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Superior Mining International Enters Into New Zealand Agreement


October 23, 2007

Vancouver, British Columbia: Superior Mining International Corporation (the “Company” or “Superior Mining”), is pleased to announce that it has entered into an agreement with Ray Thomas and R&M Mining Limited, whereby Ray Thomas and R&M Mining has granted Superior Mining an exclusive option to acquire 100 percent ownership of the mineral permits, licences and applications (“permits”) to a mineral property encompassing an area within a radius of 10 km measured from the centre of Ross Township, located in New Zealand.

The Option Period is valid for a period of 60 months, or otherwise will expire on the date all consents approvals and agreements required by the Company to commence mining have been obtained by the Company on terms acceptable to the Company, including landowners’ access agreements, or on the completion of a feasibility report by the Company as long as the report is completed with the 60-month period.

Should Superior exercise this option within the above period, it will acquire 100 percent ownership of R&M Mining and its permits and any other further permits. On the closing, which falls 14 days after the date of exercise, and concurrent with the transfer of the R&M Mining shares to Superior Mining, a purchase price of AUD5.5 million plus goods and services tax will be paid to Ray Thomas where the measured and indicated mineral resource defined in the feasibility report contains a minimum of one million ounces of gold on the property. In the event that the measured and indicated mineral resource exceeds one million ounces of gold on the property, the Company will pay to Ray Thomas AUD5.00 for each additional ounce of gold. If the measured and indicated mineral resource defined in a feasibility report contains less than one million ounces of gold on the property during the option period, the Company will pay to Ray Thomas a purchase price based on a formula of AUD5.50 for each ounce of gold.

Qualified Person

The information in this release has been compiled by Superior’s Vice President of Exploration Duncan Greenaway B.Sc. & M.Sc. Geology, M AusIMM. Mr. Greenaway has some 30 years of international exploration and mining experience and has sufficient experience relevant to the style of mineralization underconsideration and qualifies as a Qualified Person as defined in terms of NI 43-101.

On behalf of the Board of Directors of

Superior Mining International Corporation

“John Proust”

John Proust
President & CEO

For more information please contact:

Superior Mining International Corporation
C/o John Proust, CEO
Telephone: (604) 601-2005
Fax: (604) 488-0319

 

All of Superior Mining International's news releases made prior to January 2007 can be found on the System for Electronic Document Analysis and Retrieval (SEDAR) at http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00007879

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