SLAM Exploration Raises $2 Million in Private Placement

    /Not for Distribution to U.S. Newswire Services or for Dissemination in
    the United States/

    Trading Symbol: SXL

    HALIFAX, March 14 /CNW/ - SLAM Exploration Ltd (the "Company") announces
the completion of its brokered private placement by Pacific International
Securities Inc. (the "Agent") for 5,000,000 flow through units at a price of
$0.20 per unit (the "FT Units"), and 6,250,000 non-flow through units at a
price of $0.16 per unit (the "Common Share Units"), for total gross proceeds
of $2 million (the "Offering").
    Each FT Unit consists of one flow-through common share and one
transferable non-flow-through share purchase warrant. Each Common Share Unit
shall consist of one non flow-through common share and one transferable
non-flow-through share purchase warrant. Each of the above warrants is
exercisable into one common share of the Company for a period of up to
twenty-four months from the Offering's closing date at a price of $0.35.
    As consideration for acting as Agent, the Company has paid a cash
commission of $71,680 and 427,000 Common Share Units. In addition, the Agents
received 1,125,000 compensation options (the "Compensation Options"). Each
Compensation Option is exercisable at $0.25 into one common share of the
Company for twenty-four months from the Offering's closing date.
    The Offering is subject to regulatory approval and subject to TSX Venture
Exchange acceptance for filing. All securities issued will be subject to a
four-month hold period from the Offering's closing date.
    The Company will use the gross proceeds from FT Units to fund ongoing
exploration and development activities on the Nash Creek and Nepisiguit zinc
deposits as well as other base metal and gold properties in New Brunswick and
Ontario. The proceeds from Common Share Units will be used to pay expenses
related to this offering and for general corporate purposes. Flow-through
funds raised through the issuance of the FT Units will be used for general
exploration expenditures, which will constitute Canadian exploration expenses
(as defined in the Income Tax Act) and will be renounced for the 2007 taxation
    The Company also announces that it has filed amended interim unaudited
Financial Statements, amended Management Discussion & Analysis and
Certification of Interim Filing for the period ending 31 October 2006. The
amendments clarify that the comparative interim financial statements for the
period ended 31 October 2005 were restated.

    SLAM Exploration Ltd. is a mineral resource company based in Miramichi,
New Brunswick. The Company is 100% owner of the Nash Creek zinc-lead-silver
deposit. In addition, it wholly owns the Nepisiguit A, Nepisiguit B, Ahearn,
Strachens East and Strachens base metal deposits within the world class
Bathurst mining camp. SLAM also holds the right to earn 100% interest in 1935
claims centered in the Bathurst Mining camp. The Company holds varying
interests in four gold properties in the gold producing Uchi sub-province of
northwest Ontario.

    Additional information about the Company and its projects is available at or from SEDAR filings at

    On behalf of the Board
    Mike Taylor, President & CEO
    SLAM Exploration Ltd.
    SEDAR: 00012459E

    This news release does not constitute an offer to sell or a solicitation
of an offer to buy 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 unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.

    %SEDAR: 00012459E

For further information:

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

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