8.27% Zinc Over 6 M, Near Surface

TSXV: SXL US-OTC: SLMF

SLAM DRILLS 8.27% ZINC OVER 6.0 M NEAR BMS NO. 12 MINE

N E A R - S U R F A C E M A S S I V E S U L P H I D E S S H O W O P E N P I T M I N I N G P O T E N T I A L

For Immediate Release January 11, 2012 Miramichi, New Brunswick - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") is pleased to announce a 6.0 m core interval grading 0.38% copper, 8.27% zinc, 1.98% lead and 79 g/t silver at a depth of 5.0 m in hole NP11-43 at its wholly owned Nepisiguit project located 15 km west of the BMS No. 12

Mine operated by Xstrata in northern New Brunswick. This near-surface interval occurs within a 19.2 m
zone of massive sulphides that starts from the drill casing at 3 m. Selected results for holes NP11-43 to
NP11-45 are summarized in the table below.

Hole ID	From m	Length m	True Width*m	Copper %	Zinc %	Lead %	Silver g/mt
NP11-43	3.00	19.20	16.70	0.44	4.33	1.12	61
Includes	5.00	6.00	5.22	0.38	8.27	1.98	79
NP11-44	10.85	13.55	11.79	0.41	3.16	0.91	44
Includes	14.15	4.35	3.78	0.37	6.01	1.65	75
NP11-45	6.00	10.10	8.79	0.31	4.15	1.09	28
NP11-45	24.70	19.30	16.79	0.42	4.48	1.51	69
Includes	36.00	8.00	6.96	0.51	7.14	2.16	96

*True widths are preliminary estimates based on observed core angles.
These 3 holes were drilled at 15 m spacing on the same section as hole NP11-16 announced by press release October 22, 2011. They are part of a series of holes designed to outline the grade and tonnage of near-surface mineralization at Nepisiguit. Assays are pending on an additional 40 holes. The primary objective of the program is to drill enough holes to define a NI43-101 compliant resource including a near-surface component amenable to open-pit mining.

About Nepisiguit: SLAM's 100% owned Nepisiguit project comprises 78 claims covering 1770 hectares located on highway 430 approximately 15 km southwest of the world-class BMS No. 12 mine operated by Xstrata. Nepisiguit is a volcanogenic massive sulphide deposit discovered in 1956. Previous workers defined 3 zones known as the Nepisiguit A, B and C zones with a series of shallow holes that pre-date NI-

43-101 standards. The Nepisiguit drilling program is being funded in part by a $50,000 grant from the
New Brunswick Junior Mining Assistance Program.

Qualifying Statements: SLAM Project Geologist, Sara Lloyd, P.Geo. is the Qualified Person responsible for the technical information contained herein. Drill cores were delivered from the drill to a secure site for logging and sampling. The samples were split or sawn and sent to Activation Labs in Ancaster, Ontario for analysis. Activation Labs analyzed the samples using code 8AR for copper, zinc, lead and silver. Selected samples were also tested using code Ultratrace 2 for multi-elements. The Company used blank and standard samples for quality assurance and control. About SLAM Exploration Ltd:

SLAM is a mineral resource company based in Miramichi, New Brunswick and currently has assays pending from a 15,000 m drilling program on its wholly owned Nepisiguit silver-copper-lead-zinc deposit in New Brunswick. In addition to the NW Gold project, the Company has a significant gold portfolio including the Reserve Creek gold deposit in Ontario. Additional information about SLAM and its projects is available at www.slamexploration.comor from SEDAR filings at www.sedar.com.

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.

On behalf of the Board Mike Taylor, P. Geo. President & CEO

SLAM Exploration Ltd. SEDAR: 00012459E

For further information:

SLAM Exploration Ltd.

Brian Jones, Investor Relations; Toll Free: 855.800.6109

Toronto: 647.729.1436

[e-mail]

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.