Superior Canadian Resources Inc.
TSX VENTURE : CAD

Superior Canadian Resources Inc.

March 23, 2009 08:00 ET

Superior Reports Proposed Private Placement

CALGARY, ALBERTA--(Marketwire - March 23, 2009) - Calgary, Alberta based Superior Canadian Resources Inc. (TSX VENTURE:CAD) (the Company) today announces a Corporate Private Placement

Corporate Update:

The Company has received approval from the TSX-Venture Exchange (the "Exchange") as to a proposed private placement of up to 25,000,000 shares at $0.01 per share subject to the requirements of Policy 4.1, Private Placements, and the Temporary Relief Measures as detailed in the Exchanges Notice to Issuers dated November 3, 2008.



Initial Placement: $ 250,000 consisting of 500 units valued at $ 500.00 per
unit.

Issuance of: 25 million shares at $ 0.01 per share in units of
$ 500.00 value plus warrants;

Units: 500 units valued at $ 500.00 per unit, consisting of
30,000 flow-through shares and 20,000 common shares for a
total of 50,000 shares

Warrants: Two year warrants based on a per unit basis:

Each warrant unit consists of 50,000 common shares
exercisable at $0.05 cents per share in the first 12
months from closing and $0.10 cents per share in the
second 12 months from closing.

Commission: There is a 10 % commission structure based on total
amount raised under the private placement plus warrants
exercisable over a 24 month period as listed above.


The flow-through portion of the financing will be utilized as an exploration budget comprised of geophysical work at the O'Sullivan Lake gold project and a summer exploration program of till sampling on the Sim Lake project.

Annual General Meeting:

The Board of Directors has set the Annual General Meeting (AGM) for mid May 2009, in Toronto, Shareholder notification of time and place will be distributed in early April 2009.

Trading of Shares:

Trading in the Company's shares has been suspended pending resolution of an issue with its Transfer Agent. This issue is expected to be finalized upon completion of the proposed financing.

About Superior Canadian Resources Inc.

Based in Calgary Alberta, The Company has two mineral exploration projects, (gold, nickel, platinum, palladium & copper) in Northwestern Ontario.

Shares Outstanding: 47,121,918

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

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