2010-08-17 15:00 ET - News Release

Mr. Mike Taylor reports

SLAM REPORTS FINAL GOLD RESULTS ON RESERVE CREEK; ALL THREE HOLES HIT MINERALIZATION GRADING UP TO 274 G/T GOLD OVER 0.5 METRES

SLAM Exploration Ltd. is pleased to report the final gold results from drilling on its wholly owned Reserve Creek project in the Fort Hope area of Ontario. All 3 holes intersected mineralized iron formation and volcanics with visible gold. These include a mineralized core interval grading 16.45 g/t gold over 16.85 m with individual samples up to 274 g/t gold over 0.5 metres (7.99 oz/ton over 1.6 feet) in the deepest hole, RS10-16. Significant drill core intervals for all 3 holes are tabulated as follows:

                                                            Gold
    DDH             From        To    Metres      Feet       g/t    Oz/ton
    RS10-14        10.84     24.25     13.41      44.0      3.07      0.09
    RS10-14        10.84      13.6      2.76       9.1      7.40      0.22
    RS10-14         12.3      12.6       0.3       1.0     14.20      0.41
    RS10-15        12.64     42.68     30.04      98.6      5.48      0.16
    RS10-15        12.64     18.00      5.36      17.6     10.04      0.29
    RS10-15        18.00     21.00      3.00       9.8      0.80      0.02
    RS10-15        21.00     27.00      6.00      19.7      7.26      0.21
    RS10-15        27.00     41.30     14.30      46.9      1.26      0.04
    RS10-15        41.30     42.68      1.38       4.5     33.85      0.99
    RS10-15        42.38     42.68      0.30       1.0    107.00      3.12
    RS10-16        27.00     74.50     47.50     155.8      6.58      0.19
    RS10-16        27.00     43.85     16.85      55.3     16.45      0.48
    RS10-16           30      30.5       0.5       1.6    274.00      7.99
    RS10-16           33      33.5       0.5       1.6     11.00      0.32
    RS10-16         33.5        34       0.5       1.6     11.20      0.33
    RS10-16         34.5        35       0.5       1.6     37.40      1.09
    RS10-16           35      35.5       0.5       1.6     15.10      0.44
    RS10-16         35.5        36       0.5       1.6     10.70      0.31
    RS10-16         36.5        37       0.5       1.6     18.40      0.54
    RS10-16           38      38.5       0.5       1.6     27.90      0.81
    RS10-16         38.5        39       0.5       1.6     35.30      1.03
    RS10-16           39      39.5       0.5       1.6     19.80      0.58
    RS10-16         40.5        41       0.5       1.6     17.60      0.51
    RS10-16        43.85      72.5     28.65      94.0      0.81      0.02
    RS10-16         72.5      74.5      2.00       6.6      6.06      0.18

The core intervals described above are drilled intervals. True thicknesses are unknown. Holes RS10-14, 15 and 16 were drilled from the same site at angles of 50 degrees, 60 degrees and 72 degrees respectively.SLAM plans to return to Reserve Creek with a follow-up drilling program. This program will be designed to expand the high grade zone laterally by a series of step-outs. SLAM hopes to trace the high grade zone along the 350 metre strike length of mineralized, gold-bearing iron formation indicated in previous drilling by SLAM.Reserve Creek gold mineralization is hosted within iron formations and mafic volcanics similar to the rocks hosting the historic Pickle Crow gold mine near Pickle Lake, Ontario. These volcano-sedimentary sequences are part of the Uchi Subprovince, a huge system of greenstone belts extending from Lake Winnipeg to the Hudson Bay lowlands hosting the world-famous Red Lake gold mining camp as well as the Pickle Lake and Fort Hope gold areas in Ontario.President and CEO Mike Taylor comments: "The huge Uchi subprovince already hosts 3 major gold mining areas including the prolific Red Lake gold mining camp. Reserve Creek is reporting Red Lake grades in the Fort Hope area and may be the key to a new gold mining camp in this huge gold producing region. We anticipate a major program to step out and expand the high grade zone at Reserve Creek."All drill cores were delivered from the drill sites to a facility in Fort Hope for logging and sampling. Selected cores were split or sawn with half retained for reference. Sampled halves were shipped to Act-Labs in Thunder Bay for gold assay. Standards and blanks were inserted in the sample batches to augment the Quality Assurance and Quality Control program of duplicates and standards utilized by the laboratory. Michael R. Taylor, P.Geo. President and CEO of SLAM is the Qualified Person responsible for the technical information contained herein.The drilling activities have been performed in consultation with Eabametoong First Nation ("EFN") in accordance with a recently signed Exploration Agreement. This Agreement calls for EFN and SLAM to work cooperatively to advance the gold potential of the Fort Hope area.