Superior Canadian Resources Inc.

Superior Canadian Resources Inc.

March 03, 2005 17:24 ET

Superior Canadian Resources Inc.: News Release


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SUPERIOR CANADIAN RESOURCES INC.

TSX VENTURE SYMBOL: CAD

MARCH 3, 2005 - 17:24 ET

Superior Canadian Resources Inc.: News Release

CALGARY, ALBERTA--(CCNMatthews - March 3, 2005) - SUPERIOR CANADIAN
RESOURCES INC. (TSX VENTURE:CAD) (the "Company") has completed it's
review of the results of it's 2004 summer field work program with the
exception of further analytical review of the airborne TEM survey over
both its Aurum Property in the O'Sullivan Lake area and Sim Lake
Property in NW Ontario.

Funding:

The company is currently arranging a non-brokered private placement of
up to a maximum of 600,000 units with each $ 1,000 unit being made up of
6,000 flow through common shares at ($ 0.125 per share) and 3,000 common
shares at ($ 0.0833 per share) and 4,500 non-transferable non-flow
through common purchase warrant exercisable at $ 0.20 per share for a
period of 2 years.

Aurum Property:

An Aeroquest helicopter-borne magnetic and Time Domain Electromagnetic
"TEM" detailed survey was flown in early June 2004 over certain areas of
the claims and has identified new magnetic features and new "TEM"
conductors.

Further ground geophysics and prospecting in area's identified on the
TEM survey, is planned, for the summer of 2005 prior to diamond drilling
of these known conductors.

The Gagnon Occurrence, on the Northeast arm of O'Sullivan lake, has been
examined in detail using prospecting, geophysical and geochemical
methods. The assayed samples yielded up to: 1.63 g/t Au, 34 g/t Ag and
10.7% Cu. Numerous occurrences are found over a strike length of
approximately 900 meters and this zone remains open to the south west.

Sim Lake Project:

The Sim Lake Project is a Cu-Ni-Co-Pt-Pd prospect associated with
gabbroic and mafic intrusive rocks and covers an area of 9,984 ha,
consisting of 40 mining claims.

The Company has completed a follow-up 50 meter spacing helicopter-borne
magnetic and Time Domain Electromagnetic (TEM) survey over the
previously identified TEM anomalies from the 2002 survey on the Sim Lake
claim block deemed worthy of further detailed geophysical coverage.

The Company has contracted Paterson Grant Watson Limited ("PGW") a
geophysical firm in Toronto to review the results of the detailed TEM
survey prior to finalizing plans for the 2005 summer work program.

Management & Director Changes:

The Company wishes to thank Dr. David S. Evans for his efforts during
his term as President and Director as Dr. Evans has resigned due to
pursing his other business activities.

The incoming board of directors consist of David A. Sim, Michael
Marchand Ph.D., P. Geol., T.M.M. (Mac) Bender and Jeffery S. Shier.

David A. Sim has been elected President and CEO, and Dr. Marchand as
Executive Vice President.

This news release contains forward-looking statements which involve
known and unknown risks, delays and uncertainties not under the
Company's control which may cause actual results, performance or
achievements of the Company to be materially different from the results,
performance or expectations implied by these forward-looking statements.

Shares issued & outstanding: 10,838,478

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Superior Canadian Resources Inc.
    David Sim
    CEO and Director
    (403)232-8555
    or
    Superior Canadian Resources Inc.
    Jeff Shier
    Director
    (416) 550-9857
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.