Slam Exploration reports metallurgical results



    MIRAMICHI, NB, Jan. 8 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL) ("SLAM")
announces the results for preliminary metal beneficiation tests undertaken on
core samples from the Nash Creek zinc deposit. The projected overall recovery
rates are 90.5% for zinc and 81.5% for lead. Recovery rates for silver
indicate 31.2% of silver retained in the lead concentrate and 30.6% of the
silver retained in the zinc concentrate. The test produced a zinc concentrate
grading 54.5% zinc, 0.9% lead, 5.7% iron and 115 grams per tonne silver with
only one cleaning. With 3 cleanings the zinc grade was increased to 64.3%. The
lead concentrate graded 48.51% lead, 5.88% zinc, 16.83% iron and 160 grams per
tonne silver.
    SLAM management is encouraged by these positive metallurgical results
that predict high recovery rates and relatively low milling costs for
Nash Creek ores. A conceptual 3,000 tonne per day mining operation producing
ore containing 4% zinc with a recovery of 90% would generate 238,000 pounds of
zinc per day. Management believes the near-surface sulphide deposit has the
potential to become a low-cost open pit mine with the potential to deliver
many years of benefit to SLAM shareholders. To reach this objective in 2008,
SLAM will commission 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 a future open pit mining and
milling operation at Nash Creek.
    As reported 10 July 2007, the deposit comprises an indicated resource of
3.24M tonnes grading 4.67% zinc, 0.80% lead and 27.8 g/t silver plus an
additional inferred resource of 2.69M tonnes grading 3.65 % zinc, 0.77% lead
and 20.0 g/t silver. The resource calculation and other information described
in a Technical Report filed 27 August 07 can be viewed at www.sedar.com. Since
the resource calculation, SLAM has drilled 90 holes at Nash Creek with assays
pending on 30 holes. Drilling resumed in January after a holiday break.
Additional information including maps and core pictures from Nash Creek are
available for viewing online at
http://www.slamresources.com/index.cfm?page=projects-NashCreek
    The material used for the metallurgical test was a composite sample
grading 6.80% zinc, 1.79% lead and 49 grams per tonne silver. The sample was
blended from drill holes NC07-59 from the Hayes Zone and NC07-55 from the
Hickey Zone. The optimum initial grind size was found to be 83.5(micro)m at
which the lead concentrate was produced with no regrind. The zinc concentrate
required a regrind size of 33.8 (micro)m. These are favourable grind sizes
amenable to good recoveries that can be expected to produce a high-value zinc
concentrate.
    The metallurgical tests were conducted at RPC of Fredericton,
New Brunswick. Leo Cheung, P.Eng., Senior Process Engineer, is the qualified
person responsible for the metallurgical testing and results reported herein.
Derek F. Brown, P.Geo., SLAM's Exploration Manager, is the Qualified Person,
as defined under National Instrument 43-101, responsible for management of the
Nash Creek project.

    SLAM Exploration Ltd. is a mineral resource company based in Miramichi,
New Brunswick. It is involved in base metal exploration in New Brunswick 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 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 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 facts, 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.
    %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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