Slam Diamond Drilling Program Extends Gold Zone Drills Visible Gold At Hole Depth of 19.7 m

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 12/21/12 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to report preliminary results for 7 additional diamond drill holes completed at its wholly owned Menneval gold project in New Brunswick. Holes MG1208 to MG1214 all intersected the target quartz vein at hole depths ranging from 6 m to 29 m on a section 170 m west of hole MG1201 which was drilled near the original site of the Maisie zone gold discovery. The drilled thickness of the vein varies from 0.1 m to 1.0 m. Visible gold occurs in a 0.5 m core interval of quartz vein intersected at a depth of 19.7 m in hole MG1211.

This series of holes include the deepest site of visible gold to date and the deepest quartz vein intercept to date. All 7 holes were drilled on section L4317E at azimuth 150 degrees. Holes MG1208 to MG1210 were drilled from one set-up at dips of 45 degrees, 60 degrees and 70 degrees respectively at site 5080N. The drill then moved 10 m northward to site 5090N where holes MG1211 to MG1214 were drilled at dips of 50 degrees, 57 degrees, 66 degrees and 74 degrees respectively. After hole MG1214, the drill moved 40 m west to hole MG1215 on section L4280E.

The first 14 diamond drill holes extend the 700 m long Maisie vein system to a vertical depth of at least 25 m. Visible gold occurs in two holes MG1201 and MG1211 spaced 170 m apart. Assays are pending for core samples from the first 14 holes.

The 50 hole drilling program continues to trace the Maisie Zone on a pattern designed to delineate a potential near surface resource that would be amenable to open pit mining methods. A 40 x 20 m grid has been 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 as it traced the vein system over a 700 m strike length through the 2012 summer trenching program.

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