SLAM Exploration completes $1M financing



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    MIRAMICHI, NB, Dec. 27 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL)
("SLAM") announces completion, on 24 December 07, of a $1,000,000 non-brokered
flow-through private placement to sell 4,000,000 flow-through units at $0.25
per "Unit". Each Unit comprises one flow-through common share plus one half
share purchase warrant. Each whole warrant shall be exercisable into one non
flow-through common share of the company at an exercise price of $0.50 for a
period of two years from closing of the placement and will be subject to "hold
period" of four months plus one day from the date of their issuance. The gross
flow-through proceeds will be renounced for the 2007 income tax year. A
finder's fee of $50,000 plus 200,000 Finders Warrants was paid to PI Financial
Corp. The Finders Warrants are exercisable at $0.30 for a period of 24 months
and subject to the same hold period conditions. The financing and issuance of
shares is subject to regulatory approval.
    The Company will use proceeds from the financing to fund additional
drilling and advanced exploration activities at Nash Creek, as well as
drilling on its Ontario gold properties and its other properties in New
Brunswick. Activities planned at Nash Creek include an independent resource
estimate, a scoping study, environmental baseline testing as well as
engineering and civil work in preparation for a bulk sample. SLAM management
expects to incorporate these activities into a full feasibility study for an
open pit mining and milling operation at Nash Creek. The ultimate goal is a
low-cost mining operation that will provide many years of benefit to our
shareholders and to the Province of New Brunswick.

    SLAM Exploration Ltd. is a mineral resource company based in Miramichi,
New Brunswick. It is involved in base metal exploration in New Brunswick
including the world class Bathurst Mining Camp as well as gold exploration in
the Uchi sub-province of northwest Ontario. Additional information about SLAM
and its projects is available at www.slamexploration.com or from its SEDAR
filings at www.sedar.com. The TSX Venture Exchange has not reviewed and does
not accept 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 the 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" as such term is defined by regulations under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
    %SEDAR: 00012459E




For further information:

For further information: Corporate Inquiries: Mike Taylor, President &
CEO, (506) 627-1353, http://www.slamexploration.com; Investor Relations: Bob
Smylie, Toll Free: (866) 523-6719, Direct: (604) 224-4945; AGORACOM Investor
Relations: http://www.agoracom.com/IR/slamexploration


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