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Superior Mining Confirms $2.5 Million Private Placement


October 28, 2011

Vancouver, British Columbia: Superior Mining International Corporation (the “Company” or “Superior”) confirms that, further to its news release dated September 29, 2011, and subject to regulatory approval, it is proceeding with a non-brokered private placement of up to 25,000,000 units at $0.10 per unit, for gross proceeds of up to $2,500,000.  Each unit will consist of one common share of the Company and one share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of one year at a price of $1.00 per share.

The Company also confirms that the terms of the finder’s fees as disclosed in the September 29, 2011 news release remain the same.

The proceeds from the private placement will be used to conduct further drilling on the Company’s Mangalisa property in the Free State of South Africa. 

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

“Brent Butler”

Brent Butler
President & CEO

For more information please contact:
Superior Mining International Corporation
Brent Butler, President & CEO
Telephone: (604) 601-2005  Fax: (604) 488-0319  
Email: info@superiormining.com     

 

The securities described in this press release will not be or have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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. 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.

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will be, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release and the Company does not undertake to update any forward-looking statements that are contained in this news release, except in accordance with applicable securities laws. In addition, this news release may contain forward-looking statements attributed to third party industry sources.

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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