Superior Mining International Corporation

Superior Mining International Corporation

June 30, 2011 08:30 ET

Superior Mining Announces Property Ownership Update and Encouraging Gold-Uranium Drilling Results on its Mangalisa Project in South Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2011) - Superior Mining International Corporation, (the "Company" or "Superior") (TSX VENTURE:SUI) announced today the following ownership and exploration updates after the completion of the Phase 2 drilling at its Mangalisa Project in South Africa, which returned encouraging gold-uranium drilling results from the Erfenis Reef Zone.

Pursuant to an April 2010 agreement, Minco Mineral Holdings (Pty) Limited ("Minco") had an option to acquire an effective 66.6% interest in the Company's Mangalisa Project by spending USD $10 million on the project, of which USD$5 million had to be spent by April 2011. By the April 2011 milestone date, Minco had failed to meet the minimum exploration expenditure requirement and as a result they have forfeited the right to acquire an interest in the Mangalisa property.

The Company has now received the results of the drilling carried out by Minco pursuant to the option agreement. The results confirm the presence of high gold and uranium values in a Witwatersrand quartz pebble conglomerate reef, north east of Welkom. Phase 1 drilling included reopening the Gencor discovery hole (PG.1) and drilling a number of deflections. The Phase 2 drilling program was a follow-up to determine the geological and structural setting of this mineralisation. Six holes were drilled, each to a depth of approximately 1,000 m, with four holes intersecting the Erfenis Reef Zone, including hole PG.1.

Significant intersections are described below:

ERF.7 874.10 - 84.39 (0.29 m) @ 36.6 g/t Au & 0.24 kg/t U
PG.1/12 776.32 - 776.77 (0.45 m) @ 45.8 g/t Au & 3.79 kg/t U
(including) 776.56 - 776.77 (0.21 m) @ 91.8 g/t Au & 7.24 kg/t U
PG.1/13 776.13 - 776.45 (0.32 m) @ 51.1 g/t Au & 4.27 kg/t U

PG.1: Re-opened 1998 drill hole (UMT: 35J, X: 3,080,224, Y: 0,011,792, elevation: 1,395 m AMSL, Direction: 263 degrees, Inclination: 85 degrees).

Deflections 0 to 10 were drilled in 1988. Core was not recovered from Deflection 11.

At least ten individual conglomerate bands were intersected, over a core width of some 11 m; the true width is approximately 5.5 m. This is commonly encountered in the Elsburg geological environment. These intersections confirmed the belief held by Superior that the Erfenis Reef intersected in PG.1 was not an isolated occurrence and that further drilling could extend the high-grade reef. The gold-uranium association noted in the previous drilling program appears to persist in the Phase 2 drilling.

The boreholes were piloted by percussion drilling to depths between 330 and 400 m. Some 30 m of Karoo sediments were intersected, followed by Ventersdorp Super Group volcanic rocks, which are ubiquitous in the area. This was followed by exploratory diamond drilling with two diamond drill rigs. Once the target mineralization was intersected, the pilot holes were supplemented with a series of deflections to produce multiple reef intersections. A total of 25 deflections were drilled from the PG.1 and the Phase 1 and Phase 2 mother holes.

The drilling program was funded by Goldcorp Incorporated (a private company incorporated under the laws of Guernsey), a wholly owned subsidiary of Minco. The Phase 2 drilling program was managed by Kernow Exploration of Randburg, South Africa, a subsidiary of Minco.

Qualified Person and Quality Control and Assurance

Brent Butler, President and CEO of Superior Mining International Corp., is the qualified person under National Instrument 43-101 and has reviewed the contents of this news release.

On behalf of the Board of Superior Mining International Corporation,

John Proust, Executive Chairman

Forward Looking Statements

This news release contains forward looking statements relating to expected or anticipated future events and operations, timing of projects and anticipated results that are forward looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement future plans. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. There is no representation by the Company that actual results achieved during the forecast period will be the same in whole or in part as that forecast.

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