/C O R R E C T I O N from source -- SLAM Exploration Ltd./

    In c4610 sent on Tuesday, August 7, 2007, an error occurred in the first
    paragraph. "25 July 2006" should have read "25 July 2007". Corrected copy

    SLAM Exploration grants options

    MIRAMICHI, NB, Aug. 7 /CNW/ - SLAM Exploration Ltd. (the "Company")
(TSXV: SXL), today announced the granting of stock options to purchase up to
1,100,000 common shares to key employees, senior officers and directors of the
Company at an exercise price of $0.18 per share, that being the closing price
of the common shares as at the close of business on 25 July 2007. These
options will expire on 26 July 2012. The Company is authorized to issue up to
4,273,000 options according to the Option Plan approved by shareholders.
Including the above options 2,785,000 have been issued to date.

    SLAM Exploration Ltd. is a mineral resource company based in Miramichi,
New Brunswick. The Company owns 100% of the Nash Creek zinc-lead-silver
deposit, as well as the Nepisiguit A, Nepisiguit B, Ahearn, Strachens East and
Strachens base metal deposits - all located within the world class Bathurst
mining camp. In addition, SLAM holds the right to earn 100% interest in 1935
claims centered in the Bathurst Mining Camp. In western New Brunswick, SLAM is
sole owner of the Lewis Brook silver deposit and has the right to earn 100%
interest in the Costigan zinc deposit. In Southern New Brunswick, SLAM
recently acquired and wholly owns the Jake Lee gold property. The Company
holds varying interests in four gold properties in the gold producing 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. Factors that could cause actual
results to differ materially from those in forward-looking statements include
market prices, exploration and development successes, continued availability
of capital and financing, and general economic, market or business conditions.
Please see our public filings at www.sedar.com for further information.
    %SEDAR: 00012459E

For further information:

For further information: Bob Smylie, Investors' Relations, Toll-Free
(866) 309-6719, request@slamexploration.com; Mike Taylor, President & CEO,
506-627-1353, miketaylor@slamexploration.com

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