SLAM Encouraged by Initial Assays from Gold Project

Favourable Results Include 0.642 Oz/ton

MIRAMICHI, NB, June 30 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") announces initial assays from the first hole on its wholly owned Miminiska-Keezhik property drilled as part of its 2,000 m diamond drilling campaign in the Fort Hope area of Ontario. Hole KL10-19 at Keezhik Lake intersected a 5 foot zone grading 0.642 oz/ton gold (1.5 m grading 22.0 g/t) at a depth of 86 metres within a felsic porphyry.

In addition to the high grade zone noted above, the hole also intersected anomalous intervals ranging up to 1.14 g/t gold over 1.5 m within the same broad unit of felsic porphyry. A 44 foot (13.5 m) interval of anomalous interval starts at 178 m. Assays are still pending on 23 m of core from the lower porphyry contact to end of hole.

SLAM is very encouraged by these assay results. The new hole, KL10-19 is a 40 m (130 ft) step-out from the discovery hole drilled in 2008. The gold occurrence is associated with a soil anomaly, part of a series of gold anomalies that follow the porphyry contact for a distance of 2,000 metres.

In addition, visible gold occurs in hole MM10-01, the first of 2 holes drilled at Miminiska. This was discovered after the core was sawed in preparation for sampling. Visible gold occurs in a quartz stringer within wallrock near a 6.4 m (21 ft) interval of mineralized (2% pyrite/pyrrhotite) quartz porphyry at a depth of 140 m. This visible gold occurrence and mineralized porphyry lie beneath a gold soil anomaly. Assays are pending from both holes drilled at Miminiska.

Assays are also pending from 4 holes drilled on the Opikeigen Gold Joint Venture, a joint funded project owned 50/50 with Beatrix Ventures Inc. (BXV on CNSX), as well as from 3 holes drilled on SLAM's wholly owned Reserve Creek gold project. Visible gold occurs in all 3 holes drilled at Reserve Creek.

The Fort Hope gold area is located east of the historic Pickle Lake gold camp where PC Gold Inc. (TSE:PKL) recently announced successful drilling results (press release 23 March 2010). The Fort Hope and Pickle Lake areas are underlain by Uchi Subprovince rocks similar to the world-famous Red Lake gold mining camp.

All drill cores were moved from the drill sites to a facility in Fort Hope for logging and sampling. Selected cores were split or sawn with half retained for reference. Sampled halves were shipped to Act-Labs in Thunder Bay for gold assay. Standards and blanks were inserted in the sample batches to augment the Quality Assurance and Quality Control program of duplicates and standards utilized by Accurassay. Michael R. Taylor, P.Geo. President and CEO of SLAM and Director of Beatrix is the Qualified Person responsible for the technical information contained herein.

The drilling activities have been performed in consultation with Eabametoong First Nation ("EFN") in accordance with a recently signed Exploration Agreement. This Agreement calls for EFN and SLAM to work cooperatively to advance the gold potential of the Fort Hope area.

About SLAM: SLAM is a mineral resource company based in Miramichi, New Brunswick and continues to be active in gold, silver and base metal exploration in Ontario and New Brunswick. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com.

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.

    
    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.

%SEDAR: 00012459E

For further information: SLAM Exploration Ltd.: Mike Taylor, President & CEO, 506.627.1353, Toll Free: 866.523.6719, [email protected]