SUPERIOR RESOURCES LIMITED — Capital/Financing Update 2012

Jun 28, 2012

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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 RELEASE 29 JUNE 2012

Report on One Mile Geophysical Interpretation

Superior Resources Limited (ASX Code: SPQ) is pleased to provide an update on the compilation and interpretation work on historical geophysical data at the One Mile Mining Lease.

The work, which extends into the surrounding Exploration Permit for Minerals Application (EPMA18987) held by SPQ, has identified a number of new target zones for further work including drilling when EPMA18987 is granted.

The Atkinson target zone, which lies along the western boundary of the One Mile Mining Lease, is ranked as a high-priority target. It shows as anomalies in both IP and VTEM data and it is closely located with respect to the known One Mile massive sulphide body. It has not been drilled.

Three other target zones, with variable potential for copper, gold and zinc, have been identified in the area surrounding the One Mile Mining Lease. The best of these is the North target zone where a prominent gossan outcrop is associated with a weak conductivity anomaly interpreted from VTEM data.

The new target zones and the encouragement from the recent drilling program further enhances the potential of the One Mile project for the discovery of a significant volcanogenic massive sulphide (VMS) deposit.

ASX Release - 29 June 2012 - Page 1 of 14

Superior Resources Limited

The One Mile Mining Lease is located 210km west-northwest of Townsville in northeast Queensland, Australia (Figure 1). The mining lease covers volcanogenic massive sulphide (VMS) type mineralisation which, on the limited exploration to date, has proven to contain sub-economic grades of copper, gold and zinc. Exploration is continuing in the hope of discovery of higher-grade mineralisation in the central or feeder zone part of the mineral system.

This report provides a summary of the compilation and interpretation work on historical geophysical surveys over the One Mile Mining Lease and surrounding area (Figure 2) held under application by SPQ as EPM18987. Exploration of the area surrounding the One Mile Mining Lease can only be completed on the granting of EPM18987.

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144° E 145° E 146° E
Superior
Resources Mount Garnet
Limited
0 25 50km
LEGEND 18° S
18° S
Exploration Permit - application
0 1000km
Mine or deposit
Cassidy Project
19247
Einasleigh (Cu)
Cockie Project
Ingham
Balcooma (Cu,Pb,Zn,Ag) 18987
Cockie Creek
Kidston (Au) Copper Prospect
Greenvale
19° S
19° S
Greenvale (Ni)
ML6750
One Mile
Townsville
Ben Lomond (U)
144° E 145° E 146° E
----- End of picture text -----

Figure 1. Location of Superior’s One Mile Mining Lease in northeast Queensland

The historical geophysical surveys referred to in this report include a dipole-dipole IP survey completed by MIM Exploration and a VTEM survey completed by Beacon Minerals. (For a description of these geophysical methods see the explanations at the end of this report).

A number of target zones have been generated from the work. These, and also the zones targeted by previous drilling programs, have been assigned the names shown on Figure 2.

ASX Release - 29 June 2012 - Page 2 of 14

Superior Resources Limited

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1,000 mE 1,500 mE 2,000 mE 2,500 mE
Laterite
3,500 mN 3,500 mN
North
Fence
3,000 mN 3,000 mN
Dam
Laterite
2,500 mN 2,500 mN
26
22
21 Ma i n
Atkinso n
20
24
25
2,000 mN 2,000 mN
19
23 16 So u th
17
EPMA18987
SPOM023
SPOM023 18 Intersection
LEGEND
1,500 mN VTEM Anomaly 1,500 mN
IP Anomaly ML6750
Gossan, Lode
23 SPQ 2012 Drill Hole
SPQ 2011 Drill Hole
MIM Drill Hole
1,000 mE 1,500 mE 2,000 mE 2,500 mE
Fault
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Figure 2. One Mile Mining Lease and surrounds showing the new Atkinson, North, Dam and Fence target zones which have been interpreted from historical geophysical surveys.

ASX Release - 29 June 2012 - Page 3 of 14

Superior Resources Limited

Main Target Zone

The Main target zone is the outcropping gossan and its underlying massive sulphide body which are centrally located in the One Mile Mining Lease. This target zone was drilled in 2011 with further supergene drilling during the 2012 program. Whilst the Main target zone contains a large sulphide (pyrite) body, values for copper, gold and zinc intersected in drill holes to date have been sub-economic.

