Slam Intersects Gold Bearing Quartz Vein in 3 Diamond Drill Holes Visible Gold In Holes MG1224 to MG1226

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 01/02/13 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to report drilling results for 9 additional holes at its wholly owned Menneval gold project in New Brunswick. These include 3 holes containing visible gold all drilled from one site on line 4360E.

Two sites of visible gold occur in a 1.4 m core interval of quartz vein at a depth of 12.0 m in hole MG1224. A 4.5 m quartz vein interval in hole MG1225 contains flecks of visible gold at 17.2 m and 18.7 m respectively. Hole MG1226 intersected a 9.7 m quartz vein interval from 15.1 m followed by a 3.1 m quartz stringer zone from 24.9 m. Several coarse flecks of visible gold occur near 24.8 m.

The drill then moved 40 m eastward to grid line 4400E to continue a systematic pattern of drilling. Holes MG1227, MG1229, MG1230 and MG1232 all hit quartz vein intervals ranging from 0.3 m to 0.6 m in drilled thickness. Assays are pending on holes MG1201 to MG1232.

The collar data are summarized in the following table:

Hole_ID        Grid m E     Grid m N          Dip      Azimuth      Depth m
MG1224             4360         5080           45          150         24.0
MG1225             4360         5080           60          150         30.0
MG1226             4360         5080           70          150         39.0
MG1227             4400         5085           45          150         24.0
MG1228             4400         5085           60          150         33.0
MG1229             4400         5085           70          150         42.0
MG1230             4443         5085           45          150         27.0
MG1231             4443         5085           60          150         21.0
MG1232             4443         5085           70          150         33.0

After MG1232, the drill moved 80 m east to line 4520E to begin hole MG1233. 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 with bonanza grade assays uncovered as it traced the vein system over a 700 m strike length.

In order to focus on its wholly owned and relatively advanced Menneval and Nepisiguit projects, the Company has allowed its option to expire on the NW Gold claims that were held under an option agreement with prospector Tim Lavoie.

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