Additional Funds For Drilling The Reserve Creek Bonanza Gold Deposit and
/Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States/
MIRAMICHI, NB, Dec. 24 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL) (the "Company" or "SLAM") announces it has completed the
second tranche of a non-brokered private placement and raised an
additional $1,050,000 through the issuance of 5,000,000 flow-through
units (FT Units) at a price of $0.21 per FT Unit (the "Offering"). Each
FT Unit consists of one flow-through common share and one-half (½) of
one common share purchase warrant ("Warrant"). Each whole Warrant
entitles the holder to acquire one non-flow-through common share at a
price of $0.25 per share for a period of 12 months and at a price of
$0.40 for an additional 12 months, expiring 24 months after the date of
issuance. The private placement remains subject to final approval of
the TSX Venture Exchange.
The Company paid $52,500 in cash fees and issued 350,000 finders options
(the "Finder's Options") in connection with the Offering. Each Finder's
Option gives the holder the right to purchase one non-flow-through unit
for a period of two (2) years on the same terms as the FT Units.
Proceeds of the Offering will be used mainly to fund drilling and
related activities on SLAM's exploration projects in Canada. The main
focus is on the Reserve Creek gold project in Ontario and the
Silverjack project in New Brunswick. Assays are pending from the first
9 holes drilled at Reserve Creek in a program designed to test the
strike extent of bonanza gold intercepts reported by SLAM in a news
release dated August 17, 2010. Additional assays are also pending from
a drilling program at Silverjack. Drilling is to resume on both
projects in January, 2011.
"We are very pleased with this continued support by MineralFields
Group", said Mike Taylor, President and CEO. "SLAM has earned this
support with impressive drilling results from Reserve Creek Gold as
well as Silverjack and the anticipation of more gold and silver results
going forward into 2011".
MineralFields Group (a division of Pathway Asset Management), based in
Toronto, Vancouver and Calgary, is a mining fund with significant
assets under administration that offers its tax-advantaged super
flow-through limited partnerships to investors throughout Canada as
well as hard-dollar resource limited partnerships to investors
throughout the world. Information about MineralFields Group is
available at www.mineralfields.com.
SLAM is a mineral resource company based in Miramichi, New Brunswick.
The Company is very active in gold, silver and base metal exploration
in Ontario and New Brunswick. 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 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 the Company 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: For further information:
Mike Taylor, President & CEO
Toll Free: 866-523-6719