SLAM Completes Private Placement

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

FOR IMMEDIATE RELEASE May 11, 2016

Miramichi, New Brunswick - SLAM Exploration Ltd. (TSXV: SXL) (the “Company”) announces that it has closed the first tranche of the private placement announced April 19, 2016 (the “Private Placement”). The Company raised $73,250 by placement of 400,000 Units at a price of $0.05 per Unit and 1,065,000 FT Units at a price of $0.05 per FT Unit. Each Unit is comprised of one common share in the capital of the Company and one warrant. Each FT Unit is comprised of one common share in the capital of the Company issued on a “flow-through” basis and one-half of one warrant. Each whole warrant (a “Warrant”) entitles the holder thereof to acquire one common share at a price of $0.06 for a period of 24 months, expiring on May 11, 2018. The Units are subject to a four-month and one day hold period expiring on September 12, 2016.

The Company paid a Finder’s Fee of $2,000 and 40,000 Finder’s Warrants. Each Finder’s Warrant has the same terms as the Private Placement Warrant.

The Private Placement is subject to final approval of the TSX Venture Exchange.

Proceeds received from the Units will be used for general corporate purposes. Proceeds received from the FT Units will be used to fund exploration on SLAM's gold projects in New Brunswick. The main focus is the Menneval gold project where all permits are in place to extract and  process  a  2,000  tonne  bulk sample  from  the  high  grade  Maisie  gold  deposit.

About SLAM Exploration Ltd.

SLAM   is   a   project-­‐generating   resource   company   with   a   portfolio   of   gold   and   base   metal   projects   in eastern  Canada.    The  Company  has  been  granted  a  permit  to  bulk  sample  for  gold  at  Menneval.    The Menneval  gold  project  resulted  from  discovery  of  the  Maisie  gold  deposit  by  SLAM’s  advance  scouting team  in  2012.        Other  gold  projects  include  the  Reserve  Creek  and  Miminiska  gold  projects  in  Ontario. SLAM   also   owns   a   base   metal   portfolio   that   includes   the   Superjack   and   Nash   Creek   zinc-­‐lead-­‐silver deposits.    Additional  information  about  SLAM  and  its  projects  is  available  at  www.slamexploration.com.

Certain information in this press release may constitute forward-looking information, including statements that address private placements, closing dates, future production, reserve potential, exploration and development activities and events or developments expected by the Company. Current expectations are subject to significant risks and uncertainties. Since there are a number of risk factors that could cause future results to differ materially from those described herein, actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements. Information identifying risks and uncertainties is published in SLAM corporate documents filed with the Canadian securities regulators at www.sedar.com. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION:

Mike Taylor, President & CEO 506.623.8960 Info:[email protected]