Slam Exploration Ltd. (SLMXF)

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eResearch (10/27/2010)
"SLAM announced that one of its major shareholders, Pinetree Capital Ltd., had acquired an additional 5,000,000 SXL shares along with 5,000,000 common share purchase warrants via a private placement on September 23. The private placement raised a total of $2,263,900, with the proceeds earmarked mainly to fund drilling and other exploration activities on SLAM's wholly owned Reserve Creek gold project in Ontario and on the Silverjack project in New Brunswick.

With more than $2.2M now added to its cash resources, SLAM has more than sufficient funds to cover the cost of its recently announced drill programs at Reserve Creek and Silverjack. With the seasonal shutdown of exploration now in effect in Ontario, the exploration focus and. . .any potential for a near-term valuation catalyst will now focus on Silverjack. Should the additional drilling there confirm the high lead and zinc grades revealed by earlier trenching, it would allow SLAM to develop a new combined resource estimate encompassing both Silverjack and the adjacent Nash Creek deposit for which a 9 Mt. NI 43-101-compliant resource estimate already exists. A total reserve estimate in the 15–20 Mt. range, with an average zinc grade in the 6%–8% range, could have sufficient commercial prospects to be of potential interest to Xstrata Zinc whose nearby Brunswick zinc mine is due to exhaust its existing reserves sometime in 2011."