Namex to Expand The Search For Gold At Miminiska
TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, May 9 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC:SLMXF) ("SLAM") and Namex Explorations Inc. (TSXV: NME) (trading status pending) ("Namex") are pleased to announce they have entered into an agreement on SLAM's
Miminiska gold project in northwestern Ontario. The property is host to
9 gold occurrences including a 1.0 m core interval grading 64 g/t gold
within a 7.2 m interval grading 9.47 g/t gold in hole MM10-01 as
reported by SLAM news release 14 July 2010. This recent discovery is
open at depth and along strike and flanks the KCR zone where SLAM had
previously drilled 5.97 g/t over 2.0 m.
The Miminiska Property:
The property consists of 28 mining claims with a total area of
approximately 4,912 Ha situated approximately 110 km east of the mining
community of Pickle Lake and 40 km west of the community of
Eabamatoong. Gold is associated with pervasive shearing and alteration
within greywackes, iron formations, volcanics and porphyry bodies
underlying the Miminiska claims. These favourable gold-bearing volcanic
and sedimentary rocks are part of the Uchi subprovince which host the
prolific Red Lake and Pickle Lake gold mining camps. Namex expects to
complete preliminary exploration activities followed by diamond
drilling to evaluate and expand these significant gold occurrences.
All Miminiska exploration activities will be conducted in consultation
with Eabametoong First Nation.
Under the terms of the agreement, Namex can earn up to a 70% interest in
the Miminiska gold property, located near Miminiska Lake in
northwestern Ontario. Namex can earn a 50% interest in the property by
completing $800,000 in exploration expenditures, granting 2,000,000
common shares to SLAM and paying $140,000 to SLAM over a three-year
period. Namex will also pay a finder's fee equal to 10% of the cash and
share payments. Namex may earn an additional 20% interest in the
property by paying an additional $200,000 plus 1,000,000 shares and
expend $1,000,000 in exploration over a subsequent 2 year period. This
agreement and issuance of shares is subject to approval from the TSX
About Namex Explorations Inc:
Namex is a resource company currently undergoing reorganization to
regain trading status on the TSX Venture Exchange. The Company
currently holds six mineral claims in Clinton Township, Quebec and is
actively seeking to acquire mineral properties of merit. Namex is
focusing on Canadian opportunities in the gold sector in line with
management's experience and expertise. For additional information,
please visit www.namex-explorations.com.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and
is exploring for gold in Ontario and for silver-copper-lead-zinc in New
Brunswick. SLAM has had recent success with strong drilling results at
their wholly owned Reserve Creek gold property near Eabametoong, 150 km
east of Pickle Lake, including a core interval of 16.45 g/t gold over
16.85 m. Additional information about SLAM and its stable of 18 high
potential projects is available at http://www.slamexploration.com or from SEDAR filings at http://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