Superior Canadian Resources Inc.

Superior Canadian Resources Inc.

November 14, 2007 14:16 ET

Superior Canadian Announces Closing Private Placement With MineralFields Group

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2007) - Superior Canadian Resources Inc. (TSX VENTURE:CAD) today announced completion of a $ 527,850 non-brokered private placement financing with MineralFields Group of Toronto, a leading mining fund. This is the second Superior Canadian Resources Inc. financing with MineralFields in 2007.

Gross proceeds of $527,850 were received in consideration of the issuance of 4,222,800 flowthrough units at a price of $0.125 per unit. Each FT Unit consists 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 and an exercise price of $ 0.20). The securities issued pursuant to the offering are subject to a four
(4) month hold period ending March 5, 2008.

Superior Canadian Resources Inc. paid finder's fees to Limited Market Dealer Inc. in the amount of a cash commission equal to 5% of the proceeds and granted 422,280 non-transferable finder's options, each exercisable at $0.125 per option until November 5, 2009 to acquire a unit of the Company's securities. Each unit is comprised 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.

Proceeds of the private placement will be used to fund the exploration and development program to advance Superior's holdings of the O'Sullivan Lake gold project and Sim Lake Project in North Western Ontario.

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 harddollar 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 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 or visit Superior Canadian's website at

Shares Outstanding: 43,705,918

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

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