Superior Mining International Corporation
TSX VENTURE : SUI

Superior Mining International Corporation

December 15, 2011 08:30 ET

Superior Mining Announces Closing of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2011) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Superior Mining International Corporation (TSX VENTURE:SUI) (the "Company" or "Superior") is pleased to announce that it has closed its unit private placement, which was previously announced on October 28, 2011. Pursuant to the private placement, subscribers purchased an aggregate of 5,835,000 units of Superior at a price of $0.10 per unit for aggregate gross proceeds of $583,500. Each unit consisted of one common share of Superior and one share purchase warrant. Each warrant entitles the holder to purchase one additional common share of Superior for a period of one year at a price of $1.00 per share.

In connection with the private placement, Superior paid a finder's fee of $5,480 in cash and issued 54,800 finder's warrants. Each finder's warrant entitles the finder to purchase one common share of the Company at a price of $0.10 for a period of one year from the closing of the private placement.

The common shares issued in connection with the private placement, and any common shares acquired on the exercise of warrants or finder's warrants issued under the terms of the private placement, will be subject to a statutory hold period expiring on March 19, 2012.

Superior has engaged a geologist to prepare a draft geological report on the Mangalisa project in the Free State of South Africa that discusses the geology, mineralization, historical exploration and the Company's completed Phase 1 and Phase 2 drilling programs on the property as well as providing recommendations for further work. The draft geological report has been received by the Company for reviewing.

Superior is delaying embarking on the drilling program in lieu of reviewing the draft report, subsequently receiving the final, comprehensive version of the report, and reviewing the model for drill targeting in light of the report's findings and recommendations. The proceeds from the private placement will be used to complete the final version of the geological report and to help further the exploration program on the Mangalisa property.

On behalf of the Board of Directors of Superior Mining International Corporation

Brent Butler, President & CEO

The securities described in this press release will not be or have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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