Superior Canadian Resources Inc.

Superior Canadian Resources Inc.

November 30, 2006 10:03 ET

Superior Raises $100,000 in Private Placement; Engages CHF Investor Relations

CALGARY, ALBERTA--(CCNMatthews - Nov. 30, 2006) - Superior Canadian Resources Inc. (TSX VENTURE:CAD) today reported that it has entered into a private placement financing arrangement with certain insiders of the Company. The insider group consists of three (3) directors and an officer of the Company. The proceeds from the private placement will be used to fund the Company's current ongoing mineral exploration program on the Aurum Gold Project in Northwestern Ontario and for general working capital.

Subject to TSX Venture Exchange approval, the private placement consists of 200 units, with each unit consisting of 5,000 common shares at $0.10 cents per share and one half common share purchase warrant exercisable at $0.20 cents per share for a period of one year.

The insider group intends to sell up to 1 million free trading common shares of the Company through the facilities of the TSX-Venture Exchange to purchasers organized by Jennings Capital Inc. The insiders will apply the net proceeds of the sale to fund the minimum private placement. As a fee for organizing the purchasers for the free trading common shares, Jennings Capital Inc., will receive a 100,000 common share purchase warrants exercisable at $0.20 cents per share for a period of one year.

The Company also announced today that it has retained the services of CHF Investor Relations (Cavalcanti Hume Funfer Inc.) of Toronto and Calgary, Canada's longest established and one of its most respected IR firms.

Dave Sim, President and CEO, commented "We are committed to proactively building investor awareness of Superior Canadian's exciting resource interests and growth potential. Having CHF Investor Relations lead us in our endeavours, we believe, is the most effective and efficient course to take."

Commencing immediately, subject to TSX Venture Exchange approval, CHF will provide investor relations and market-making services for a term of twelve (12) months. Upon successful completion of the contract on November 27, 2007, services may continue in the absence of written notice by either party on a month to month basis thereafter whereby termination would require three months' prior notice in writing.

CHF will receive a monthly fee of $7,500, plus approved disbursements. CHF will upon engagement, and subject to Board and regulatory approvals, receive a stock option package of 324,000 CAD shares priced at $0.20 per share, valid for five years. These non-assignable, non-transferable options are subject the dictates of the Company Stock Option Plan and the usual vesting rules of the Exchange. In the event of termination of this agreement, any outstanding options would expire after 30 days, as dictated by the rules of the TSX Venture Exchange.

CHF's investor relations services are delivered in accordance with TSX Venture Exchange Policy 3.4.

About Superior Canadian Resources Inc.

Based in Calgary Alberta, The Company has two mineral exploration projects (nickel, platinum, palladium, copper & gold) in Northwestern Ontario and through its wholly-owned oil & gas subsidiary, Koro Energy Inc., has revenue generating interests in oil & gas projects in Alberta and Montana.

About CHF Investor Relations

CHF Investor Relations, a proactive, results-driven firm, offers premium IR service to an international portfolio of client companies operating in a broad range of industries including mineral producers, mining exploration and development, high-tech, biotechnology, oil and gas and special situations. CHF provides comprehensive IR representation to the Canadian audience through their offices in Toronto and Calgary. For more information, please visit their website at

Shares issued & outstanding: 16,970,468

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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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