Superior Canadian Resources Inc.
TSX VENTURE : CAD

Superior Canadian Resources Inc.

September 10, 2007 09:30 ET

Superior Canadian Announces Private Placement With Union Securities Ltd.

CALGARY, ALBERTA--(Marketwire - Sept. 10, 2007) - Superior Canadian Resources Inc. (TSX VENTURE:CAD) today announced that it has signed an agency agreement with Union Securities Ltd. to act as agent on a best efforts basis to arrange a brokered public offering to raise up to $ 1,500,000 by way of a Private Placement.

Through its agent, The Company will offer up to a maximum of 12 million units priced at $0.125 per unit. Each unit will consist of one flow-through common share unit and one-half of a common share purchase warrant. Each full warrant will entitle the holder to purchase one common share of the Corporation ("Warrant Share") at a price of $0.20 per share for a period of 24 months.

Union Securities Ltd. (the" Agent") has agreed, subject to satisfactory due diligence and receipt of regulatory approval, to act as agent for the Private Placement on a best efforts basis and will receive a cash commission equal to 10% of the gross proceeds received by the Corporation. The Agent will receive an option to purchase that number of units equal to 10% of the units sold exercisable at a price of $0.125 per unit for a period of 24 months following the closing of the Offering.

The Company currently owns 27 claims (5,376 hectare area), which adjoin the past gold producing O'Sullivan Lake Mine property, in the O'Sullivan Lake area which is situated approximately 300 km north east of Thunder Bay Ontario and is accessible via a local road network.

The Company will use the proceeds to fund its ongoing mineral exploration programs including planned diamond drilling on the O'Sullivan Gold Mine Property and projected extension of the gold bearing structure. The gold bearing structure has been interpreted to strike onto the 100 % owned Company lands by our independent geological consultant who has reviewed all of the technical data gathered by the Company over the past four years. To prepare for the upcoming diamond drilling program in this part of the project area, a widespread grid is being established, so that magnetic and electromagnetic surveys can be used to properly identify the structure and refine anticipated drill targets.

As to further results of the ongoing 2007 summer work program on the O'Sullivan Lake Project area, multiple diamond drill holes, have been selected for drilling this coming fall / winter in the Kowkash area. These planned diamond drill holes will evaluate the interpreted strike and width of mineralization found during past diamond drilling programs during 1959 & 1980's.

This press release has been reviewed and approved by J. Garry Clark, P. Geo., a Qualified Person pursuant to National Instrument 43-101.

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.com or visit Superior Canadian's website at www.superiorcanadian.com.

Shares Outstanding: 25,070,118

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

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