Slam Expl. cuts 42.99 g/t gold over 1.0 m core interval

SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") is pleased to announce preliminary assays grading up to 42.99 g/t gold over 1.0 m from hole RS10-21 at its wholly owned Reserve Creek gold project in the Fort Hope gold areas of Ontario. This bonanza grade intercept occurs within a 10.5 m core interval grading 6.76 g/t gold at a depth of 105.5 m. Assays are pending on 7 additional samples representing 3.6 m of mineralized core from 100.9 to 104.5 m in this hole. Visible gold occurs in this pending section. Selected assay results are tabulated as follows:

The core intervals described are drilled intervals. True thicknesses are unknown. Hole RS10-21 was drilled at a dip of 70 degrees from a site 15 m west of previous hole RS10-16. Hole RS10-16 cut a 16.85 m core interval grading 16.45 g/t gold and  contains individual samples of bonanza gold grading up to 274 g/t gold over 0.5 m (news release 17 August 2010).

Assays are pending on an additional 260 samples representing mineralized intercepts from the remaining 5 holes. Visible gold was noted in 2 of these 5 holes. The exploration crew is arriving in Fort Hope on Friday-Saturday and expects to resume drilling by Monday, 17 January. The Company has $5.2M cash in the treasury and expects to expand the drilling program well beyond the current 2,000 m contract.

All drill cores were delivered 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 Accurassay in Thunder Bay for gold assay. Standards and blanks were inserted in the sample batches to augment the Quality Assurance and Quality Control program utilized by the laboratory. Michael R. Taylor, P.Geo. President and CEO of SLAM is the Qualified Person responsible for the technical information contained herein.

About Reserve Creek Gold Project:
SLAM's wholly owned Reserve Creek gold project encompasses a 4608 hectare block of 22 claims located near Fort Hope, Ontario. Reserve Creek is part of a large and valuable land package with an expanding inventory of gold deposits centered around Fort Hope approximately 150 km east of the former gold mining town of Pickle Lake. The large greenstone belt surrounding Fort Hope has many similarities to the prolific Red Lake gold mining camp and has potential to be a major gold producing area. The Red Lake, Pickle Lake and Fort Hope gold areas are part of the Uchi subprovince, a major system of greenstone belts extending from Lake Winnipeg to the Hudson Bay lowlands.

Reserve Creek drilling activities are progressing 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 Reserve Creek and other SLAM projects in the Fort Hope area of Ontario.

About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and is currently drilling for gold in Ontario and for silver-copper-lead-zinc in 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.

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.