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SLAM Updates 47 Hole Diamond Drilling Program

Gold-bearing Vein System Traced Over 520 m Strike Length

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 01/04/13 -- SLAM Exploration Ltd. (TSX VENTURE:SXL)(OTCBB:SLMF) ("SLAM") is pleased to update drilling results for the latest 15 diamond drill holes drilled in 2012 at its wholly owned Menneval gold project in New Brunswick. All 15 holes MG1233 to MG1247 intersected quartz vein(s) over core intervals ranging from 0.10 m up to 1.20 m. This brings the total to 47 holes drilled for 1596 m prior to the Christmas break in December, 2012.

This was the first drilling test on the Maisie zone, a new gold discovery made by SLAM in summer, 2012. The drilling program has traced the vein system over a 520 m strike length and to a depth of 25 m. The system remains open at depth and along strike. Quartz vein core intervals range from 0.1 m up to 9.7 m in 42 of the 47 holes. Visible gold was noted in 6 holes. Assay results are pending from holes MG1201 to MG1247.

The drilling program was designed to delineate a potential near surface resource that would be amenable to open pit mining methods. The relative hole locations and target vein are shown on a map 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.

The collar data for the latest series of holes are summarized in the following table:

Hole_ID          Grid m E     Grid m N          Dip      Azimuth     Depth m
MG1233               4520         5100           45          150        30.0
                                                                            
MG1234               4520         5100           60          150        33.0
                                                                            
MG1235               4520         5100           70          150        39.0
                                                                            
MG1236               4563         5102           45          150        42.0
                                                                            
MG1237               4563         5102           60          150        24.0
                                                                            
MG1238               4563         5102           70          150        33.0
                                                                            
MG1239               4597         5112           45          150        21.0
                                                                            
MG1240               4597         5112           60          150        24.0
                                                                            
MG1241               4597         5112           70          150        30.0
                                                                            
MG1242               4619         5142           45          150        30.0
                                                                            
MG1243               4619         5142           60          150        39.0
                                                                            
MG1244               4619         5142           70          150        45.0
                                                                            
MG1245               4669         5236           45          150        24.0
                                                                            
MG1246               4669         5236           60          150        24.0
                                                                            
MG1247               4669         5236           70          150        27.0

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 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
Direct: 506-627-1353 or Toll Free: 866.523.6719
[email protected]
www.slamexploration.com

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