Sudbury, Ontario, November 24, 2010. Northern Superior Resources Inc. (the “Company”) is pleased to announce that it has adopted a shareholder rights plan (the “Rights Plan”) designed to encourage the fair treatment of its shareholders in the event of an unsolicited take-over bid for shares of the Company. The Rights Plan is designed to give the Company’s shareholders sufficient time to properly assess a take-over bid without undue pressure and to give the Company’s Board of Directors time to consider alternatives that allow the Company’s shareholders to receive full and fair value for their common shares.
Pursuant to the Rights Plan, each holder of record of the outstanding common shares of the Company at 5:00 p.m. (CDT) on November 23, 2010 will be issued one right per common share. The rights will trade with the common shares and be represented by the certificates representing common shares. Although the Rights Plan is effective immediately, it is subject to TSX Venture Exchange approval and must be ratified by the shareholders of the Company within six (6) months of its adoption. The Rights Plan will be submitted to the shareholders of the Company for ratification at its next annual meeting which is anticipated to be held in May of 2011.
A copy of the Rights Plan will be posted on SEDAR and on the website of the Company at the website address listed below.
The Rights Plan is similar to shareholder rights plans adopted by numerous other Canadian corporations. Neither the Board nor senior management of the Company is aware of any current, pending or threatened take-over bid for the Company.
About Northern Superior
Northern Superior Resources Inc. is a junior exploration company whose focus is exploring for gold on the Superior Province of the Canadian Shield. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
Neither the TSX Venture Exchange nor its Regulation Services Provide (as such term is defined in the TSX Venture Policies) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Thomas F. Morris
President and CEO
Tel: (705) 525- 0992
Fax: (705) 525- 7701