Slam Exploration Ltd. (SLMXF)

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Slam Acquires New Gold Discovery In New Brunswick
Newly Discovered Quartz Boulders With Visible Gold

MIRAMICHI, NB, Nov. 30, 2011 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") is pleased to announce the acquisition of an exciting new gold discovery in northwestern New Brunswick. Prospector Tim Lavoie recently made the discovery and subsequently staked a number of claims referred to as the NW Gold Property.
SLAM CEO Mike Taylor along with his technical team evaluated the discovery on a visit to the site in early November. "I've been to the site and have examined several large boulders with sites of visible gold. With very little previous exploration and no drilling that we know of, this project has huge potential. "
The new discovery comprises a cluster of angular quartz boulders ranging from 5 kg to 100 kg in size beside a logging road. Several fine specks of visible gold occur in the boulders. Assays are pending on grab samples collected from the site. After the site visit, the Company negotiated an option agreement with Mr. Lavoie.
The Option Agreement: SLAM made a downpayment of $20,000 to secure an option agreement on the NW Gold Project. An additional $30,000 cash and 100,000 shares are payable after a 30 day period. After completion of the above, the Company can make annual cash and share payments for a total of $550,000 cash and 400,000 shares over 4 years to earn 100% interest on or before November 18, 2015. The vendor retains 3% Net Smelter Return (NSR) subject to $1M buyback on 1% NSR. SLAM to hold Right of First Refusal on remainder of NSR. This option agreement and issuance of shares is subject to approval from the TSX Venture Exchange.
About NW Gold Project: SLAM has an option to earn 100% interest in the NW Gold Project comprises 251 units in 20 claims located near Saint Quentin, New Brunswick. Combined they cover 6275 hectares of favourable sedimentary rocks. A trenching program is to start immediately to determine the extent the new gold discovery.
Qualifying Statements: Sara Lloyd, P.Geo. and Project Geologist for SLAM is the Qualified Person responsible for the technical information contained herein. Grab samples were collected and sent to Actlabs in Ancaster, Ontario for gold analysis.