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Including High Grade Gold Intercepts Up To 47.69 g/t Gold Over 0.5 m




MIRAMICHI, NB, Jan. 20 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL)
("SLAM") is pleased to announce assays grading up to 47.69 g/t gold
over 0.5 m from 3 holes RS10-20 to 22 at its wholly owned Reserve Creek
gold project in the Fort Hope gold area of Ontario. This bonanza grade
intercept occurs within a 15.10 m core interval grading 9.02 g/t gold
at a depth of 100.9 m in hole RS10-21. Selected assay results are
tabulated as follows:

NOTE:>>>> I was unable to include the results as it came to me all broken up, it should be in the PRESS RELEASE when it gets up dated.

.

The core intervals described are drilled intervals. True thicknesses are
unknown. Hole RS10-20, 21 and 22 were drilled at dips of 60, 70 and 45
degrees respectively from one site 15 m west of previous hole RS10-16.
Hole RS10-16 cut a 16.85 m core interval grading 16.45 g/t gold and
contains individual samples of bonanza gold grading up to 274 g/t gold
over 0.5 m (news release 17 August 2010). Assays are pending on 3
additional holes RS10-23 to 25 drilled more than 200 m west of RS10-16.


SLAM is participating in the World Resource Investment Conference at the
Vancouver Convention Centre, West on 23 - 24 January 2011 with an
exhibit in Booth 800. The display incudes high grade core showing
visible gold from hole RS10-21. President Mike Taylor is scheduled to
do a Corporate Presentation at 12:10 PM on Monday 24 January in
Workshop Room 4.


SLAM has drilled 2 holes since activity resumed at Reserve Creek 16
January 2011. Logging and sampling are in progress on these holes
RS11-26 and RS11-27 intersected the mineralized zone above and below
hole RS10-25. The Company has $5.2M cash in the treasury and expects to
expand the drilling program well beyond the current 2,000 m contract.


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
Accurassay in Thunder Bay for gold assay. Standards and blanks were
inserted in the sample batches to augment the Quality Assurance and
Quality Control program 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.


About Reserve Creek Gold Project:

SLAM's wholly owned Reserve Creek gold project encompasses a 4608
hectare block of 22 claims located near Fort Hope, Ontario. Reserve
Creek is part of a large and valuable land package with an expanding
inventory of gold deposits centered around Fort Hope approximately 150
km east of the former gold mining town of Pickle Lake. The large
greenstone belt surrounding Fort Hope has many similarities to the
prolific Red Lake gold mining camp and has potential to be a major gold
producing area. The Red Lake, Pickle Lake and Fort Hope gold areas are
part of the Uchi subprovince, a major system of greenstone belts
extending from Lake Winnipeg to the Hudson Bay lowlands.


Reserve Creek drilling activities are progressing 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 Reserve Creek and other
SLAM projects in the Fort Hope area of Ontario.


About SLAM Exploration Ltd:

SLAM is a mineral resource company based in Miramichi, New Brunswick and
is currently drilling for gold in Ontario and for
silver-copper-lead-zinc in New Brunswick. Additional information about
SLAM and its projects is available at >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.