Figure 3 shows an image of the compiled N = 2 (shallow) IP data from the historical dipoledipole IP survey of the One Mile area. This image shows a moderate to high chargeability anomaly in the centre of the area which corresponds with the sulphide body in the Main target zone.

In contrast to the IP data, and at odds with what might be expected over massive sulphides, the VTEM data does not show an anomaly over the Main target zone. The absence of a VTEM anomaly reflects the low conductivity of the coarse-grained massive pyrite in the Main target zone. Were the massive sulphides to contain a higher chalcopyrite content, it is likely that the Main target zone would have shown a VTEM anomaly.

South Target Zone

The South target zone is the name given to the southern continuation of the Main target zone south of where it is offset by a cross fault. The surface expression of the mineralised zone in the South target zone is a poorly outcropping horizon of gossanous lode rock. Three drill holes were drilled into the South target zone during the 2011 program and it has been the main focus of the 2012 drilling program. The deeper holes into the South target zone have intersected massive and semi-massive sulphides containing higher-grade copper, gold and zinc values than to the north but grades are still considered sub-economic.

Like the Main target zone, the South target zone shows an IP anomaly in the compiled N = 2 (shallow) IP data (Figure 3) and similarly to the Main target zone, it does not show a VTEM anomaly.

Atkinson Target Zone

The Atkinson target zone is a new target zone derived from the geophysical data. It lies along the western boundary of the One Mile Mining Lease. It is a high-priority target zone with coincident IP and VTEM anomalies and which is almost completely covered by soil and alluvium.

Figure 4 shows an image of the compiled N = 4 (deeper) IP chargeability data from the IP survey and Figure 5 shows a set of pseudo-sections through the same data. Both figures show the prominent anomaly over the Aktinson target zone. The anomaly has a depth of about 150m from surface.

The Atkinson target zone also shows prominently in the mid channel data from the VTEM survey. Figure 6 is an image of the channel 3780 VTEM data. This image shows a large high-order anomaly immediately northwest of the One Mile Mining Lease which largely reflects shallow conductive cover in that area. The anomaly over the Atkinson target zone is the southern extension of this larger anomaly.

ASX Release - 29 June 2012 - Page 4 of 14

Superior Resources Limited

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1,000 mE 1,500 mE 2,000 mE 2,500 mE
Laterite IP N=2
Colour Bar
High
3,500 mN 3,500 mN
Low
North
Fence
3,000 mN 3,000 mN
Dam
Laterite
2,500 mN 2,500 mN
26
22
21 Ma i n
Atkinso n
20
24
25
2,000 mN 2,000 mN
19
23 16 So u th
17
EPMA18987
SPOM023
SPOM023 18 Intersection
LEGEND
1,500 mN VTEM Anomaly 1,500 mN
IP Anomaly ML6750
Gossan, Lode
23 SPQ 2012 Drill Hole
SPQ 2011 Drill Hole
MIM Drill Hole
1,000 mE 1,500 mE 2,000 mE 2,500 mE
Fault
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Figure 3. One Mile Mining Lease and surrounds showing the compiled and imaged historical IP data for N = 2 (shallow) with anomalies over the Main, South and Fence target zones.

ASX Release - 29 June 2012 - Page 5 of 14

Superior Resources Limited

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1,000 mE 1,500 mE 2,000 mE 2,500 mE
Laterite IP N=4
Colour Bar
High
3,500 mN 3,500 mN
Low
North
Fence
3,000 mN 3,000 mN
Dam
Laterite
2,500 mN 2,500 mN
26
22
21 Ma i n
Atkinso n
20
24
25
2,000 mN 2,000 mN
19
23 16 So u th
17
EPMA18987
SPOM023
SPOM023 18 Intersection
LEGEND
1,500 mN VTEM Anomaly 1,500 mN
IP Anomaly ML6750
Gossan, Lode
23 SPQ 2012 Drill Hole
SPQ 2011 Drill Hole
MIM Drill Hole
1,000 mE 1,500 mE 2,000 mE 2,500 mE
Fault
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Figure 4. One Mile Mining Lease and surrounds showing the compiled and imaged historical IP data for N = 4 (deeper) with high-order anomalies over the Atkinson and Dam target zones.

