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
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.
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