FINANCING WITH MINERALFIELDS

cnw


Additional Funds For Drilling The Reserve Creek Bonanza Gold Deposit and
The Silverjack


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


MIRAMICHI, NB, Dec. 24 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL) (the "Company" or "SLAM") announces it has completed the
second tranche of a non-brokered private placement and raised an
additional $1,050,000 through the issuance of 5,000,000 flow-through
units (FT Units) at a price of $0.21 per FT Unit (the "Offering"). Each
FT Unit consists of one flow-through common share and one-half (1/2) of
one common share purchase warrant ("Warrant"). Each whole Warrant
entitles the holder to acquire one non-flow-through common share at a
price of $0.25 per share for a period of 12 months and at a price of
$0.40 for an additional 12 months, expiring 24 months after the date of
issuance. The private placement remains subject to final approval of
the TSX Venture Exchange.


The Company paid $52,500 in cash fees and issued 350,000 finders options
(the "Finder's Options") in connection with the Offering. Each Finder's
Option gives the holder the right to purchase one non-flow-through unit
for a period of two (2) years on the same terms as the FT Units.


Proceeds of the Offering will be used mainly to fund drilling and
related activities on SLAM's exploration projects in Canada. The main
focus is on the Reserve Creek gold project in Ontario and the
Silverjack project in New Brunswick. Assays are pending from the first
9 holes drilled at Reserve Creek in a program designed to test the
strike extent of bonanza gold intercepts reported by SLAM in a news
release dated August 17, 2010. Additional assays are also pending from
a drilling program at Silverjack. Drilling is to resume on both
projects in January, 2011.


"We are very pleased with this continued support by MineralFields
Group", said Mike Taylor, President and CEO. "SLAM has earned this
support with impressive drilling results from Reserve Creek Gold as
well as Silverjack and the anticipation of more gold and silver results
going forward into 2011".


About MineralFields


MineralFields Group (a division of Pathway Asset Management), based in
Toronto, Vancouver and Calgary, is a mining fund with significant
assets under administration that offers its tax-advantaged super
flow-through limited partnerships to investors throughout Canada as
well as hard-dollar resource limited partnerships to investors
throughout the world. Information about MineralFields Group is
available at >www.slamexploration.com or from SEDAR filings at http://www.sedar.com/">www.sedar.com. 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.




On behalf of the Board



Mike Taylor, P. Geo.

President & CEO

SLAM Exploration Ltd.

SEDAR: 00012459E