MIRAMICHI, NB, Aug. 10 /CNW/ - SLAM Exploration Ltd. ("SLAM") (TSXV:
SXL), announces that it agreed on 8 August 2007 to option a 50% interest in
its Hayden Brook Property ("Property") in New Brunswick to
Geodex Minerals Ltd. ("Geodex") of Vancouver, British Columbia. To earn its
50% interest in the Property, Geodex must make cash payments totaling $80,000
and complete exploration expenditures totaling $600,000 over a three year
period, ending on 30 September 2010. Geodex can increase its interest to 70%
by spending an additional $1M in exploration expenditures by
30 September 2012.
The Hayden Brook Property consists of 75 claims, covering 1200 hectares.
The Property is host to a zinc-lead-silver-indium prospect located 25km south
of the historic Burnt Hill tungsten mine in central New Brunswick. The
property covers six historical mineral occurrences, one of which (URN 1153)
was grab sampled by SLAM prospectors, returning significant assays in zinc
(up to 4.54%), lead, copper, indium (up to 52.7 ppm) and silver
(up to 240 g/tonne). Early survey and trenching work by previous workers
culminated in five drill holes in 1977. Recent soil samples collected by SLAM
returned anomalous values including 931 ppm copper, 4208 ppm lead, 1459 ppm
zinc, 13.6 ppm silver and 23 ppm indium on the property. Prospecting by SLAM
in 2006 resulted in a new discovery of angular boulders over a 900m strike
length with assays running up to 0.5% copper, 6.2% lead, 1.8% zinc and
96.2 g/tonne silver.
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.
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.
For further information:
For further information: Bob Smylie, Investors' Relations, Toll-Free
866-309-6719, email@example.com; Mike Taylor, President & CEO, (506)