June 15, 2012 at 21:30 PM EDT
Superior Mining Announces Release of the Geology and Technical Report on Its Mangalisa Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/15/12 -- Superior Mining International Corporation (the "Company" or "Superior") (TSX VENTURE: SUI) is pleased to announce that it has prepared a Geological and Technical report (the "Report") on its flagship Mangalisa Project located in the Free State Goldfield in South Africa's Witwatersrand Basin.
The Mangalisa gold-uranium project, which is wholly owned by Superior, is located approximately 10 kilometres north from the Masimong gold mine opened in 1987 by Anglo American Plc and now operated by Harmony Gold Ltd.
The Report has been written to the standard outlined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") reporting guidelines. The Report was prepared by Ingram Consulting, located in Johannesburg, South Africa. The Report provides a detailed review of the geology and exploration history of the Mangalisa property, and the Company's exploration activities over two drilling campaigns in 2009 and 2010, together with recommendations for further work. The report was authored by Mr. Robert H. Ingram, PriSciNat, Geological Consultant, and a Qualified Person as defined by NI 43-101.
Superior's exploration program on the Mangalisa property is targeting late Archaean, Central Rand Group sediments that traditionally host gold-uranium-bearing conglomerate reefs.
Mr. Ingram has considerable experience in Witswatersrand goldfields, including the Loraine Gold Mine, which hosts a similar geological profile to Superior's Mangalisa property.
Superior's first drilling program on the western side of the Mangalisa property intersected a Witwatersrand reef not previously encountered in the area at a comparatively shallow depth of 780 metres below the surface. The reef was inferred to be an equivalent of the Beatrix reef, and was named the Erfenis Reef. The Company's second drilling program confirmed both the stratigraphic continuity of the reef and the presence of significant gold and uranium values in this zone.
The Report states that, in the opinion of Mr. Ingram, "it is clear that Superior Mining International Corporation has made a significant discovery." The Report points out that the geological evidence to date supports the concept that a Target-type Eldorado fan deposit may be present on the property. It concludes that a program of further exploration by way of additional drilling is justified.
Superior seeks to carry out the additional drilling, referred to as the "proximal target phase", as soon as possible. Superior proposes to drill a fan array of boreholes targeting the auriferous proximal facies of the Eldorado-fan type deposit. These so-called 'mother and daughter holes' will allow an assessment of the geological structure, dip continuity, extent and tenor of the gold mineralization.
A follow-up drill program of closer spaced holes would be required to provide a level of confidence for geostatistical purposes and for resource estimation.
The Mangalisa geology and technical report can be obtained from the Company's web site at:
Mr. Robert H Ingram, PriSciNat, Geological Consultant, and a Qualified Person as defined by NI 43-101, and an arm's length consultant to the Company, has reviewed and approved all of the geological, scientific and technical information contained in this news release.
Superior announces that Mike Andrews has resigned as Director of Superior to pursue other interests. The Company thanks Mr. Andrews for his input to Superior. Mr. Andrews remains as a substantial shareholder of Superior.
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.
Forward Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the further exploration and development of its Mangalisa property, including the planned proximal target phase drilling discussed in this news release. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including the ability of the Company to conduct further financing activities, changes in project parameters as plans continue to be refined; future prices of minerals, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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