SUPERIOR RESOURCES LIMITED — Capital/Financing Update 2007

Nov 7, 2007

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Superior Resources Limited

ABN 72 112 844 407

Registered Office: Level 2, 87 Wickham Terrace, Spring Hill, QUEENSLAND, 4000. Postal Address: PO Box 10288, Brisbane Adelaide Street, QUEENSLAND, 4000. Telephone: 07 3839 5099 Facsimile: 07 3832 5300 Email: manager@superiorresources.com.au

ASX Limited Level 5 Riverside Centre 123 Eagle Street Brisbane QLD 4001

RE: UPDATED STATEMENT OF COMMITMENTS BASED ON FUNDS RAISED UNDER THE PROSPECTUS

Funds raised under the prospectus totalled $4,427,400.

A summary of the proposed two year exploration budget is as follows.

ProjectDajarra ProjectInca ProjectNicholson ProjectMyallyProjectVictor Project*Sub-Totals	First Year$870,000$384,000$291,000$86,000$90,000$1,721,000	Second Year$580,000$554,000$278,000$150,000$150,000$1,712,000	Totals$1,450,000$938,000$569,000$236,000$240,000$3,433,000
Administration	$380,000	$395,000	$775,000
Expenses of the Offer	$433,000	-	$433,000
Totals	$2,534,000	$2,107,000	$4,641,000

• Conditional on granting of this tenement.

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K J Harvey Director