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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (20718)	6/2/2008 9:53:13 PM
From: LoneClone	Read Replies (1) \| Respond to of 194688

Slam Strikes Gold Mon Jun 2, 9:50 AM ca.news.finance.yahoo.com MIRAMICHI, NEW BRUNSWICK--(Marketwire - June 2, 2008) - SLAM Exploration Ltd. (TSX VENTURE: SXL.V) ("SLAM") announces gold intercepts for the first 7 holes of a 21 hole drilling program located east of the former gold mining town of Pickle Lake, Ontario. Gold-bearing intercepts ranging from anomalous (0.5 g/t) up to 8.28 g/t (0.24 oz/t) are reported from all 7 holes drilled on the Miminiska-Keezhik Gold Project. Hole KL0818 encountered 3 intervals ranging from 3.10 g/t to 6.05 g/t gold. This new discovery is open at depth and along strike where it is associated with a 350 metre long humus anomaly. This occurrence is similar to two other discoveries made in 2004 by SLAM, the highest grade being in hole S0408 which returned 13.71 g/t (0.40 oz/t) gold over 0.5 metres. Hole MK0819 tested the depth extent of a gold occurrence in a trench that was reported by previous workers. Records indicate one previous drill hole but no assays were available. Hole MK0819 intersected 5.97 g/t gold in a silicified greywacke in the footwall of the Miminiska iron formation. This gold occurrence is open along strike and at depth. Grades and intervals for selected holes are tabulated as follows: DDH From To Core Gold Gold m m Length oz/t g/t MK0814 41.62 46.62 5.00 0.08 2.64 MK0814 50.62 52.62 2.00 0.13 4.29 KL0818 82.80 84.30 1.50 0.18 6.05 KL0818 120.38 120.58 0.50 0.09 3.10 KL0818 157.50 158.50 1.00 0.14 4.69 MK0819 22.44 24.44 2.00 0.17 5.97 With this 992 metre drilling program SLAM has completed the earn-in requirements and now owns 70% interest in the Miminiska-Keezhik gold property. An arms-length private Ontario company owns 30%. The drill moved to the Opikeigen Joint Venture after drilling at Miminiska. SLAM (50%) and Bard Ventures Inc. (50%) completed 911 metres in 8 holes at Opikeigen. This included 2 holes at Zone OL12 and 6 holes at the Fort Hope Gold Mine. Assays are pending on 330 samples submitted for gold assay. After Opikeigen, the drill moved to SLAM's 100% owned Reserve Creek property where SLAM completed 1,014 metres of drilling in seven holes. All 7 holes hit targets defined by either quartz veining or sulphide mineralization. Assays are pending on 345 samples representing 297 metres of mineralized core. These properties comprise a valuable land package with a significant and expanding inventory of gold deposits centered around Eabamet Lake (Fort Hope).The properties all lie within the Traditional Territories of the Eabametoong First Nation ("EFN"). SLAM has conducted this drilling program in compliance with a Memorandum of Understanding (MOU) signed by SLAM and EFN on 31 August 2007. Mike Taylor, CEO of SLAM states "These projects continue to produce new gold discoveries. Consistent with historic records our drilling results indicate the widespread presence of gold in various rock types. We anticipate more positive results from the Fort Hope Gold Mine and Zone 12 at Opikeigen as well as the Williams Zone at Reserve Creek." All drill cores were moved from the drill sites to a secure facility for logging and sampling. Selected cores were split with half retained for reference. Sampled halves were shipped to Accurassay Laboratories in Thunder Bay for gold assay. Standards were inserted in the sample batches to augment the Quality Assurance and Quality Control program of duplicates and standards utilized by Accurassay. Doug Clark P.Geo., consultant to SLAM, is the Qualified Person, as defined under National Instrument 43-101, responsible for the results reported in this news release. SLAM Exploration Ltd. is a mineral resource company based in Miramichi, New Brunswick. It is involved in gold exploration in the Uchi sub-province of northwest Ontario as well as base metal exploration in New Brunswick including the world class Bathurst Mining Camp. Additional information about SLAM including updated information on our Ontario gold projects is available at www.slamexploration.com or from its 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. SEDAR: 00012459E 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 www.sedar.com for further information. Contacts Mike Taylor Corporate Inquiries: SLAM Exploration Ltd. President & CEO 506-627-1353 Toll Free: 866-523-6719 slamexploration.com agoracom.com AGORACOM Investor Relations