SLAM Announces Intention to Extend Warrants

MIRAMICHI, New Brunswick, July 25, 2022 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) announces that it intends to apply to the TSX Venture Exchange (the “Exchange”), to amend the terms of 1,880,168 common share purchase warrants (the “Warrants”) issued pursuant to a non-brokered private placement of units which closed on August 11, 2020.

Each Warrant entitles the holder to acquire one common share in the capital of the Company at an exercise price of $0.08 for two years following the closing of the private placement.

The Warrants are currently due to expire on August 11, 2022 and the Company is applying to the Exchange to extend the expiry date of the Warrants to August 11, 2024. The exercise price of the Warrants will remain at $0.08.

None of the Warrants have been exercised within the last 6 months. The proposed extension of the expiration date of the Warrants is subject to approval by the Exchange.

About SLAM Exploration Ltd:

SLAM is a project-generating resource company holding NSR royalties on the Ramsay, Ferguson Brook, Superjack and Nash Creek in the Bathurst Mining Camp of New Brunswick as well as the Reserve Creek and Opikeigen claims in northwestern Ontario. The Company owns a spread of 3469 claim units covering 76,322 hectares in the mineral-rich province of New Brunswick. These include SLAM’s flagship Menneval gold project but are prospective for gold as well as base metals, silver and cobalt. SLAM recently staked the Benjamin River gold-REE properties both located in the same geological domain as recent gold discoveries by Puma and Stratabound at Williams Brook and McIntyre Brook. SLAM recently stake the Mt. Blair gold-silver property in the vicinity of Galway’s Clarence stream gold deposit in southern New Brunswick where SLAM also owns the Jake Lee, Mount Victor and Little Mount Pleasant gold properties. The Company owns the Gold Brook, Birch Lake gold and Wilson Brook gold properties in central New Brunswick as well as the Keezhik, Miminiska and Rich Lake south gold projects in Ontario. The Company owns a portfolio of base metal properties covering 14,600 hectares in the Bathurst Mining Camp (“BMC”) subject to an option agreement with Major Precious Metals Corp. (SIZE on NEO Exchange).

The Company has generated cash from the sale mineral properties and from securities received from other companies pursuant to mineral property option agreements. The Company has sufficient funds for the work currently in progress. Additional information about SLAM and its projects is available at or from SEDAR filings at . Follow us on twitter @SLAMGold.

Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., a qualified person as defined by National Instrument 43-101, approves the technical information contained in this news release.

Certain information in this press release may constitute forward-looking information, including statements that address the Private Placement, the closing of the Private Placement, future production, reserve potential, exploration and development activities and events or developments that the Company expects. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at 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

Contact: 506-623-8960

Eugene Beukman, CFO

Contact: 604-687-2038                                          SEDAR: 00012459E