SLAM Announces Flotation Results

MIRAMICHI, NEW BRUNSWICK--(Marketwire - June 22, 2012) - SLAM Exploration Ltd. (SXL.V)(OTCBB:SLMF) ("SLAM") is pleased to announce results from laboratory flotation tests completed on Nepisiguit A-Zone core samples. The tests were completed by RPC Science & Engineering ("RPC") of Fredericton, NB and are summarized in a report by RPC titled: "Preliminary Metallurgical Scoping Study - Nepisiguit Drill Core". The A-Zone is part of SLAM's wholly-owned Nepisiguit Project where SLAM recently announced a new 3M tonne NI-43-101 compliant inferred resource in New Brunswick.

The RPC tests indicate recoveries of 96% zinc, 80% copper, 75% lead and 68% silver are attainable. The head grade of the test sample was 5.88% zinc, 1.53% lead, 0.43% copper and 52 g/t silver. A total of 9 flotation tests were carried out with a variety of recovery techniques. Results indicate that bulk copper/lead flotation followed by zinc flotation would be the best option for the treatment of the Nepisiguit deposit. This is consistent with other deposits in the Bathurst Mining Camp.

Inferred resources for the A-zone and the C-Zone were estimated by Tetra Tech as reported by SLAM news release on June 5, 2012. The A-Zone is most significant with an Inferred Resource of 2,985,432 tonnes grading 3.13% zinc, 0.81% lead, 0.22% copper and 30.28 g/t silver based on a 1.5% zinc equivalent cut-off. The A-Zone is open at depth and in all directions, located near-surface and thought to be amenable to open-pit mining methods.

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NEPISIGUIT A-ZONE: INFERRED RESOURCE

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Cut-off Tonnes Grade Contained metal

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Zn EQ Zn Pb Cu Ag Zinc Lead Copper Silver

% % % % g/t mT mT mT oz

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1.5 2,985,432 3.13 0.81 0.22 30.28 93,371 24,243 6,695 2,906,636

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3 2,061,896 3.94 1.06 0.26 39.22 81,316 21,913 5,265 2,599,900

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3.5 1,913,406 4.08 1.11 0.26 40.96 78,098 21,236 4,993 2,519,470

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6 900,724 4.73 1.37 0.30 52.20 42,570 12,315 2,712 1,511,672

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Recommendations

RPC recommends further studies to complete the technical feasibility of the Nepisiguit deposit. Tetra Tech has recommended a trenching and drilling program to upgrade and potentially increase the resource. SLAM intends to implement these recommendations and expects to begin an Environmental Impact Assessment process for a potential open pit mining operation.

About Nepisiguit: SLAM's 100% owned Nepisiguit project comprises 121 claim units covering 2644 hectares located on highway 430 approximately 15 km southwest of the world-class BMS No. 12 mine operated by Xstrata. The deposit is approximately 30 km from the Caribou mill just purchased and being put into production by Trevali. Additional information about Nepisiguit can be viewed on SLAM's website at http://www.slamresources.com/projects/new-brunswick/nepisiguit/.

Qualifying Statements: The metallurgical tests were conducted at RPC of Fredericton, New Brunswick. Leo Cheung, P.Eng., Senior Chemical Engineer, is the qualified person responsible for the metallurgical testing and results reported herein. The Nepisiguit Inferred Resource figures are derived from a news release on June 5, 2012 by SLAM. Sara Lloyd, P.Geo. and SLAM Project Manager is the Qualified Person who has reviewed and approved any additional technical and scientific disclosure in this news release.

About SLAM Exploration Ltd:

SLAM is a mineral resource company based in Miramichi, New Brunswick and owns the Nepisiguit silver-copper-lead-zinc deposit and the Nash Creek lead-zinc-silver deposit, both NI 43-101 compliant and located in New Brunswick. The Company is actively exploring to follow up a new gold discovery on its NW Gold project in northwestern New Brunswick. The Company also owns a significant gold portfolio in Ontario including the Reserve Creek gold deposit. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com.

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 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.

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.

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.