Superior Mining International Corporation

Superior Mining International Corporation

October 20, 2010 08:30 ET

Superior Mining Announces Drilling Update on Mangalisa Project in South Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2010) - Superior Mining International Corporation (TSX VENTURE:SUI), (the "Company") is pleased to provide an update on its Mangalisa Project ("Mangalisa" or the "Project") in South Africa. As announced on May 12, 2010, Superior entered into an option/joint venture agreement with Minco Mineral Holdings (Pty) Limited ("Minco") and Goldcorp Incorporated, a private company incorporated under the laws of Guernsey and a wholly owned subsidiary of Minco ("Goldcorp"). 

Under the terms of the option/joint venture agreement, Goldcorp can acquire 90% of Superior's directly held interest in Turquoise Moon Trading 403 (Pty) Limited ("TMT"), which holds the exploration rights to Mangalisa. If Goldcorp fully exercises its option by spending USD $10 million on the development of Mangalisa, then the Company will retain a 23% direct and indirect interest in the Project. 

In May 2010, Goldcorp commenced an eight hole drilling program to a planned depth of approximately 1,000 m per drill hole. The drilling program is being managed by Kernow Exploration of Randburg, South Africa, a subsidiary of Minco. 

Phase 1 of the current drilling program consists of four drill holes which will each consist of a mother hole and four or more deflections per hole if warranted. Percussion pilot drilling and diamond core drilling of the four mother holes has been completed. Confirmation of the reef intersection in these holes await stratigraphic and assay laboratory results.

To view "Figure 1: Location of Phase 1 drilling in relation to Discovery Hole PG1", please visit:

Superior intends to release assay results for all four drill holes and deflections upon completion of the Phase 1 drilling program and receipt of the results from the lab. This will happen once the deflection drilling program has been completed and the results have been verified.

A further four diamond-drill holes are planned to complete Phase 2 of the current exploration. The locations of the four Phase 2 drill holes will be determined once the results of the Phase 1 program have been analyzed.

Qualified Person and Quality Control and Assurance

Rod Tucker, MSc., PrSciNat, Managing Director of Kernow Exploration, is responsible for management and oversight of the drilling, sampling, and assaying, as well as quality assurance and quality control on behalf of Goldcorp. Dr. David Stone, P.Eng. and a director of the Company, is Superior's Qualified Person as that term is defined in NI 43-101. Dr. Stone has reviewed and approved the contents of this news release.

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

John Proust, President & CEO

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved of the contents of this press release. 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.

Contact Information

  • Superior Mining International Corporation
    John Proust
    (604) 601-2005
    (604) 488-0319 (FAX)