SLAM Discovers More Gold-Bearing Boulders In the St. Quentin Area Trenching to Start On New Gold Discovery at Menneval

MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 08/17/12 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") reports the discovery of additional gold-bearing quartz boulders by prospecting near the Lavoie discovery on its NW Gold project located near Saint Quentin, New Brunswick. The new discoveries include one boulder grading 15 g/t gold located directly along strike and 180 m south of the original Lavoie discovery. It is aligned with another recent discovery of quartz boulders where grab samples grade up to 1.86 g/t gold as announced June 12, 2012. These gold-bearing boulders are south of the area previously trenched.

Trenching at the Lavoie discovery revealed a series of quartz veins in bedrock over a strike length of 250 m, locally with visible gold and grab samples ranging up to 493 g/t gold as reported by SLAM in a press release dated January 9, 2012. These boulder discoveries combined with the gold-bearing veins in the trenches are aligned over a potential strike length of 580 m. Assays are pending from additional prospecting samples.

SLAM has an option to earn 100% interest in the NW Gold Project which comprises 251 units in 20 claims covering 6275 hectares located near Saint Quentin, in northwest New Brunswick. Local prospector Tim Lavoie discovered gold-bearing quartz veins in the fall of 2011. SLAM acquired the property through an option agreement and followed up with additional prospecting as well as trenching and diamond drilling in December, 2011. Maps and photos illustrating these results can be viewed at http://www.slamresources.com/projects/new-brunswick/nw-gold/.

In addition, SLAM acquired its 100% owned Menneval Gold Project by map-staking early in 2012. The initial prospecting program resulted in discovery of the Maisie Zone. This new gold discovery was announced by press release July 16, 2012. The Maisie discovery comprises a series of angular boulders of mineralized quartz with grab samples ranging from 0.367 to 118 g/t gold aligned over a potential strike length of 2500 m. An additional quartz boulder grading 1.54 g/t gold appears to represent a separate vein structure located at a distance of 5800 m. Maps and photos from the Menneval project can be viewed at http://www.slamresources.com/projects/new-brunswick/menneval/.

The Company is very encouraged by these gold discoveries and is currently planning trenching programs on both projects. An excavator will be mobilized to Menneval on or about August 20, 2012 to start this campaign. The initial program will be designed to uncover the source of gold-bearing quartz boulders at several sites including the bonanza grade Maisie Zone boulders.

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

Toronto: 647.729.1436 or Toll Free: 855.800.6109
info@slamexploration.com
www.slamexploration.com