ASX Release - 29 June 2012 - Page 6 of 14

Superior Resources Limited

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1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
-100 mRL -100 mRL
2700N
Dam
Anomaly
-200 mRL -200 mRL
-300 mRL -300 mRL
Atkinson
Anomaly
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
-100 mRL -100 mRL
2400N
-200 mRL -200 mRL
Atkinson Main Lode
-300 mRL Anomaly Anomaly -300 mRL
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
-100 mRL -100 mRL
2200N
-200 mRL -200 mRL
Atkinson
-300 mRL Anomaly Main Lode -300 mRL
Anomaly
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
CONTRACTOR: SEARCH EXPLORATION SERVICESOPERATOR: PAUL McINNISTRANSMITTER: GDP-10RECEIVER: GDP-16CONFIGURATION: DIPOLE - DIPOLEELECTRODE SPACING: 100M Normalised Chargeability PSEUDOSECTIONS INDUCED POLARISATION SURVEYCOMPLETED BY CECML6750 "ONE MILE"JULY 1990
Main Lode
Main Lode
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Figure 5. One Mile Mining Lease - Chargeability pseudo-sections (effectively vertical sections through the ground) from the historical IP survey showing the anomalies at the Main, Atkinson and Dam target zones. The Atkinson and Dam anomalies are of a higher order than the anomaly over the Main target zone. The Atkinson anomaly lies at a depth of approximately 150m and just outside of the One Mile Mining Lease. The Dam anomaly which lies on the end of line 2700N indicates a shallow chargeable source at about 1100E.

The Atkinson target zone also shows prominently in the conductivity sections derived from the VTEM data. Figure 7 shows a set of imaged conductivity sections interpreted from VTEM lines 1650, 1670 and 1690 (locations shown in Figure 6) across the Atkinson target zone. The higher-order shallow surface conductivity anomalies reflect the weathered clay zones at One Mile. However, each section also shows the moderately deep bedrock conductivity anomaly of the Atkinson target zone. This anomaly is roughly coincident with the chargeability anomaly shown in Figures 4 and 5 and also has a similar depth to the chargeability anomaly (about 150m below surface). Note that the apparent flat-lying attitude of the conductivity anomaly is not real but a limitation of the interpretation process. The anomaly source is expected to be steeply dipping.

No drill holes have previously been drilled into the Atkinson target zone. It is assigned a high-priority ranking because it has coincident IP and VTEM anomalies and because it is located close to the known massive sulphide body in the Main target zone. Drilling is planned when EPM18987 is granted.

ASX Release - 29 June 2012 - Page 7 of 14

Superior Resources Limited

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1,000 mE 1,500 mE 2,000 mE 2,500 mE
Laterite VTEM 3780
Colour Bar
High
3,500 mN 3,500 mN
Low
North
Fence
3,000 mN 3,000 mN
Dam
Laterite
2,500 mN 2,500 mN
26
22
21 Ma i n
Atkinso n
20
24
25
2,000 mN 2,000 mN
19
23 16 So u th
17
EPMA18987
SPOM023 18 IntersectionSPOM023 VTEM Lines
LEGEND
1,500 mN VTEM Anomaly 1,500 mN
IP Anomaly ML6750
Gossan, Lode
23 SPQ 2012 Drill Hole
SPQ 2011 Drill Hole
MIM Drill Hole
1,000 mE 1,500 mE 2,000 mE 2,500 mE
Fault
1750
1730
1710
1690
1670
1650
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Figure 6. One Mile Mining Lease and surrounds showing the channel 3780 VTEM data. Most of the large anomaly in the northwest of the area reflects conductive surface clays. The anomaly over the Atkinson target zone shows as a southerly extension of this anomaly. In this data the large anomaly tends to mask the anomaly over the Dam target zone.

