Superior Mining International Corporation
TSX VENTURE : SUI

Superior Mining International Corporation

September 24, 2010 17:56 ET

Superior Mining International Corporation: Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2010) - Superior Mining International Corporation (TSX VENTURE:SUI) (the "Company") is pleased to announce the closing of the previously announced non-brokered private placement (the "Financing") which raised gross proceeds to the Company of $396,000. The Financing, originally announced at 3,000,000 common shares, was oversubscribed and on closing the Company issued a total of 3,300,000 common shares at a price of $0.12 per common share. The Company has paid finders' fees totaling $5,400.00 in cash.

All securities issued in the Financing are subject to a hold period of four months from the date of their issuance under applicable Canadian securities laws.

The proceeds from the private placement will be used to carry out the Company's ongoing bulk sampling activities on its Victory and Victory North properties, to advance exploration on the Ross South Property, to seek a Resource Consent (Mining Permit) and to commence preliminary design and pre-construction work on a processing plant for the Victory properties.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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

"John Proust"

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
    CEO
    (604) 601-2005
    (604) 488-0319 (FAX)
    www.superiormining.com