SUPERIOR RESOURCES LIMITED - Capital/Financing Update 2009

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: [email protected]

1 July 2009

The Manager Company Announcements Office Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000

DRILLING COMMENCES AT THE WALFORD SOUTH PROSPECT

Diamond drilling of the Walford South Prospect in Superior's wholly owned Nicholson Project (EPM15670) commenced today (Wednesday, 1 July 2009). The Nicholson Project is located 350km north-northwest of Mount Isa in northwest Queensland

The first hole (WS001) is being drilled on the coincident conductivity (Figure 1) and gravity (Figure 2) target as outlined in the March 2009 Quarterly Report and in the Presentation on Superior Resources Limited released to the ASX on 16 April 2009. This target lies approximately 5km south of the Walford Creek Prospect and is believed to have potential for a Mount Isa style base metal deposit. The target zone lies at a depth of about 450m.

As previously advised, the drilling of the Walford South Prospect target is being supported by a 50% subsidy of direct drilling costs up to $150,000 under a Collaborative Drilling Initiative (CDI) grant from the Queensland Government.

Information on the Walford South Prospect is available in previous ASX releases or alternatively on Superior's web site at http://www.superiorresources.com.au.

Ken Harvey Managing Director

Contact: Ken Harvey Ph (07) 3839 5099

The information in this report that relates to Exploration Results is based on information compiled by Mr Ken Harvey, a full-time employee of the Company, who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Harvey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Harvey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.