Superior Canadian Resources Inc.

Superior Canadian Resources Inc.

August 02, 2005 13:02 ET

Superior Canadian Resources Inc.: News Release

CALGARY, ALBERTA--(CCNMatthews - Aug. 2, 2005) - SUPERIOR CANADIAN RESOURCES INC. (TSX VENTURE:CAD) (the "Company") is pleased to announce that its whole-owned subsidiary Koro Energy Inc. has entered into a Confidentiality Agreement with a major independent oil and gas producer based in Denver Colorado. The Confidentiality Agreement covers the recently acquired lands in Montana as announced in Press Release # 06-05 of July 13, 2005. Koro Energy Inc. owns 25 % of the newly acquired lands.

The Confidentiality Agreement incorporates the sharing of each others geological and engineering information so that further evaluation and/or participation in the development of multiple heavy oil and gas prospects over a ten section area (6,400 acres) of lands in South Central Montana.

Koro Energy's President, Jeffrey Shier, has assembled a geological and engineering consulting team to work on this exciting project and views this opportunity as a "major development for the company in the oil and gas business".

Summer field exploration programs continue on both mineral properties located in North Western Ontario. Recently completed prospecting of Sim Lake Project has located rocks favourable to hosting nickel, copper and PGM mineralization. Samples are presently being processed at the assay lab. It has been determined that the TEM anomalies (Press Release 06-05-July 13, 2005) are all located under swampy areas.

The Company anticipates diamond drilling these anomalies in late fall / early winter pending analytical reports.

The Company also announces, subject to regulatory approval, it has granted 1,000,000 common share purchase options to officers, directors, and consultants. The options will expire on August 02, 2010 and have an exercise price of $ 0.20 per share.

"On Behalf of the Board"

D.A. Sim President -

Shares issued & outstanding: 16,838,478

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.

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

Contact Information

  • Superior Canadian Resources Inc.
    David Sim
    President and Director
    (403) 232-8555
    Superior Canadian Resources Inc.
    Jeff Shier
    (416) 550-9857