MIRAMICHI, NB, June 16 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") announces it has closed an agreement with an arms-length company, 1533687 Ontario Ltd. to earn the remaining 30% interest thereby increasing its ownership to 100% of the Miminiska and Keezhik gold properties. The property comprises 29 claims covering 4,912 hectares in 2 groups located in the Fort Hope area east of the historic Pickle Lake gold camp where PC Gold Inc. (TSE:PKL) recently announced successful drilling results (press release 23 March 2010). The Fort Hope area is underlain by Uchi Subprovince rocks similar to the world-famous Red Lake gold mining camp.
In return for the 30% interest SLAM is issuing 650,000 common shares and 650,000 warrants to 1533687 Ontario Ltd. Each warrant entitles the holder to acquire one non-flow-through common share at $0.10 per share for a period of 12 months and at $0.20 per share for an additional 12 months. SLAM will pay a finders fee of 65,000 shares and 65,000 Warrants to Eabametoong First Nation (EFN) in return for consultation on this Agreement.
Assays are pending on 199 samples representing 803 feet (244.9 m) of core from 3 holes drilled by SLAM on its Keezhik and Miminiska gold properties. All 3 holes intersected mineralization. From hole KL10-19 a total of 657 feet (200.2 m) of core was split with 157 samples shipped for gold analysis. These were mainly from a wide zone of altered porphyry. For 2 holes at Miminiska, 42 samples representing 147 feet (44.7 m) of mineralized sediments and porphyry are being shipped for gold assay.
The Keezhik and Miminiska properties lie within EFN traditional territories and are subject to a recently signed Exploration Agreement whereby EFN and SLAM will work cooperatively to advance their gold potential.
Michael R. Taylor, P.Geo. President and CEO of SLAM Exploration Ltd. is the Qualified Person responsible for the technical information contained herein.
SLAM is a mineral resource company based in Miramichi, New Brunswick and continues to be 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.
Additional information about SLAM can be viewed at http://www.slamexploration.com as well at www.sedar.com.
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 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.
SOURCE SLAM EXPLORATION LTD.
For further information: For further information: Corporate Inquiries: Mike Taylor, President & CEO, 506.627.1353, Toll Free: 866.523.6719, email@example.com