Superior Mining Announces Agreement on Mangalisa Gold Project

Superior Mining International Corporation, (the "Company" or "Superior") (TSX
VENTURE:SUI) is pleased to announce that it has executed an Earn-in Agreement
with IBhubesi Capital (Pty) Ltd ("Ibhubesi"), a private family investment
Company with interests in mineral resources, energy and real estate, based in
Johannesburg, South Africa pursuant to which Ibhubesi can acquire up to a 67%
interest in the Company's Mangalisa project.


The Company currently holds (indirectly through subsidiaries) an 87% interest in
the Mangalisa project. The Earn-in Agreement is structured as a two-stage
transaction.


In the first stage, Ibhubesi has agreed to acquire a 26.8% in the project for
US$1 million. This portion of the Earn-in is subject to a number of conditions,
including: (a) regulatory approval in South Africa for the transfer of an
interest in the Mangalisa project; (b) completion of due diligence by Ibhubesi;
(c) TSXV acceptance; and (d) approval by the shareholders of the Company. The
Company anticipates that this portion of the Earn-in will be completed in
mid-January 2013. 


In the second stage, Ibhubesi has agreed to purchase an additional 40.2%
interest in the project for US$1.5 million. This portion of the Earn-in is
subject to a number of conditions, including: (a) regulatory approval in South
Africa for the transfer of this interest in the Mangalisa project; (b)
expenditure by Ibhubesi of at least $5 million for exploration on the Mangalisa
project; and (c) a determination by Ibhubesi that mining operations on the
Mangalisa project are commercially viable. Ibhubesi will have up to 24 months to
conduct prospecting operations, at Ibhubesi's expense, on the Mangalisa project
in order to determine if mining operations are commercially viable. If any of
these conditions are not satisfied, the Buyer will not be obligated to complete
this portion of the Earn-in. 


Upon completion of the foregoing transactions, Ibhubesi will own a 67% indirect
interest in the Mangalisa project and the Company will own a 20% indirect
interest. The remaining 13% interest will be owned by an arm's length South
African party. Ibhubesi may negotiate separately with the owner of the 13%
interest to acquire that interest, thereby increasing its interest to up to 80%.
Upon completion of the acquisition of an interest in the project, the Company
and Ibhubesi will operate the project as a joint venture.


The Mangalisa gold uranium project lies over potential eastward extension of the
western limb of the Witwatersrand basin that has produced over 1.8 billion
ounces of gold over the last 100 years. The prospecting permit of 195.8 km2 is
located 25km east of the town of Welkom, Free State Province, Republic of South
Africa.


The project southern boundary is approximately 10km north of Harmony's operating
Masimong gold mine that produces approximately 138,000 ounces of gold annually.
The project's strike length is approximately 18km long and remains to be one of
the last significantly under explored properties in the Free State goldfield.


Superior began exploring at Mangalisa in 2009 and was successful in intersecting
a gold bearing quartz conglomerate typical of the reefs found the Witwatersrand
basin. A press release on February 17th, 2009 announced the following
significant results:




PG-1 / 12      776.32 - 776.77 (0.45 m) @ 45.8 g/t Au & 3.79 kg/t U   
(Inc)          776.56 - 776.77 (0.21 m) @ 91.8 g/t Au & 7.24 kg/t U   
PG-1 / 13      776.13 - 776.45 (0.32 m) @ 51.1 g/t Au & 4.27 kg/t U   



During 2010, Superior attracted a joint venture partner that was also successful
intersecting the reef. A press release on June 30th, 2011 announced the
following result:




ERF -7         874.10 - 84.39 (0.29 m) @ 36.6 g/t Au & 0.24 kg/t U    



A total of 10 cores from the 2009 and 2010 drill programs were drilled for
8,000m with 39 deflection holes drilled for 2,002m.


Due to limited funds, no further work was carried out and Superior began looking
for another joint venture partner to advance the project. The mineralization
remains open and a Phase 3 program has been planned.


Update on New Zealand

Superior has relinquished the last of its remaining gold alluvial projects in
New Zealand. The Collingwood and Victory properties were surrendered while the
Ross South Project was sold to a private Australian Company, Southland
Agribusiness Holdings Pty Ltd, for AUD$10,000 and a sliding scale royalty on
production. The first year is at 7%, the second year at 3%, and the following
year at 1%, and thereafter zero. Southland has considerable experience in the
alluvial operations.


Superior will now continue to further explore its Redcastle project in Western
Australia once the recent soil sampling results have been received and evaluated
for drill targeting.


Superior will continue to review other opportunities to build on its current
exploration portfolio.


Brent Butler, Chief Executive Officer and President, commented: "This is a major
milestone for the Company in attracting a well-funded local private Company that
is keen to drill the already planned Phase 3 drill program. This also gives a
significant boost to the Company's treasury and allows the Company to focus on
its Redcastle project."


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

Brent Butler, President & Chief Executive Officer

THIS NEWS RELEASE HAS BEEN PREPARED BY THE MANAGEMENT OF THE COMPANY, WHICH
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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Superior Mining International Corporation
Brent Butler
President & Chief Executive Officer
(604) 601-2005
(604) 488-0319 (FAX)
info@superiormining.com
www.superiormining.com
Superior Mining (TSXV:SUI)
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