SLAM Reports Diamond Drilling Gold Assays Gold-Grades Range Up To 28.50 g/t Over 0.25 m

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 01/11/13 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to announce assay results for initial diamond drill holes from the 2012 program at its wholly owned Menneval gold project in New Brunswick. Gold bearing quartz veins were intersected in 8 of 10 holes with grades ranging up to 28.50 g/t gold over 0.25 m. Assay results for selected holes are summarized in the table below.

The drilling program has traced the vein system over a 520 m strike length and to a depth of 25 m. Drill hole locations are shown at http://www.slamresources.com/projects/new-brunswick/menneval. The target vein was identified in a trenching program from which the Company reported numerous sites of visible gold with bonanza grade assays as it traced the vein system over a 700 m strike length in 2012. Assay results are pending from holes MG1211 to MG1247. Photos of selected drill core with visible gold can be viewed at http://www.slamresources.com/core-shack/.

Hole_ID             From_m       To_m      Interval_m       Au_g/t

MG1201                5.83       6.08            0.25        28.50

MG1202               13.85      14.25            0.40         8.41

MG1203               17.93      18.68            0.75         6.93

MG1204                3.00       3.10            0.10         8.60

MG1206               11.50      12.90            1.40         0.60

MG1208                6.00       6.10            0.10         5.04

MG1209                9.30       9.45            0.15         1.49

MG1210               11.00      11.60            0.60         1.15

The intervals are core lengths. True thickness may vary.

Qualifying Statements: SLAM Project Manager Sara Lloyd, P.Geo. is the Qualified Person responsible for the technical information contained herein. Drill cores were delivered from the drill to a secure site for logging and sampling. Selected samples were split or sawn and sent to Activation Labs in Ancaster, Ontario for analysis. Activation Labs analyzed the samples by fire assay with AA finish followed by fire assay with gravimetric finish for gold values above 3.0 g/t. The Company used blank and standard samples for quality assurance and control.

About The Menneval Project: SLAM holds 100% interest in 8 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

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