Superior Mining International Corporation
TSX VENTURE : SUI

Superior Mining International Corporation

October 28, 2011 15:07 ET

Superior Mining Confirms $2.5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 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") confirms that, further to its news release dated September 29, 2011, and subject to regulatory approval, it is proceeding with a non-brokered private placement of up to 25,000,000 units at $0.10 per unit, for gross proceeds of up to $2,500,000. Each unit will consist of one common share of the Company and one share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of one year at a price of $1.00 per share.

The Company also confirms that the terms of the finder's fees as disclosed in the September 29, 2011 news release remain the same.

The proceeds from the private placement will be used to conduct further drilling on the Company's Mangalisa property in the Free State of South Africa.

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.

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.

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the words "will be", "intends" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release and the Company does not undertake to update any forward-looking statements that are contained in this news release, except in accordance with applicable securities laws. In addition, this news release may contain forward-looking statements attributed to third party industry sources.

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