Slam Reports Grab Samples Up To 493 G/T Gold

Assays Confirm Bonanza Gold Veins At New Saint-Quentin Gold Discovery

TSXV: SXL   US-OTC: SLMF

MIRAMICHI, NB, Jan. 9, 2012 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") is pleased to report assay results ranging up to 493 g/t gold from trenching at the recently acquired "Saint-Quentin" gold discovery in northwest New Brunswick. Nine grab samples collected from Vein 7 contain gold ranging from 0.5 g/t to 493 g/t gold. These include 5 bonanza grade samples in the range 244 to 493 g/t gold. Vein 7 was exposed and sampled over a strike length of 10 m. It ranges up to 1.2 m in width and is located approximately 90 m north of the original gold discovery.

In addition, trenching beneath the original discovery uncovered a quartz vein (the "Discovery Vein) with a strike length of approximately 10 m ranging up to 1.5 m in width. Visible gold was reported in a previous press release December 6, 2011. Six grab samples from the Discovery Vein contain gold ranging from 0.11 g/t to 21.6 g/t gold. It should be noted that grab samples are selective by nature and unlikely to represent average grades of the deposits.

The Company also uncovered a series of quartz veins in trenches 250 m south of Vein 7.  Nine grab samples collected from this area samples contain anomalous gold ranging from up 0.60 g/t gold. This suggests an extensive gold-bearing system and the Company is currently trenching to test for additional veining and mineralization in this area.

The Company drilled 4 holes beneath the gold-bearing quartz vein in trench 7. One hole NW11-02 intersected quartz veining with anomalous gold grading 0.04 g/t over 1.6 m. After drilling at St. Quentin, the drill was moved to Nash Creek to test a deep Induced Polarization target.

Mike Taylor, President and CEO states; "Considering that this is a brand new gold discovery, SLAM is very encouraged by these results and intends to exercise the next stage of its option. The trenching is generating spectacular gold grades and has extended the gold-bearing structure over a strike-length of 250 m. We plan to follow up with a program of soil geochemistry, prospecting and trenching designed to further trace this system and identify other gold-bearing structures within the extensive NW Gold property."

About The SAINT QUENTIN Gold Discovery:  SLAM has an option to earn 100% interest in the NW Gold Project which comprises 251 units in 20 claims located near Saint Quentin, in northwest New Brunswick. Combined they cover 6275 hectares of highly prospective sedimentary rocks with favourable gold-bearing structures.

Qualifying Statements: Derek F. Brown, P.Geo. and consultant to SLAM is the Qualified Person responsible for the technical information contained herein. Grab samples were collected and sent to Actlabs in Ancaster, Ontario for fire assay.

About SLAM Exploration Ltd:

SLAM is a mineral resource company based in Miramichi, New Brunswick and currently has assays pending on 45 holes drilled on its wholly owned Nepisiguit silver-copper-lead-zinc deposit in New Brunswick.  In addition to the NW Gold project, the Company has a significant gold portfolio including the Reserve Creek gold deposit in Ontario. 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.

SLAM Exploration Ltd.
Brian Jones, Investor Relations; Toll Free: 855.800.6109
Toronto: 647.729.1436

[email protected]