Superior Mining International Corporation

Superior Mining International Corporation

December 18, 2006 15:01 ET

Superior Mining International Corporation: Pamodzi Gold Limited Lists on the Johannesburg Stock Exchange

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 18, 2006) - Superior Mining International Corporation, formerly "Superior Mining Corporation", ("Superior Mining") (TSX VENTURE:SUI) is pleased to announce that Pamodzi Gold Limited ("Pamodzi Gold") has listed on the Johannesburg Stock Exchange ("JSE"). Pamodzi Gold currently has 41,020,000 shares outstanding and the closing price on December 15, 2006 was 18.7 ZAR (South African Rand) or CDN $3.12 giving Pamodzi Gold a market capitalization of $127,845,666. Superior Mining owns indirectly 17% of Pamodzi Gold, through its interest in joint venture company Middelvlei Gold Investments (Pty) Ltd. The Superior Mining interest in Pamodzi Gold translates into approximately $21,700,000, based upon the Pamodzi Gold market capitalization, or approximately $0.71 per share for each of the 30,587,994 issued Superior Mining shares.

Pamodzi Gold is a member of Pamodzi Investment Holdings, one of South Africa's premier black empowerment groups. The listing provides South African investors with exposure to a producing junior gold mining company with exciting and tangible growth prospects.

Pamodzi Gold owns and operates the Middelvlei property located on the Witwatersrand Basin of South Africa and also owns and operates Bema's Petrex underground and opencast mining operations on the East Rand.

Superior Mining and Pamodzi Resources will continue to seek and develop South African gold exploration and mining opportunities through MGI under the terms of its shareholder agreement, as amended.

On behalf of the Board of Superior Mining International Corporation

John Proust, President & CEO

This news release has been prepared by management of the company who takes full responsibility for its contents. 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 Inc. does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

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