Extending Contract To Test Bonanza Gold Zone

MIRAMICHI, NB, Jan. 7 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") announces it plans to deploy its exploration team to resume drilling operations on its wholly owned Reserve Creek gold project on 15 January 2011. This is a continuation of 9 holes drilled for a total of 1145 m in December. Mineralized zones occur in all 9 holes over core intervals ranging from 3.5 m to 29.85 m. Visible gold occurs in 5 of the holes.

Assays are pending on 555 samples that were submitted for gold assay and representing 525 m of mineralized core from the 9 holes. Initial assay results are expected on or about 11 January 2011. These holes are testing the strike extent up to 230 m from bonanza grade intercepts in hole RS10-16 previously drilled in June 2010. Hole RS10-16 intersected 16.45 g/t gold over a 16.85 m core interval with individual samples grading up to 274 g/t gold over 0.5 m (news release 17 August 2010).

The Company expects to complete the current 2000 m contract program in the next few weeks and plans to extend the program through the winter months of 2011.

Michael R. Taylor, P.Geo. President and CEO of SLAM is the Qualified Person responsible for the technical information contained herein. The core intervals described are drilled intervals. True thicknesses are unknown. Reserve Creek drilling activities are progressing in consultation with Eabametoong First Nation ("EFN") in accordance with a recently signed Exploration Agreement. This Agreement calls for EFN and SLAM to work cooperatively to advance the gold potential of Reserve Creek and other SLAM projects in the Fort Hope area of Ontario.

About SLAM: SLAM is a mineral resource company based in Miramichi, New Brunswick and is currently drilling for gold in Ontario and for silver-copper-lead-zinc in 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.
SEDAR: 00012459E

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.


For further information:

SLAM Exploration Ltd.

Head Office 506.627.1353 Toll Free: 866.523.6719

Brian Jones, Investor Relations

Mike Taylor, President & CEO

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