Private Placement Closes

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

PRIVATE PLACEMENT CLOSES

Vancouver, BC, June 29, 2012 – Slater Mining Corporation (the “Company”) (TSX-V: SLM) is pleased to announce that (further to its news release dated June 8, 2012), the Company has completed a non-brokered private placement (the "Private Placement") of 2,571,429 units at $0.35 per unit for aggregate proceeds of $900,000. Each unit consists of one common share and one half of one share purchase warrant, of which each whole warrant (a "Warrant") entitles the holder to purchase one common share of the Company at an exercise price of $0.50 per warrant until June 28, 2014. All of the units issued under the Private Placement will be subject to a hold period expiring October 29, 2012. The proceeds of the Private Placement will be used for operational and general working capital purposes. In connection with the closing of the Private Placement, the Company has paid aggregate cash finders' fees to the Bank of Montreal, Raymond James, Haywood Securities and Salman Partners totalling $21,297.

The Company also announced that it has entered into an agreement (the "Amending Agreement") with Eagle Plains Resources Ltd. ("Eagle Plains") amending the terms of its June 15, 2010 option agreement (the "Option Agreement") with Eagle Plains. As previously disclosed in the Company's Filing Statement dated September 17, 2010 (the "Filing Statement"), under the terms of the Option Agreement, the Company holds the exclusive right to acquire a 60% undivided interest in Eagle Plain's Karin Lake Property located in Saskatchewan. The Amending Agreement provides that the deadline for the Company to make a cash payment of $75,000 and issue 200,000 common shares to Eagle Plains has been extended from June 15, 2012 to December 31, 2012. In addition the Company now has until December 31, 2012 to incur $300,000 in expenditures previously due on or before December 2011, and until December 31, 2013 to incur a further $500,000 in expenditures previously due on or before December 31, 2012. All other terms of the Option Agreement remain unchanged from the terms previously disclosed in the Filing Statement.

About Slater Mining

Slater Mining is developing the West Khazret gold project in the Urals Tectonic Belt in northwest Kazakhstan which is prolifically rich in both base and precious metals. The project area covers 320km² and contains multiple mineralised systems. The initial target is the Sineshikhan Fault which is 3km wide, has a strike length in excess of 16 km and extends across the border to the north into Russia where gold deposits along the structure are currently being exploited. Slater Mining is focused on bringing the major oxide open pit potential to account through shallow core drilling, metallurgical testwork and subsequent conventional heap leach mine development. Exploration works to date include 132 drill holes and preliminary metallurgical work indicating that the oxide mineralisation is amenable to cyanide heap

920 – 1030 West Georgia Street, Vancouver, British Columbia, Canada, V6E 2Y3, +1 604 638 2545

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leaching giving recoveries of greater than 75%. A Preliminary Economic Assessment is planned to be completed by the end of 2013. A 220kV power line and roads traverse the project area.

Management has extensive experience operating in Kazakhstan. Ian Slater, Chief Executive Officer, has worked in Kazakhstan since 1995 originally as Managing Partner of Arthur Andersen’s Mining Practice. Robert Bell, Vice President Projects, has worked in Kazakhstan since 1993 on numerous projects, including developing the Mizak heap leach gold mine which is currently operated by Kazakhmys Plc. Tim Neall, Project Geologist, has worked in Kazakhstan since 1995, most recently with Kazakhmys Plc.

The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., Vice President Exploration, who is a “Qualified Person" as defined under National Instrument 43-101.

For further information on Slater Mining please refer to our website www.slatermining.com, contact Ian Slater, Chief Executive Officer, or contact:

Kevin Arias

Manager Corporate Communications [email protected] +1 778 372 2556

Neither the 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. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company 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 forward- looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.