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Saturday, 06/23/2012 5:14:59 PM

Saturday, June 23, 2012 5:14:59 PM

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Tests Show Recoveries At 96% Zinc, 80% Copper, 75% Lead And 68% Silver

Miramichi, New Brunswick - SLAM Exploration Ltd. (TSXV: SXL) (OTCBB: SLMF) ("SLAM") is pleased to announce results from laboratory flotation tests completed on Nepisiguit A-Zone core samples. The tests were completed by RPC Science & Engineering (“RPC”) of Fredericton, NB and are summarized in a report by RPC titled: “Preliminary Metallurgical Scoping Study - Nepisiguit Drill Core”. The A-Zone is part of SLAM’s wholly-owned Nepisiguit Project where SLAM recently announced a new 3M tonne NI-43-101 compliant inferred resource in New Brunswick.

The RPC tests indicate recoveries of 96% zinc, 80% copper, 75% lead and 68% silver are attainable. The head grade of the test sample was 5.88% zinc, 1.53% lead, 0.43% copper and 52 g/t silver. A total of 9 flotation tests were carried out with a variety of recovery techniques. Results indicate that bulk copper/lead flotation followed by zinc flotation would be the best option for the treatment of the Nepisiguit deposit. This is consistent with other deposits in the Bathurst Mining Camp.

Inferred resources for the A-zone and the C-Zone were estimated by Tetra Tech as reported by SLAM news release on June 5, 2012. The A-Zone is most significant with an Inferred Resource of 2,985,432 tonnes grading 3.13% zinc, 0.81% lead, 0.22% copper and 30.28 g/t silver based on a 1.5% zinc equivalent cut-off. The A-Zone is open at depth and in all directions, located near-surface and thought to be amenable to open-pit mining methods.

RPC recommends further studies to complete the technical feasibility of the Nepisiguit deposit. Tetra Tech has recommended a trenching and drilling program to upgrade and potentially increase the resource. SLAM intends to implement these recommendations and expects to begin an Environmental Impact Assessment process for a potential open pit mining operation.

About Nepisiguit: SLAM’s 100% owned Nepisiguit project comprises 121 claim units covering 2644 hectares located on highway 430 approximately 15 km southwest of the world-class BMS No. 12 mine operated by Xstrata. The deposit is approximately 30 km from the Caribou mill just purchased and being put into production by Trevali. Additional information about Nepisiguit can be viewed on SLAM’s website at

Qualifying Statements: The metallurgical tests were conducted at RPC of Fredericton, New Brunswick. Leo Cheung, P.Eng., Senior Chemical Engineer, is the qualified person responsible for the metallurgical testing and results reported herein. The Nepisiguit Inferred Resource figures are derived from a news release on June 5, 2012 by SLAM. Sara Lloyd, P.Geo. and SLAM Project Manager is the Qualified Person who has reviewed and approved any additional technical and scientific disclosure in this news release.