The property lies immediately east of Probe Mines' Borden Lake gold project where recent exploration has defined pit constrained indicated resources of 2,735,000 ounces of gold and inferred resources of 683,000 ounces of gold.
The Korkan mineral resource together with the Bigar Hill mineral resource, is estimated at 46,500,000 tonnes for 2,400,000 ounces of gold, using a 0.6 g/t gold cut-off.
Net loss for the year ended September 30, 2012 was $20.2 million ($0.08 per common share) compared to a net loss of $126.4 million for the year ended September 30, 2011 ($0.50 per common share).
Measured and indicated resources were raised to 4.1 million ounces of gold plus inferred resources of 2.8 million ounces of gold at the company's Volta Grande gold project, Brazil.
Superior Mining has an earn-in Agreement with IBhubesi Capital, pursuant to which IBhubesi can acquire up to a 67% interest in the Company's Mangalisa project.
Ivernia announced that the company and its wholly owned, Rosslyn Hill Mining subsidiary have entered into management services agreements with Enirgi Group and its wholly owned affiliate Enirgi Metal Group.
