SLAM TO CLOSE ADDITIONAL $1.05 M NON-BROKERED FINANCING

Drilling Continues On Reserve Creek Gold Deposit And At Silverjack

/Not for Distribution to U.S. Newswire Services or for Dissemination in the United States/

MIRAMICHI, NB, Dec. 8 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL) ("SLAM") announces it plans to complete the second tranche of a non-brokered private placement to raise an additional $1,050,000 through the issuance of 5,000,000 flow-through units (FT Units) at a price of $0.21 per FT Unit.  Each FT Unit will consist of one flow-through common share and 1/2 common share warrant ("Warrant").  Each full Warrant will entitle the holder to acquire one non-flow-through common share at a price of $0.25 per share for a period of 12 months and at a price of $0.40 for an additional 12 months, expiring 24 months after issuance. The private placement remains subject to final approval of the TSX Venture Exchange.

The Company expects to close this financing on or about 15 December 2010. SLAM will pay a cash finder's fee equal to 5% of the proceeds raised by the MineralFields Group and will issue finders options equal to 7% of the number of FT Units subscribed for by the MineralFields Group. Each finders option is exercisable for non-flow-through units on terms similar to the FT Units.

Proceeds of the private placement will be used to fund drilling and other exploration activities on SLAM's gold, silver and base metal projects in Canada. The Company is currently drilling on both the Reserve Creek gold project and the Silverjack project. In accordance with applicable securities legislation, the FT Units are subject to a "hold period" of four months plus one day from the date of issuance of the FT Units. The financing and issuance of the FT Units are subject to regulatory approval.

"SLAM is encouraged by this continued support from MineralFields Group, especially in view of recent drilling results reported from Reserve Creek and Silverjack", said Mike Taylor, President and CEO,  "This will bring our treasury over $5M and fund major drilling programs in 2011."

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com.  First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies.  MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

SLAM is a mineral resource company based in Miramichi, New Brunswick. The Company is very 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 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 the Company 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.

For further information:

Corporate Inquiries

Mike Taylor, President & CEO
506-627-1353
Toll Free: 866-523-6719
[email protected]