SLAM Drilling Phase II Program on Gold Discovery Drilling Beneath Bonanza Gold-Intercept

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 02/11/13 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to announce a second round of drilling in progress at its wholly owned Menneval gold project in New Brunswick. This is a follow-up to a successful 47 hole drilling program completed in December. The Company expects to complete approximately 15 holes for a total of 800 m on the Maisie gold discovery within the next 2 weeks.

The initial hole MG1348 will test beneath hole MG1226 which intersected a 0.3 m core interval grading 104 g/t gold within a 4 m quartz vein interval grading 8.51 g/t gold in December, 2012. Hole MG1348 is designed to test the Maisie vein at a vertical depth of 30 m, 10 m below the bonanza intercept in hole MG1226.

Drill hole locations for the 2012 program are shown at http://www.slamresources.com/projects/new-brunswick/menneval. Photos of drill core with visible gold can be viewed at http://www.slamresources.com/core-shack/.

Qualifying Statements: Doug Clark, P.Geo. is the Qualified Person responsible for the technical information contained herein. Drill cores are delivered from the drill to a secure site for logging and sampling. Selected samples are to be split or sawn and sent to Activation Labs in Ancaster, Ontario for analysis. Activation Labs will analyze 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 uses blank and standard samples for quality assurance and control.

About The Menneval Project: SLAM holds 100% interest in 8 contiguous claims including 7 claims in the Menneval project and 1 claim referred to as the Border project that together cover 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 Menneval property hosts the Maisie gold zone. The Border property hosts a swarm of gold-bearing quartz veins known as Zone 9 located 700 m south of the Maisie discovery. Zone 9 has yet to be tested by diamond drilling.

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
darlene@slamexploration.com
www.slamexploration.com