Slam Exploration Ltd V.SXL

Diamond Drilling Cuts High Grade Sulphide

[TheDon4]

SLAM Exploration Ltd. - Diamond Drilling Cuts High Grade Sulphide 12/15/04 /NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA/ TORONTO, Dec 15, 2004 (Canada NewsWire via COMTEX) -- SLAM Exploration Ltd. ("SLAM") (TSX-V - SXL) announces diamond drilling results from its wholly owned Nash Creek property located 25 km west of the Belledune smelter and seaport in northern New Brunswick. Lantech Drilling Ltd. completed a total of 571 metres in three vertical holes that tested the Hayes zone over a strike-length of 220 metres. High grade intercepts of zinc-lead-silver are reported from all three holes. The southernmost hole (No. NC0402) is the most significant yielding an average of 11.07% zinc, 1.78% lead and 58.72 grams/tonne silver over 15 metres. Selected intervals are summarized in the following table: DDH From To Core Silver Lead Zinc metres metres Length g/tonne % % NC0401 6.0 15.0 9.0 55.33 0.94 9.33 NC0401 22.5 25.0 2.5 57.40 1.83 9.65 NC0401 72.5 78.5 6.0 28.40 0.88 7.69 NC0401 117.0 118.0 1.0 47.20 1.74 9.24 NC0401 120.5 122.0 1.5 49.60 1.27 9.17 NC0401 123.3 124.7 1.4 65.50 1.18 9.16 NC0402 117.5 132.5 15.0 58.72 1.78 11.07 NC0403 78.5 81.5 3.0 43.50 1.54 6.17 NC0403 87.5 101.0 13.5 57.78 1.43 6.54 NC0403 109.0 115.8 6.8 7.07 0.84 9.99 These intervals are associated with massive sulphides, sulphide breccias and sulphide stockworks hosted by flat-lying to shallow-dipping bimodal volcanic sequences interbanded with sediments. The BTW-size core was logged, sawn and sampled at a secure indoor site. Individual sample intervals range from 0.3 to 1.5 metres. All intervals greater than 1.5 metres are calculated weighted averages. All analyses were completed by ALS Chemex. Selected split core samples were analyzed for silver, lead and zinc using AA46, a method recommended by Chemex for "Evaluation of ores and high-grade materials". Mike Taylor, PGeo. and president of SLAM, is the qualified person responsible for the core logging and sampling procedures. Prior to drilling, SLAM completed airborne surveys using the same advanced technologies employed by the Bathurst Joint Venture (a 50/50 partnership with Noranda Inc.). The Time Domain EM and magnetometer data was provided by Fugro Airborne Surveys using the MegaTEM II system and Airborne Gravity data was collected by Bell Geospace Inc. Both a MegaTEM response and a gravity response appear to be spatially associated with the Hayes zone. The airborne geophysical results indicate several untested MegaTEM anomalies locally with coincident magnetic and/or gravity highs on the Nash Creek property. The untested anomalies may represent unexplored targets for base metal/silver exploration. The Nash Creek property hosts three zinc-lead-silver occurrences known as the Hayes, Hickey and MacMillan zones. Falconbridge Limited completed diamond drilling on all three zones between 1988 and 1991. SLAM will re-assess the previous drilling results and utilize them in planning a detail follow-up drilling program. John Hansuld states "SLAM is very encouraged, particularly with the high grade zinc values and their association with MegaTEM and airborne gravity anomalies. SLAM will conduct further investigations to test for extensions of this high grade mineralization along with associated airborne geophysical targets." Based on the results from the diamond drilling program and airborne survey, SLAM is pursuing an aggressive claim-staking strategy in anticipation of an expanded exploration and follow-up program planned for 2005. This program will test potential extensions of the Hayes zone as well as MegaTEM and airborne gravity targets that may be associated with potentially new sulphide bodies. SLAM Exploration Ltd. is a mineral resource company based in Miramichi, New Brunswick. In addition to its wholly owned Nash creek property, SLAM owns 50% share of the Bathurst Joint Venture with Noranda Inc. SLAM owns 100% interest in two other base metal properties in New Brunswick and holds varying interests in four gold properties in the renowned gold producing Uchi sub-province of northwest Ontario. Additional information about SLAM and its projects is available at its new website www.slamresources.com or from its SEDAR filings at www.sedar.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00012459E VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=61489 For further information: SLAM Exploration Ltd., John Hansuld, CEO, [phone], email: jhansuld(at)sympatico.ca; Mike Taylor, President, [phone], email: miketaylor(at)slamexploration.com News release via Canada NewsWire, Halifax 902-422-1411 -MC- Copyright (C) 2004 CNW, All rights reserved