ASX Release - 29 June 2012 - Page 8 of 14

Superior Resources Limited

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500 mRL 500 mRL
250 mRL 250 mRL
Atkinson
Anomaly
0 mRL 0 mRL
L1690
505,100N
(Local)
500 mRL 500 mRL
250 mRL 250 mRL
Atkinson
Anomaly
0 mRL 0 mRL
L1670
504,950N
(Local)
500 mRL 500 mRL
250 mRL 250 mRL
Atkinson
Anomaly
0 mRL 0 mRL
L1650
504,800N
(Local)
VTEM survey completed by Beacon Minerals LimitedConductivities interpreted using EMaxAir with Sharpening ON ConductivityColour BarHigh One Mile Mining Lease
VTEM Conductivity Sections
Grid Shown is Local VTEM Grid
L1650 to L1690
Common Point: 200,000E; 500,000N (Local) = 259,995E; 7,896,595N (MGA)
Local North = 46.9 degrees (MGA) Looking North
Local VTEM Grid
Low
mS per m
Main Lode
Main Lode
Main Lode
196,500 mE 196,750 mE 197,000 mE 197,250 mE 197,500 mE 197,750 mE 198,000 mE 198,250 mE 198,500 mE 198,750 mE 199,000 mE
196,500 mE 196,750 mE 197,000 mE 197,250 mE 197,500 mE 197,750 mE 198,000 mE 198,250 mE 198,500 mE 198,750 mE 199,000 mE
196,500 mE 196,750 mE 197,000 mE 197,250 mE 197,500 mE 197,750 mE 198,000 mE 198,250 mE 198,500 mE 198,750 mE 199,000 mE
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Figure 7. One Mile Mining Lease - Modelled VTEM conductivity sections showing the conductivity anomaly associated with the Atkinson target zone. The VTEM lines are shown on Figure 6. The apparent flat-lying attitude of the Atkinson anomaly is not real but a limitation of the interpretation process. It is likely that the conductive body that causes the anomaly is steeply dipping and located near the centre of the anomaly and close to the western boundary of the One Mile Mining Lease. The flat-lying near surface conductive bodies shown in red are conductive clay layers.

ASX Release - 29 June 2012 - Page 9 of 14

Superior Resources Limited

North Target Zone

The North target zone is the northern continuation of the Main target zone but separated from it by an apparently un-mineralised section. It straddles the northern boundary of the One Mile Mining Lease. A poorly outcropping gossanous alteration zone similar to that at the South target zone extends from within the mining lease into the area to the north of the lease. About 200m north of the mining lease boundary a prominent outcrop of gossan (Photographs 1 and 2) is exposed in the side of a laterite mesa. This gossan is similar in appearance to that at the Main target zone and the gossan is most likely to be developed on massive sulphides.

A conductivity anomaly is interpreted from the VTEM data in this area but the anomaly is quite weak. The historical IP survey does not cover the gossan and so it is not known if the gossan has an associated IP anomaly. Two holes, drilled by SPQ into the North target zone within the One Mile mining lease in the 2011 program, did not intersect significant sulphides. No drilling has previously been completed beneath the outcropping gossan.

The gossan at the North target zone is a moderate priority target with drilling proposed once EPM18987 is granted.

Dam Target Zone

The Dam target zone lies to the northwest of the One Mile Mining Lease. The area has substantial cover of soil, alluvium and laterite. A small outcrop of tuffaceous sediments is the only known bedrock outcrop in the area. The Dam target zone is reflected in both the VTEM and IP data.

A high-order chargeability anomaly occurs on the end of the 2700N line of IP data (Figures 4 and 5). As the anomaly is on the end of the line its source is difficult to position accurately.

The Dam target zone is also evident in the VTEM data but the anomaly is difficult to separate from a broader high-order anomaly associated with conductive surface clay zones in this area. Figure 6 shows an image of the channel 7540 VTEM data with the anomaly more obvious in this late channel data. The target zone also shows in the conductivity interpretation sections of lines 1710, 1730 and 1750 of the VTEM data (Figure 7).

The priority of the Dam target is difficult to establish because of a lack of outcrop, the presence of the conductive clay layers which interfere with the VTEM data and the inadequate coverage of the IP data. Further surface exploration is likely to be required to properly delineate the anomaly prior to drilling.

Fence Target Zone

The Fence target zone covers an outcropping zone of disseminated pyrite in the northeast corner of the One Mile Mining Lease. As expected this zone has an associated chargeability anomaly in the historical IP data.

The outcrop allows this target to be rated as low-priority and drilling is not planned into this target zone at the present time.

ASX Release - 29 June 2012 - Page 10 of 14

Superior Resources Limited

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Photograph 1. A large gossan outcrop protruding from laterite at the North target zone.

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Photograph 2. A close-up photograph of the gossan at the North target zone. ASX Release - 29 June 2012 - Page 11 of 14

Superior Resources Limited

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1,000 mE 1,500 mE 2,000 mE 2,500 mE
Laterite VTEM 7540
Colour Bar
High
3,500 mN 3,500 mN
Low
North
Fence
3,000 mN 3,000 mN
Dam
Laterite
2,500 mN 2,500 mN
26
22
21 Ma i n
Atkinso n
20
24
25
2,000 mN 2,000 mN
19
23 16 So u th
17
EPMA18987
SPOM023 18 IntersectionSPOM023
LEGEND
1,500 mN VTEM Anomaly 1,500 mN
IP Anomaly ML6750
Gossan, Lode
23 SPQ 2012 Drill Hole
SPQ 2011 Drill Hole
MIM Drill Hole
1,000 mE 1,500 mE 2,000 mE 2,500 mE
Fault
----- End of picture text -----

Figure 8. One Mile mining lease and surrounds showing the channel 7540 VTEM data. This image shows the late channel VTEM anomaly over the Dam target zone.

