SLAM reports best silver intercepts to date

Grades up to 653 g/t (19.05 oz/ton) silver

MIRAMICHI, NB, Feb. 16 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") is pleased to announce results from the final 7 diamond drill holes in a 20-hole program drilled on its Silverjack deposit in northern New Brunswick. Five of the 7 holes intersected silver-copper-lead-zinc mineralization over core intervals ranging up to 6.60 metres as outlined in the table below. Silver grades range up to 653 g/t (19.05 oz/ton silver).

    
                                       Silver  Copper   Zinc    Lead  Silver
    Hole       From      To   Length      g/t       %      %       %    oz/T
    SJ09-14   44.70   51.30   6.60 m   268.20    1.27   5.65    4.53    7.82
    SJ09-14   44.70   45.40   0.70 m    32.00    0.19   7.37    5.57    0.93
    SJ09-14   45.40   47.00   1.60 m   188.00    0.76   4.00    2.81    5.48
    SJ09-14   47.00   48.25   1.25 m   416.00    1.44   5.85    4.79   12.13
    SJ09-14   48.25   49.25   1.00 m   263.00    1.96  11.90    9.80    7.67
    SJ09-14   49.25   50.00   0.75 m   653.00    2.69   2.00    2.34   19.05
    SJ09-14   50.00   51.30   1.30 m   134.00    0.94   3.87    3.06    3.91
    SJ09-15   41.00   44.00   3.00 m    76.00    0.65   1.35    1.13    2.22
    SJ09-16   42.50   45.50   3.00 m    21.73    0.37   2.50    2.03    0.63
    SJ09-17   30.60   31.00   0.40 m    22.00    0.38   0.31    0.24    0.64
    SJ09-18    8.00    9.50   1.50 m     0.63    0.00   0.01    0.00    0.02
    SJ09-19   18.20   24.50   6.30 m    17.04    0.14   1.51    1.20    0.50
    SJ09-20   28.60   29.75   1.15 m    76.00    0.93   6.11    4.03    2.22
    

A summary of drilling results with location and geology maps can be viewed at www.slamresources.com/projects/new-brunswick/silverjack. The 1780 metre program has traced the Silverjack zone with 20 holes over a strike length of 130 metres. The deposit is comprised of disseminations and seams of coarse grained copper, lead and zinc sulphides hosted within altered limestone. Historical records indicate the mineralized limestone continues southward for a strike-length of 3300 metres. SLAM will utilize the current and historical results to plan the next stage of drilling.

The lengths tabulated above are measured core intervals in metres. The true thicknesses are unknown. Drill cores were delivered from the drill to a secure site for logging and sampling. Selected drill cores were split and one half sent to Activation Laboratories. Activation Labs analyzed the samples using code 8AR for silver, copper, zinc, lead and code Ultratrace 2 for multi-elements. The Company used blank and standard samples for quality assurance and control. Michael R. Taylor, P.Geo. President & CEO of SLAM, is the Qualified Person, as defined under National Instrument 43-101, responsible for management of the Silverjack project and for the results reported in this news release.

The Silverjack property comprises 3 claims under option plus 59 wholly owned mineral claims for a total of 992 hectares in the Mitchell area. This property is adjacent to SLAM's Nash Creek zinc-lead-silver deposit (with a 43-101 compliant resource estimate) and 12 kilometres southwest of the Belledune smelter and seaport.

The drilling program was funded in part by a provincial grant of $48,000 under the New Brunswick Junior Mining Assistance Program combined with funds from a recent financing by MineralFields Group, now a major SLAM shareholder. Mike Taylor, President and CEO states "We are very encouraged by the Silverjack drilling results and look forward to working with MineralFields Group further in 2010."

SLAM is a mineral resource company based in Miramichi, New Brunswick. SLAM continues to be active in gold and base metal exploration in Ontario and New Brunswick and has recently reported rare earth minerals at Nash Creek. 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.

Additional information about SLAM can be viewed at http://www.slamexploration.com as well at www.sedar.com.

    
    On behalf of the Board

    Mike Taylor, P. Geo.
    President & CEO
    SLAM Exploration Ltd.
    SEDAR: 00012459E
    

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: Corporate Inquiries: Mike Taylor, President & CEO, [phone], Toll Free: [phone], [email protected]