Superior Mining International Corporation
TSX VENTURE : SUI

Superior Mining International Corporation

October 23, 2007 08:30 ET

Superior Mining International Enters Into New Zealand Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2007) - Superior Mining International Corporation (the "Company" or "Superior Mining") (TSX VENTURE:SUI), is pleased to announce that it has entered into an agreement with Ray Thomas and R&M Mining Limited, whereby Ray Thomas and R&M Mining has granted Superior Mining an exclusive option to acquire 100 percent ownership of the mineral permits, licences and applications ("permits") to a mineral property encompassing an area within a radius of 10 km measured from the centre of Ross Township, located in New Zealand.

The Option Period is valid for a period of 60 months, or otherwise will expire on the date all consents approvals and agreements required by the Company to commence mining have been obtained by the Company on terms acceptable to the Company, including landowners' access agreements, or on the completion of a feasibility report by the Company as long as the report is completed with the 60-month period.

Should Superior exercise this option within the above period, it will acquire 100 percent ownership of R&M Mining and its permits and any other further permits. On the closing, which falls 14 days after the date of exercise, and concurrent with the transfer of the R&M Mining shares to Superior Mining, a purchase price of AUD5.5 million plus goods and services tax will be paid to Ray Thomas where the measured and indicated mineral resource defined in the feasibility report contains a minimum of one million ounces of gold on the property. In the event that the measured and indicated mineral resource exceeds one million ounces of gold on the property, the Company will pay to Ray Thomas AUD5.00 for each additional ounce of gold. If the measured and indicated mineral resource defined under a feasibility report contains less than one million ounces of gold on the property during the option period, the Company will pay to Ray Thomas a purchase price based on a formula of AUD5.50 for each ounce of gold.

Qualified Person

The information in this release has been compiled by Superior's Vice President of Exploration Duncan Greenaway B.Sc. & M.Sc. Geology, M AusIMM. Mr. Greenaway has some 30 years of international exploration and mining experience and has sufficient experience relevant to the style of mineralization under consideration and qualifies as a Qualified Person as defined in terms of NI 43-101.

On behalf of the Board of Directors of Superior Mining International Corporation

John Proust, President & CEO

This news release has been prepared by management of the company who takes full responsibility for its contents. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Superior Mining International Corporation
    John Proust
    President & CEO
    (604) 601-2005
    (604) 488-0319 (FAX)