ASX Release - 29 June 2012 - Page 12 of 14

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Superior Resources Limited
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500 mRL 500 mRL
250 mRL 250 mRL
Dam
Anomaly
0 mRL 0 mRL
L1750
505,550N
(Local)
500 mRL 500 mRL
250 mRL 250 mRL
Dam
Anomaly
0 mRL 0 mRL
L1730
505,400N
(Local)
500 mRL 500 mRL
250 mRL 250 mRL
Dam Atkinson
Anomaly Anomaly
0 mRL 0 mRL
L1710
505,250N
(Local)
VTEM survey completed by Beacon Minerals LimitedConductivities interpreted using EMaxAir with Sharpening ON ConductivityColour BarHigh One Mile Mining Lease
VTEM Conductivity Sections
Grid Shown is Local VTEM Grid
Common Point: 200,000E; 500,000N (Local) = 259,995E; 7,896,595N (MGA) L1710 to L1750
Local North = 46.9 degrees (MGA) Looking North
Local VTEM Grid
Low
mS per m
Main Lode
Main Lode
Main Lode
196,500 mE 196,750 mE 197,000 mE 197,250 mE 197,500 mE 197,750 mE 198,000 mE 198,250 mE 198,500 mE 198,750 mE 199,000 mE
196,500 mE 196,750 mE 197,000 mE 197,250 mE 197,500 mE 197,750 mE 198,000 mE 198,250 mE 198,500 mE 198,750 mE 199,000 mE
196,500 mE 196,750 mE 197,000 mE 197,250 mE 197,500 mE 197,750 mE 198,000 mE 198,250 mE 198,500 mE 198,750 mE 199,000 mE
----- End of picture text -----

Figure 9. One Mile Mining Lease - Modelled VTEM conductivity sections showing the conductivity anomaly associated with the Dam target zone. The locations of the VTEM lines are shown on Figure 6. The flat-lying near surface conductive bodies shown in red are conductive clay layers.

ASX Release - 29 June 2012 - Page 13 of 14

Superior Resources Limited

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Ken Harvey Managing Director

Contact: Mr Ken Harvey Ph (07) 3839 5099

Further Information:

www.superiorresources.com.au

Explanations:

IP Survey

IP is an acronym for Induced Polarisation. An IP survey is a geophysical survey which attempts to locate polarisable (or chargeable) minerals in the ground by passing an electric current through the ground to charge up the minerals and then measuring the response as the minerals discharge. The IP method is particularly suited to the detection of disseminated sulphide deposits. Chargeable minerals include some sulphide minerals but also can include other minerals. The IP survey completed by MIM at One Mile was a dipole-dipole survey. This is a method of surveying that allows an approximate depth estimate of any chargeable minerals detected.

VTEM Survey

VTEM is an acronym for Versatile Time-Domain Electromagnetics. A VTEM survey is a helicopter borne geophysical survey flown by Geotech Airborne. The method utilizes a large horizontal circular transmitting loop with a small centrally located receiving loop slung below a helicopter. The method is particularly suited to the detection of massive sulphide deposits. Accumulations of minerals in the ground which can be induced to conduct electricity by an electromagnetic pulse can be detected by this method. These minerals include some sulphide mineral species.

Modelling/Interpretation

When applied to a geophysical survey this is the process of modelling or interpreting what may be in the ground that would give the results obtained by the geophysical survey. The process can sometimes involve experience and comparisons with previous survey results over known deposits but in today’s world typically involves computer modelling using complex algorithms. Whichever approach is used the modelling results always have some uncertainties.

Caution:

The historical geophysical data which forms the basis of this report results from work completed by other parties and which has not been supervised by SPQ. While the data appears to be valid, SPQ can not be certain that this is the case and therefore a level of caution is appropriate.

Development of target zones from exploration data including geophysical data requires a degree of inference, extrapolation and interpretation. While this is a normal practice in exploration, target zones may not in fact turn out to be as interpreted and further work may modify the interpretations which could result in a change of ranking of the targets.

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.

ASX Release - 29 June 2012 - Page 14 of 14