Slam Exploration Ltd. (SLMXF)

[gsfl]

Slam Reports Grab Samples Up To 493 G/T Gold

Assays Confirm Bonanza Gold Veins At New Saint-Quentin Gold Discovery
TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, Jan. 9, 2012 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") is pleased to report assay results ranging up to 493 g/t gold from trenching at the recently acquired "Saint-Quentin" gold discovery in northwest New Brunswick. Nine grab samples collected from Vein 7 contain gold ranging from 0.5 g/t to 493 g/t gold. These include 5 bonanza grade samples in the range 244 to 493 g/t gold. Vein 7 was exposed and sampled over a strike length of 10 m. It ranges up to 1.2 m in width and is located approximately 90 m north of the original gold discovery.
In addition, trenching beneath the original discovery uncovered a quartz vein (the "Discovery Vein) with a strike length of approximately 10 m ranging up to 1.5 m in width. Visible gold was reported in a previous press release December 6, 2011. Six grab samples from the Discovery Vein contain gold ranging from 0.11 g/t to 21.6 g/t gold. It should be noted that grab samples are selective by nature and unlikely to represent average grades of the deposits.
TheCompanyalsouncoveredaseriesofquartzveinsintrenches250msouthofVein7. Ninegrabsamplescollectedfromthisareasamplescontainanomalous gold ranging from up 0.60 g/t gold. This suggests an extensive gold-bearing system and the Company is currently trenching to test for additional veining and mineralization in this area.
The Company drilled 4 holes beneath the gold-bearing quartz vein in trench 7. One hole NW11-02 intersected quartz veining with anomalous gold grading 0.04 g/t over 1.6 m. After drilling at St. Quentin, the drill was moved to Nash Creek to test a deep Induced Polarization target.
Mike Taylor, President and CEO states; "Considering that this is a brand new gold discovery, SLAM is very encouraged by these results and intends to exercise the next stage of its option. The trenching is generating spectacular gold grades and has extended the gold-bearing structure over a strike-length of 250 m. We plan to follow up with a program of soil geochemistry, prospecting and trenching designed to further trace this system and identify other gold-bearing structures within the extensive NW Gold property."
About The SAINT QUENTIN Gold Discovery: SLAM has an option to earn 100% interest in the NW Gold Project which comprises 251 units in 20 claims located near Saint Quentin, in northwest New Brunswick. Combined they cover 6275 hectares of highly prospective sedimentary rocks with favourable gold-bearing structures.
Qualifying Statements: Derek F. Brown, P.Geo. and consultant to SLAM 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.