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SLAM Reports 0.30 m Interval Grading 104 g/t Gold

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MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 01/17/13 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to announce 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 hole MG1226 drilled during the 2012 program at its wholly owned Menneval gold project in New Brunswick. Twenty-two of the 26 holes reported to date have intersected gold-bearing quartz veins over core intervals ranging from 0.10 m to 4.00 m.

Holes MG1224 to MG1226 were drilled on one section and appear to represent a thicker and higher- grade shoot within the Maisie vein system. The drilling program has extended the vein system to a depth of 25 m. 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 Maisie vein has many similarities with the world-famous California motherlode as described by Albert Knopf in a 1929 USGS Professional Paper titled "The Motherlode System of California". Summarizing from Knopf, "The sediment-hosted gold-bearing veins can vary from ribbon-textured to bull quartz associated with fault gouge zones. The veins pinch and swell abruptly forming ore shoots that average 200 feet (60 m) to 300 feet (90 m) in strike-length and extend to depths in excess of 4500 feet (1370 m)."

Regarding the Maisie Zone, Mike Taylor states, "Trenching uncovered a vein system over a 700 m strike-length with bonanza gold sites up to 1100 g/t over 1.1 m. The diamond drilling program extends the presence of bonanza grades to a depth of 25 m. These are very significant results from the early stages of this new gold discovery".

Drill hole locations 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/. Assay results for holes MG1211 to MG1226 are summarized in the table below.

Hole_ID From_m To_m Interval_m Au_g/tMG1226 21.00 25.00 4.00 8.51 Includes 24.50 24.80 0.30 104.00MG1225 17.90 18.80 0.90 8.66 Includes 17.90 18.30 0.40 16.90MG1224 12.00 14.00 2.00 8.78 Includes 13.00 13.35 0.35 46.10MG1223 31.30 32.30 1.00 0.17MG1221 16.30 16.80 0.50 11.65MG1220 14.20 15.50 1.30 0.61MG1219 12.00 12.30 0.30 2.55MG1218 15.35 15.65 0.30 1.25MG1217 13.50 13.80 0.30 5.85MG1216 12.00 13.20 1.20 0.34MG1215 3.00 3.15 0.15 8.40MG1213 24.00 24.35 0.35 1.02MG1212 21.60 22.10 0.50 9.09MG1211 19.70 20.15 0.45 10.90The intervals are core lengths. True thickness may vary.



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



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