Canada NewsWire

MIRAMICHI, NB, Feb. 17, 2012 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") is pleased to announce a diamond drilling program underway at its wholly owned Goodwin project in northern New Brunswick. The Goodwin project is located 25 km southwest of SLAM's Nepisiguit copper-lead-zinc-silver deposit and 5 km south of the Halfmile lead-zinc-silver deposit currently being developed by Trevali Mining Corporation (TSE: TV) in the prolific Bathurst Mining Camp. The Company expects to complete 3 drill holes for an approximate total of 500 m. The initial hole, GW12-01 has collared into mineralized gabbro, cut a 3 m zone with visible sulphides from 6.0 m to 9.0 m (see photo) and is still in progress.

About Goodwin:  SLAM's 100% owned Goodwin project comprises 120 claims covering 2,500 hectares located in the Bathurst Mining Camp of New Brunswick. The Goodwin Project is host to the Bruce copper-nickel deposit discovered by Rio Tinto Canadian Exploration (Rio) in 1955. Rio reported a chip sample grading 0.63% Ni and 0.60% Cu over 26.0 feet from a trench near the discovery and subsequently drilled 14 holes for a total of 2443 feet. The most significant drilling intercept was reported at a grade of 1.05% nickel, 0.36% copper and 0.038% cobalt over a 9.5 foot core interval. No samples were assayed for platinum, palladium, gold or silver. There is no record of drilling since 1955.

SLAM's 2004 MegaTEM aeromagnetic survey covering the entire Bathurst Mining Camp indicates a 900 m X 500 m magnetic anomaly associated with the Bruce deposit. A 2011 Mobile Metallic Ion geochemical survey outlines a nickel anomaly of similar dimensions. The deposit is associated with a layered mafic intrusive body with dimensions approximately 1400 m X 1400 m.

The Goodwin drilling program is consistent with the corporate objective of building assets in the mineral-rich Bathurst Mining Camp. Final results are pending from the 70 hole diamond drilling program completed at SLAM's wholly-owned Nepisiguit deposit at year end.