Southwestern Acquires Second Group of Shares of Northern Superior Resources Inc.: Financial News

Southwestern Acquires Second Group of Shares of Northern Superior Resources Inc.
Thursday February 12, 2009 1:48 pm ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 12, 2009 -- Southwestern Resources Corp. (Toronto:SWG.TO - News) ("Southwestern" or the "Company") announces that, further to its news release dated January 22, 2009, it has acquired control over an additional 1,203,111 common shares of Northern Superior Resources Inc. ("Superior"), representing 1.89% of the outstanding common shares of Superior. As a result of this acquisition, Southwestern now has ownership and voting control over 10,053,007 common shares of Superior, representing approximately 15.8% of its total issued and outstanding common shares.

The Company acquired the common shares for investment purposes pursuant to the terms of a settlement (the "Settlement") relating to the settlement of the class actions commenced against the Company and others in British Columbia, Ontario and Quebec and an action commenced by the Company against John Paterson and others. Paterson's contribution under the Settlement consisted of cash, securities and other assets, including common shares of Superior, to be transferred to the Company. The Company does not have any current intention of acquiring ownership or control or direction over any additional common shares of Superior. However, in the future, the Company may acquire additional common shares of Superior in the market, pursuant to private transactions or otherwise, sell all or some portion of the common shares of Superior it owns or enter into derivative or other transactions with respect to same.

The Company has filed an Early Warning Report with the Securities Commissions of British Columbia, Alberta, Ontario and Quebec. Copies of the report may be obtained on SEDAR at www.sedar.com or by contacting the Company as provided below.

About Southwestern

Southwestern is a Vancouver-based mineral exploration company engaged in the identification, acquisition, evaluation and exploration of gold, silver and base metals mineral properties. The Company has a number of significant projects, including the Liam gold-silver project in Peru. Southwestern is a reporting issuer in British Columbia, Alberta, Manitoba, and Ontario and trades on the Toronto Stock Exchange under the symbol SWG.

Forward-looking Statements

Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements due to a number of factors, including but not limited to, the Company's access to additional capital to fund future activities, the loss of mineral properties or the inability to obtain mining licenses, the inherently risky nature of the Company's activities and its lack of experience in bringing an exploration property into production, its ability to repatriate any earnings, foreign exchange fluctuations, the political stability and economic uncertainty of those areas in which the Company carries on operations and the lack of infrastructure in those areas, title risks, the risks and uncertainties associated with joint ventures and the Company's reliance on third parties, statutory and regulatory compliance, the adequacy and availability of insurance coverage, the Company's dependence upon employees and consultants and fluctuations in mineral prices and other risks detailed in the Company's filings with the Canadian Securities Authorities.

These risks, as well as others, could cause actual results and events to vary significantly. The Company expressly disclaims any intent or obligation to update these forward-looking statements, unless the Company specifically states otherwise.