SLAM Exploration Ltd. Makes New Gold Discovery

Angular Quartz Boulders Grade Up To 118 g/t Gold On New Project

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) 07/16/12 -- SLAM Exploration Ltd. (TSX VENTURE: SXL) (OTCBB: SLMF) ("SLAM") is pleased to report a new bonanza gold discovery on its wholly-owned Menneval claims in New Brunswick. The new 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.

SLAM has named this new discovery the "Maisie Zone". It comprises 3 angular boulders of mineralized quartz with grab samples ranging from 5.16 to 118 g/t gold. These boulders are aligned with several other auriferous quartz boulders grading up to 0.367 g/t gold over a distance of 2500 m. Company geologists also found a quartz boulder grading 1.54 g/t gold that appears to represent a separate vein structure located at a distance of 5800 m. Assays are pending on additional prospecting samples.

The Company is very encouraged by this new discovery. SLAM geologists have identified the widespread presence of auriferous quartz boulders in the vicinity of the bonanza grade Maisie Zone boulders. Only preliminary, reconnaissance prospecting has been completed to date. The Company is now following up with more detailed prospecting in preparation for a trenching program. Detailed prospecting is also in progress on the NW Gold project and is generating a number of new trenching targets in addition to the original Lavoie gold discovery. Both the Menneval and NW Gold projects have demonstrated significant gold potential. The Company will continue the prospecting campaign and expects to follow with trenching to test these sites.

About The Menneval Project: SLAM acquired by map-staking the original claim group based upon air-borne geophysical and topographic features. SLAM acquired additional claims after the Maisie zone discovery and now holds 100% interest in 11 contiguous claims covering 18,840 hectares all acquired by map-staking near Menneval in northwest New Brunswick. In addition to the Maisie zone, the property is host to 3 skarn deposits where exploration programs date back to 1965. Previous workers have tested the skarn zones with approximately 27 diamond drill holes for a total of 4850 m. Copper was the main target and the most significant intercept was 0.57% copper over 57.5 feet (17.5 metres) drilled in 1973. Reported higher grade intercepts include 2.20% copper + 1.88 opt (oz per ton) silver over 2.5 ft (0.76m) and 8.86% copper + 4.15 opt silver over 2.0 feet (0.6 m).

Claim Acquisition: The Company signed an agreement with Tim Lavoie to purchase an additional 4 claims covering 692 hectares 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%. These claims are contiguous to SLAM's wholly owned Menneval Project. The Company also owns 4 additional claim groups covering 3042 hectares in the Saint Quentin area.

About New Brunswick: New Brunswick is currently rated the world's most attractive jurisdiction for mineral exploration and development, as announced by the Fraser Institute, February 23, 2012. The Province has demonstrated potential for large mineral deposits and can be expected to generate mining operations well beyond the world-class BMS No. 12 mine operated by Xstrata.

Qualifying Statements: SLAM Project Manager Sara Lloyd, P.Geo. 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 is actively exploring recent gold discoveries on its NW Gold and Menneval projects in northwestern New Brunswick. SLAM owns the Nepisiguit silver-copper-lead-zinc deposit and the Nash Creek lead-zinc-silver deposit, 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 at www.sedar.com.


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.



Contacts:

SLAM Exploration Ltd.
Brian Jones, Investor Relations
Toll Free: 855.800.6109 or Toronto: 647.729.1436
info@slamexploration.com
www.slamexploration.com