Superior Canadian Resources Inc.
TSX VENTURE : CAD

Superior Canadian Resources Inc.

April 23, 2007 11:12 ET

Superior Canadian Announces Private Placement With MineralFields Group

CALGARY, ALBERTA--(CCNMatthews - April 23, 2007) - Superior Canadian Resources Inc. (TSX VENTURE:CAD) today announced that it has entered into a non-brokered private placement agreement to raise gross proceeds of $556,250.00 through the sale of 4,450,000 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 4 month hold period.

Subject to satisfactory due diligence and receipt of regulatory approval, Limited Market Dealer Inc. 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.

"We are very pleased to be entering into this relationship with MineralFields Group", said David Sim, President and CEO. "This is an important milestone in the growth of Superior Canadian and we look forward to working with MineralFields Group as we develop our mineral holdings in the O'Sullivan Lake and Sim Lake regions."

About MineralFields Group and Pathway

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 the MineralFields group is available at www.mineralfields.com.

About Superior Canadian Resources Inc.

Based in Calgary Alberta, Superior Canadian has two mineral exploration projects (nickel, platinum, palladium, copper & gold) in Northwestern Ontario and through its wholly-owned oil & gas subsidiary, Koro Energy Inc., has revenue generating interests in oil & gas projects in Alberta and Montana.

Should you wish to receive Company news via email, please email catarina@chfir.com and specify "Superior Canadian" in the subject line or visit Superior Canadian's website at www.superiorcanadian.com.

Shares Outstanding: 17,970,468

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

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