Slam Drilling for Gold at Menneval First Hole To Test Bonanza Gold Discovery Grading Up To 1100 g/t Over 1.1m

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 12/05/12 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to announce that diamond drilling is in progress on a 2000 m contract at its wholly owned Menneval gold project in New Brunswick. The Company expects to complete approximately 50 holes on the Maisie Zone where the Company recently reported numerous sites of visible gold and bonanza grade assays from its trenching program which traced the vein over a 700 m strike length.

The first hole is designed to test the Maisie vein beneath a bonanza zone in Trench Men12-1A where multiple sites of visible gold and grades up to 1100 g/t gold over 1.1 m were reported October 22, 2012. This gold target is shown on a map along with other high priority Maisie Zone drilling targets at http://www.slamresources.com/projects/new-brunswick/menneval/.

The Company has received assay results from Trench Men12-49, the last trench excavated on the Maisie Zone. Trench Men12-49 returned channel samples grading up to 40 g/t gold and grab samples up to 618 g/t gold. This trench presents an excellent drilling target 150 m west of the bonanza zone in trench Men12-1A described above. Complete assay results from Trench Men12-49 are tabled below:

Trench            Ordinate m   (i)Width m   Procedure     Rock Type   Au_g/t

Men12-49                  11         0.20     Channel     Siltstone     0.01

Men12-49                  11         0.20     Channel   Quartz Vein    40.00

Men12-49                  11        0.200     Channel     Siltstone     3.00

Men12-49                  15         0.20     Channel     Siltstone    11.60

Men12-49                  15         0.40     Channel   Quartz Vein     1.86

Men12-49                  15         0.20     Channel     Siltstone     0.67

Men12-49                  20         0.20     Channel     Siltstone     5.43

Men12-49                  15         grab        Grab   Quartz Vein     3.13

Men12-49                  15         grab        Grab   Quartz Vein     0.07

Men12-49                  19         grab        Grab   Quartz Vein     2.77

Men12-49                  12         grab        Grab   Quartz Vein   618.00

Men12-49                  12         grab        Grab   Quartz Vein     3.96

Men12-49                  23         grab        Grab   Quartz Vein     1.56

Men12-49                  11         grab        Grab   Quartz Vein   212.00

Men12-49                  11         grab        Grab   Quartz Vein   224.00

Men12-49                  20         0.30        Chip   Quartz Vein     2.73

Men12-49                  20         0.30        Chip   Quartz Vein     4.75
 (i)Channel and chip samples were cut across the vein and represent true
 widths

Qualifying Statements: SLAM Project Manager Sara Lloyd, P.Geo. is the Qualified Person responsible for the technical information contained herein. Sampling procedures include channel, chip and grab samples. In the channel procedure, samples are extracted using 2 rock saw cuts over a measured width (or thickness) of rock. In the chip procedure, samples are carefully chipped using a hammer and/or chisel over a measured width. Channel samples are the preferred method but in many cases the rock is too fractured for sawing and the chip procedure is used. Grab samples are used for preliminary testing and where channel or chip samples cannot be collected. Samples were sent to Actlabs in Ancaster, Ontario to analyze by fire assay with AA finish followed by fire assay with gravimetric finish for gold values above 3.0 g/t.

About The Menneval Project: SLAM holds 100% interest in 18 contiguous claims covering 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 extensive property hosts a number of new gold discoveries including the Maisie zone. It also covers 3 previously discovered silver-base metal skarn deposits where exploration programs date back to 1965.

The Investor Relations agreement with Brian Jones expired the 30th November 2012. The company has been evaluating various investor relations programs to enhance the profile of the Company in the new year.

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 and NW Gold projects 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.

Mike Taylor, P. Geo.

President & CEO

506-627-1353 or Toll Free: 866.523.6719
info@slamexploration.com
www.slamexploration.com