SLAM Exploration completes first tranche of private placement


    Trading Symbol: SXL

    MIRAMICHI, NB, Oct. 23 /CNW/ - SLAM Exploration Ltd (the "Company")
announces the completion of the first tranche of its previously announced
private placement of flow-through units ("FT Units"). A total of 1,600,000 FT
Units at a price of $0.25 per unit were issued for gross proceeds of $400,000.
The Company expects to close the second tranche tomorrow.
    Each FT Unit comprises of one flow-through common share plus one-half of
one common share purchase warrant (a "Warrant"). Each whole Warrant is
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 private
placement. In connection with the private placement, PI Financial Corp. will
be paid a cash finder's fee equal to 6% of the gross proceeds of the private
placement and will be granted compensation warrants equal to 6% of the
aggregate number of FT Units sold, exercisable at $0.30 for a period of
24 months.
    In accordance with applicable securities legislation, the FT Units are
subject to a "hold period" of four months plus one day from the date of
issuance of the FT Units. The financing and issuance of shares is subject to
regulatory approval.
    The Company will use proceeds from the financing to fund drilling of
approximately 100 holes in addition to the 10,000 metre drilling program in
progress at Nash Creek. Although the primary objective is to advance Nash
Creek to the feasibility stage, some funds may be used for drilling on SLAM's
other base metal and gold properties in New Brunswick and Ontario.

    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 or from Sedar filings

    The TSX Venture Exchange has neither reviewed nor does it 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.

    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 for further information.

    %SEDAR: 00012459E

For further information:

For further information: Mike Taylor, President & CEO, (506) 627-1353,
Email:; Bob Smylie, Investor Relations,
Toll-Free (866) 309-6719, Email:

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