Slam Acquires New Gold Discovery In New Brunswick

Newly Discovered Quartz Boulders With Visible Gold

TSXV: SXL   US-OTC: SLMF

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.

About SLAM Exploration Ltd:

SLAM is a mineral resource company based in Miramichi, New Brunswick and currently has 2 diamond drilling rigs turning on its wholly owned Nepisiguit silver-copper-lead-zinc deposit in New Brunswick.  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.com or 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

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.

SOURCE SLAM EXPLORATION LTD.

For further information:

SLAM Exploration Ltd.
Brian Jones, Investor Relations; Toll Free: 855.800.6109
Toronto: 647.729.1436

info@slamexploration.com


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