Slam Diamond Drill Holes Hitting Gold Target Drills Visible Gold In First Hole On Maisie Zone

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 12/12/12 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to report the initial diamond drill holes completed at its wholly owned Menneval gold project in New Brunswick. Holes MG1201 to MG1204 intersected the target quartz vein at hole depths ranging from 6m to 21m. The drilled thickness varies from 0.2m in hole MG1201 to 0.8m in hole MG1204. Two specks of visible gold occur in hole MG1201 at a depth of 6.0m, directly beneath trench Men1A where the Company reported a 1.1m wide chip sample grading 1100 g/t gold October 22, 2012.

Stepping 150 m westward, hole MG1206 intersected a 1m core interval of mineralized quartz vein at a hole depth of 12m. This intercept is directly beneath Trench Men12-49 where SLAM reported channel samples up to 40g/t gold over 0.2m and grab samples up to 618 g/t gold in a news release December 4, 2012.

Holes MG1201 to MG1205 were drilled at dips of 45 degrees, 57 degrees, 63 degrees, 68 degrees and 73 degrees respectively and azimuth 330 degrees from site 5083N on section 4493E. After hole MG1205, the drill was moved 150m west to hole MG1206 which was drilled at azimuth 330 degrees dip 45 degrees from site 5072N on section 4334E. Hole MG1207 was drilled from the same setup at dip 60 degrees dip to test the vein at a depth of 24m. Assays are pending on core samples from the first 7 drill holes.

The 50 hole drilling program continues to trace the Maisie Zone westward from hole MG1207 on a grid established to provide spatial control for the drilling sites. The target vein and control grid are shown on a map at http://www.slamresources.com/projects/new-brunswick/menneval. The Company reported numerous sites of visible gold and bonanza grade assays uncovered as it traced the vein system over a 700m strike length.

Qualifying Statements: SLAM Project Manager Sara Lloyd, P.Geo. is the Qualified Person responsible for the technical information contained herein. 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.

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