SLAM Expands Gold Zone With Additional Diamond Drill Holes Visible Gold In Hole MG1221

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 12/28/12 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to report preliminary results for 9 additional diamond drill holes completed at its wholly owned Menneval gold project in New Brunswick. Holes MG1215 to MG1223 all intersected a mineralized quartz vein at hole depths ranging from 6 m to 29 m. The drilled thickness of the vein intercepts range from 0.1 m to 0.5 m.

Assays are pending on holes MG1201 to MG1223. A small fleck of visible gold occurs in a 0.2 m core interval of quartz vein intersected at a depth of 15.9 m in hole MG1221. This gold-bearing hole is located 250 m west of hole MG1201 which also contains visible gold close to the original discovery site of the Maisie zone. The collar data is summarized in the following table:

Hole_ID         Grid m E     Grid m N    Dip    Azimuth    Depth m
MG1215              4280         5090     45        150       24.0
MG1216              4280         5095     45        150       24.0
MG1217              4280         5095     60        150       54.0
MG1218              4280         5095     75        150       24.0
MG1219              4240         5105     45        150       33.0
MG1220              4240         5105     60        150       45.0
MG1221              4240         5105     75        150       30.0
MG1222              4160         5130     45        150       39.0
MG1223              4160         5130     60        150       39.0

After MG1223, the drilled moved 200 m east to line 4360E for hole MG1224, a 20 m step-out designed to test the zone between MG1206 and MG1201. 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 uncovered as it traced the vein system over a 700 m 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 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.

Mike Taylor, P. Geo.

President & CEO

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