Slam Exploration Ltd.

TSX VENTURE : SXL
OTCBB : SLMF


Slam Exploration Ltd.

October 22, 2012 11:06 ET

Slam Assays Up to 1100 g/t Gold Over 1.1 Metre

Trenching Bonanza Grades on Recent Gold Discovery

MIRAMICHI, NEW BRUNSWICK--(Marketwire - Oct. 22, 2012) - SLAM Exploration Ltd. (TSX VENTURE:SXL)(OTCBB:SLMF) ("SLAM") is pleased to report bonanza gold values ranging up to 1100 g/t gold over 1.1 m from trenching on the Maisie Zone at its wholly owned Menneval gold project in New Brunswick. Results include 18 measured channel and chip samples and 13 grab samples as tabulated below:

Trench Ordinate m *Width m Procedure Au_g/t
Men12-01A 1.0E 0.34 Chip 0.20
Men12-01A 15.0E 0.35 Chip 0.53
Men12-01A 23.3E 0.32 Channel 12.10
Men12-01A 23.3E 0.32 Channel 11.10
Men12-01A 27.0E Grab Grab 0.35
Men12-01A 27.0E Grab Grab 42.30
Men12-01A 27.0E Grab Grab 2.31
Men12-01A 30.0E 0.90 Channel 1.04
Men12-01A 34.0E 0.40 Channel 0.16
Men12-01A 39.0E 0.55 Channel 8.79
Men12-01A 43.0E Grab Grab 107.00
Men12-01A 45.0E Grab Grab 0.26
Men12-01A 49.0E Grab Grab 486.00
Men12-01A 50.0E 1.4 Average 0.14
Includes 50.0E 0.70 Channel 0.17
Includes 50.0E 0.70 Channel 0.10
Men12-01A 55.0E 0.35 Channel 0.95
Men12-01A 61.0E **2.20 Average 598.10
Includes 61.0E **1.10 Chip 96.20
Includes 61.0E **1.10 Chip 1100.00
Men12-01A 61.0E Grab Grab 1080.00
Men12-01A 61.0E Grab Grab 450.00
Men12-01A 61.0E 0.50 Channel 211.00
Men12-01A 61.0E Grab Grab 286.00
Men12-01A 61.0E 0.50 Chip 285.00
Men12-01A 61.0E 0.20 Chip 2.53
Men12-01A 61.0E 0.60 Chip 0.63
Men12-01A 61.0E 0.30 Chip 2.74
Men12-01A 61.0E 0.40 Chip 1.65
Men12-01A 80.0E Grab Grab 9.71
Men12-01A 111.0E Grab Grab 0.19
Men12-01A 128.0E Grab Grab 17.20
Men12-01A 135.0E Grab Grab 19.90
*Channel and chip samples were cut across the vein and represent the true width
**The true width of these samples is unknown due to folding of the vein.

The vein was sampled at specific points along the trench as shown in the Ordinate column above. SLAM's trenching program has followed the Maisie zone for a distance of 700 m. Trench Men12-01A runs along the central section for a distance of 135 m. The average width of the vein in this trench is 0.5 m. Trenches Men12-02 to Men12-04 follow the southwestern section of the vein as reported in a previous news release on September 28 2012. Assays are pending on samples with visible gold from trenches Men12-01B to Men12-01E which follow the northeastern extension of the vein.

On a separate target 700 m south of the Maisie Zone, trench Men12-09 has uncovered 2 cross-cutting quartz veins. These veins are mineralized with minor limonite, goethite, hematite and pyrite and range up to 0.6 m in thickness. Trench Men12-11 uncovered 2 quartz boulders with visible gold 2500 m east of the Maisie zone but did not source these boulders. Additional assays are pending on samples from these trenches. The trenching program continues to test for new veins and extensions.

Qualifying Statements: SLAM Project Manager Sara Lloyd, P.Geo. is the Qualified Person responsible for the technical information contained herein. Sampling procedures include channel, chip and grab samples. In the channel procedure, samples are extracted using 2 rock saw cuts over a measured width (or thickness) of rock. In the chip procedure, samples are carefully chipped using a hammer and/or chisel over a measured width. Channel samples are the preferred method but in many cases the rock is too fractured for sawing and the chip procedure is used. Grab samples are used for preliminary testing and where channel or chip samples cannot be collected. 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 and NW Gold projects 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

SLAM Exploration Ltd.

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.

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