Superior Canadian Resources Inc.

Superior Canadian Resources Inc.

July 09, 2007 15:26 ET

Superior Canadian to Focus on It's Mining Assets

CALGARY, ALBERTA--(Marketwire - July 9, 2007) - Superior Canadian Resources Inc. (TSX VENTURE:CAD) today announced that as part of management's plan is to re-focus on its core assets, being the two mining properties located in Northwestern Ontario. The Company will not be proceeding with the proposed purchase of oil and gas properties as announced in a previous press release # 09-2006 dated November 27, 2006, from Sonalta Resources Inc.

The proposed acquisition was to acquire a further 25% working interest in lands ( 1,840.85 acres) purchased at BLM and State of Montana land sales during 2005 and a 25% working interest in a separate land package comprising of 1,460.39 acres of both freehold and BLM mineral leases. The acquisition price was set at $1,300,000 (US Funds) comprised of a cash payment of $300,000( US Funds) and the issuance of a one year convertible debenture at 6% per annum interest, convertible into 6,971,000 common shares at a deemed value of $0.175 cents for the balance owing of $1,000,000 (US Funds).


The Company has been able to obtain the majority of its current financings from flow-through share offerings which are applicable to exploration expenditures on Canadian properties only as announced in recent press releases during the first quarter of 2007. The Company is using these funds for their mining properties in Northwestern Ontario.

O'Sullivan Lake Project (Au-Cu)

O'Sullivan Lake Project is located adjacent to a past producing gold mine in the O'Sullivan Lake and Maun Lake areas of northern Ontario located 280 km northeast of the city of Thunder Bay and 45 km northwest of the town of Nakina, Ontario. The project covers 5,376 hectares (336 units) with 27 contiguous unsurveyed, unpatented mining claims accessible by Highway 643 from the town of Nakina. The 2007 summer program is well underway with priority being line cutting a grid.

Sim Lake Project (Ni-Co-Cu-PGE)

The Sim Lake Project consists of 37 unpatented, unsurveyed mining claims totaling 552 units, comprising approximately 8,832 hectares located 340 km northeast of Thunder Bay Ontario. Access to the SW corner of the Sim Lake Project is via a forestry access road.

The Company's management is currently reviewing the present status of its oil and gas assets in Central Alberta and the acreage (1,840.85) in South Central Montana in which the Company thru its whole owned subsidiary Koro USA Inc. currently holds a 25% working interest to determine the best value for shareholders.

Shares Outstanding: 25,070,118.

The TSX Venture Exchange has reviewed and does accept responsibility for the adequacy or accuracy of this release.

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