Northern Superior Resources Inc.
TSX VENTURE : SUP

Northern Superior Resources Inc.

July 28, 2009 10:03 ET

Northern Superior Resources Inc. (TSX VENTURE:SUP) Announces Financing With the MineralFields Group

SUDBURY, ONTARIO--(Marketwire - July 28, 2009) - Northern Superior Resources Inc. (the "Company") (TSX VENTURE:SUP) is pleased to announce that it has negotiated a private placement with the MineralFields Group raising $1,000,000 of proceeds (the "Financing"). The funds raised are to be utilized to further exploration work on the Company's Wachigabau gold project in Quebec.

"We are very pleased to be entering into this relationship with MineralFields Group", said Thomas F. Morris, President and CEO. "This is an important milestone in the growth of the Company and we look forward to working with the MineralFields Group as we continue to develop Wachigabau".

In connection with the Financing, the Company will issue to subscribers, 10,000,000 units of the Company at a price of $0.10 per unit. Each unit will be comprised of one (1) flow-through common share of the Company and one-half (1/2) of a share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one (1) non flow-through common share of the Company for a period of 2 years from the closing of the Financing, at a price of $0.16 per share in the first year and at a price of $0.20 per share thereafter.

For arranging the Financing, Limited Market Dealer Inc. will be paid a cash commission of 5% of the gross proceeds and will receive options entitling it to purchase 1,000,000 units of the Company. Each unit issuable to Limited Market Dealer Inc. will be exercisable for a period of 2 years at a price of $0.10 per unit and will be comprised on one (1) non flow-through common share of the Company and one-half (1/2) of a warrant. Each whole warrant will be exercisable on the same terms as the warrants to be issued to subscribers of the Financing.

The TSX Venture Exchange has conditionally approved the Financing, subject to the Company completing certain additional filing requirements.

About Northern Superior Resources Inc.

Northern Superior Resources Inc. is a junior exploration company whose focus is exploring for gold on the Superior Province of the Canadian Shield. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada 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 (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

For Investors

This press release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the Company currently foresees. Discussion of the various factors that may affect future results is contained in the Company's recent filings, available on SEDAR.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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