastly direction.)"

The present diamond drill program will focus on testing the extensions of the gold bearing structures on strike and down dip of the previously mined areas and continuation of the structures on the 100 % owned Company lands.

The diamond drilling program that has been designed by and will be under the direct supervision of Des Cullen P. Geol and Garry J. Clark P. Geol (QP - NI 43101).

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: 29,071,118

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

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