SLAM Drills 22.97 g/t Gold Over 1.9 m

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 03/13/13 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to announce a diamond drill core interval grading 22.97 g/t gold over 1.9 m from the Phase II drilling program at its wholly owned Menneval gold project in New Brunswick. This interval occurs in hole MG1352 and includes 62.80 g/t over 0.3 m associated with visible gold reported March 1, 2013.

In addition, hole MG1348 intersected 8.31 m grading 0.60 g/t gold at a depth of 45 m drilled beneath a bonanza interval grading 104 g/t gold over 0.3 m reported January 17, 2013. This is the widest and deepest interval to date and includes gold in the wall rock as well as the quartz vein.

Assays are pending from the final 2 holes including MG1363 which contains visible gold in a quartz vein interval from 31.09 m - 31.40 m. The Phase II program comprised 17 holes for a total of 582 m following a successful 47 hole program drilled in December, 2012. Drill hole locations for the 2012 program are shown at http://www.slamresources.com/projects/new-brunswick/menneval. Photos of drill core with visible gold can be viewed at http://www.slamresources.com/core-shack/. Selected results from the Phase II program are summarized in the table below.

Hole_ID                          From_m        To_m   Interval_m      Au_g/t
MG1348                            37.00       45.31         8.31        0.60
MG1349                            41.70       44.00         2.30        0.90
MG1350                             7.00        7.12         0.12        1.63
MG1351                            14.85       15.05         0.20        2.99
MG1352                            16.00       17.90         1.90       22.97
  Includes                        17.60       17.90         0.30       62.80
MG1354                             8.60        9.90         1.30        3.36
  Includes                         9.10        9.40         0.30       12.10
MG1355                            10.00       10.80         0.80        2.11
MG1356                            12.00       15.00         3.00        0.72
MG1357                            16.50       17.70         1.20        1.67
MG1358                            11.89       12.00         0.11        1.49
MG1359                            13.00       13.12         0.12        1.24

The intervals are core lengths. True thickness may vary.

After the Maisie Zone, the drill was moved to test Zone 9, a swarm of quartz veins located 700 m south of the Maisie zone Assays are pending on multiple vein intercepts from 8 holes drilled on Zone 9.

Qualifying Statements: Doug Clark, P.Geo. is the Qualified Person responsible for the technical information contained herein. Drill cores were delivered from the drill to a secure site for logging and sampling. Selected samples were sawn and sent to Activation Labs in Ancaster, Ontario for analysis by fire assay with AA finish. This is followed by fire assay with gravimetric finish for gold values above 3.0 g/t. The Company uses blank and standard samples for quality assurance and control.

About The Menneval Project: SLAM holds 100% interest in 8 contiguous claims including 7 claims in the Menneval project and 1 claim referred to as the Border project that together cover 30,820 hectares all acquired by map-staking near Menneval in northwest New Brunswick. Four (4) of the claims covering 692 hectares are subject to a 1.5% NSR. SLAM can buy down 0.5% NSR for C$0.5M and has right of first refusal on remaining 1%. The Menneval property hosts the Maisie gold zone. The Border property hosts a swarm of gold-bearing quartz veins known as Zone 9 located 700 m south of the Maisie discovery.

About SLAM Exploration Ltd:

SLAM is a mineral resource company based in Miramichi, New Brunswick and is actively exploring new gold discoveries on its Menneval project in northwestern New Brunswick. In addition, the Company owns the Nepisiguit and Nash Creek silver-base metal deposits, both NI 43-101 compliant and located in New Brunswick. The Company also owns a significant gold portfolio in Ontario including the Reserve Creek gold deposit. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.

On behalf of the Board

Mike Taylor, P. Geo., President & CEO

SEDAR: 00012459E

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration and development activities and events or developments that SLAM expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward looking statements. Please see our public filings at www.sedar.com for further information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

SLAM Exploration Ltd.

Direct: 506-627-1353

Toll Free: 866.523.6719

Info: darlene@slamexploration.com