SLAM Exploration completes $300,000 financing with MineralFields

	       MIRAMICHI, NB, Dec. 30 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM")
is pleased to announce it has raised $300,000 through a non-brokered private
placement of 6,000,000 flow-through units ("FT Units") at a price of $0.05 per
FT Unit with the MineralFields Group. Each FT Unit consists of one
flow-through common share and one-half of one non-flow-through common share
purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the
holder thereof to acquire one non flow-through common share of the company at
a price of $0.10 per common share for a period of 24 months from the closing
date of the Offering.
	    SLAM has paid a cash finder's fee of $15,000 and issued 600,000 finders
options to the MineralFields Group. Each finders option is exercisable for
non-flow-through units on terms similar to the FT Units.
	    Proceeds of the private placement will be used to fund exploration
activities on SLAM's gold, silver, base metal and rare earth projects in
Canada. In accordance with applicable securities legislation, the FT Units are
subject to a "hold period" of four months plus one day from the date of
issuance of the FT Units. The financing and issuance of the FT Units is
subject to regulatory approval.
	    "We are very pleased with this additional financing by MineralFields
Group", said Mike Taylor, President and CEO. "We are looking forward to
working with MineralFields as we develop our gold, silver and base metal
deposits in 2010".

	    <<
	    About MineralFields, Pathway and First Canadian Securities(R)
	    -------------------------------------------------------------
	    >>

	    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. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds (including the Pathway Multi Series Funds
Inc. corporate-class mutual fund series). Information about MineralFields
Group is available at www.mineralfields.com. First Canadian Securities (R) (a
division of Limited Market Dealer Inc.) is active in leading resource
financings (both flow-through and hard dollar PIPE financings) on competitive,
effective and service-friendly terms, and offers investment banking, mergers
and acquisitions, and mining industry consulting, services to resource
companies. MineralFields and Pathway have financed several hundred mining and
oil and gas exploration companies to date through First Canadian Securities
(R).
	    SLAM is a mineral resource company based in Miramichi, New Brunswick.
SLAM continues to be active in gold and base metal exploration in Ontario and
New Brunswick and has recently reported rare earth minerals at Nash Creek.
Additional information about SLAM and its projects is available at
www.slamexploration.com or from SEDAR filings 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.
	    Additional information about SLAM can be viewed at
http://www.slamexploration.com as well at www.sedar.com.

	    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 fact, that address future production, reserve
potential, exploration and development activities and events or developments
that SLAM 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.