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MIRAMICHI, NEW BRUNSWICK–(Marketwire – Sept. 28, 2012) – SLAM Exploration Ltd. (TSX VENTURE:SXL)(OTCBB:SLMF) (“SLAM”)is pleased to report initial grab sample results ranging up to 55.1 g/t gold from the first five trenches on the Menneval gold project. Of the 37 grab samples collected, 24 came back at greater than 1 g/t gold and, of these, eight samples were greater than 10 g/t gold as tabulated below:
| Trench | Metres fr Start | Rock | Au_ppb | Au_g/t |
| Men12-02 | 20.0 | Quartz | 10100 | 10.1 |
| Men12-03 | 41.1 | Quartz | 23400 | 23.4 |
| Men12-03 | 43.4 | Quartz | 55100 | 55.1 |
| Men12-03 | 39.2 | Quartz | 32700 | 32.7 |
| Men12-04 | 13.1 | Quartz-VG | 24100 | 24.1 |
| Men12-04 | 17.5 | Quartz-VG | 33800 | 33.8 |
| Men12-04 | 31.8 | Quartz-VG | 13700 | 13.7 |
| Men12-04 | 36.2 | Quartz-VG | 28000 | 28 |
Assays are pending on channel samples from a series of trenches which follow the Maisie Zone over a strike length of 700 m. Visible gold has been observed over 420 m of that strike length. The vein generally ranges up to 1 m in thickness but at one point widens out to 2.2 m wide where it contains significant visible gold. The Maisie zone is open in all directions.
On a separate target, trench MN12-09 uncovered 2 cross-cutting quartz veins 700 m southeast of the Maisie Zone. These veins are mineralized with minor limonite, goethite, hematite and pyrite and range up to 0.6 m in thickness. Trench MN12-11 uncovered 2 quartz boulders with visible gold 2500 m east of the Maisie zone but did not source these boulders. Assays are pending on samples from these trenches and additional work is planned to follow these veins.
The Maisie gold discovery is 30 km north of the Lavoie gold occurrence where trenching produced grab samples grading up to 493 g/t gold on SLAM’s NW Gold project as reported January 9, 2012. Recent detailed prospecting has generated a number of new trenching targets in addition to the original Lavoie gold discovery at NW Gold where the Company plans follow-up trenching to begin soon.
About The Menneval Project: SLAM holds 100% interest in 17 contiguous claims covering 25,570 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.
Qualifying Statements: SLAM Project Manager Sara Lloyd, P.Geo. is the Qualified Person responsible for the technical information contained herein. The initial results reported in this news release were from grab samples. Once the significance of the gold-bearing Maisie vein was noted, the sampling procedures were modified to include chip and channel samples. Chip samples and channel samples as well as 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 is actively exploring new gold discoveries on its Menneval and NW Gold projects 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 atwww.sedar.com. Follow us on twitter @SLAMGold.
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.
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.
