Closing of Qualifying Transaction and Private Placement

SLATER MINING CORPORATION

920 – 1030 West Georgia Street Vancouver, BC, V6E 2Y3 Telephone: +1 604 638 2545

CLOSING OF QUALIFYING TRANSACTION AND PRIVATE PLACEMENT

Vancouver, BC, September 30, 2010 – Slater Mining Corporation (the “Company”) (TSX-V, SLM.P) is pleased to announce that it has closed its previously announced qualifying transaction (the "QT") based on TSX Venture Exchange (the "Exchange") conditional approval. The Company subsequently filed final materials and obtained final Exchange approval for the QT today. It is expected that the common shares of the Company will resume trading on Tier 2 of the Exchange at the opening of the market on October 1, 2010, under the symbol "SLM".

Details of the QT were previously announced by the Company on July 12, 2010, and updated on August 20, 2010. In summary, pursuant to an agreement (the "Option Agreement") dated June 15, 2010, the Company was granted an option to acquire a 60% interest in Eagle Plains Resources Ltd.'s ("Eagle Plains") 15,800 ha Karin Lake property (the "Property") located in north-central Saskatchewan, Canada. To earn a 60% interest in the property, the Company will complete $3,000,000 in exploration expenditures, make $500,000 in cash payments and issue 1,000,000 common shares to Eagle Plains over the next four years. Up to the first anniversary date, the Company’s commitments are $25,000 in cash and 100,000 shares to Eagle Plains, and exploration expenditures of $200,000 on the Karin Lake Property. In connection with the closing of the Qualifying Transaction, the Company has issued an initial 100,000 common shares to and made an initial payments totalling $25,000 to Eagle Plains pursuant to the terms of the Option Agreement.

In connection with the completion of the QT, the Company completed a non-brokered private placement (the Private Placement") of 5,430,000 common shares (the "PP Shares") at $0.25 per share for aggregate gross proceeds of $1,357,500. In connection with the Private Placement, the Company will pay finder's fees to arm's length parties in the amount of 150,000 common shares at a price of $0.25 per share (the "Finders Shares"). All of the PP Shares and the Finder's Shares issued under the Private Placement are subject to a hold period expiring January 18, 2011. The proceeds of the Private Placement will be used to fund the costs associated with completing the Acquisition, the initial work program on the Property and for general working capital purposes. In connection with the commencement of trading, a director of the Company will sell 5,000 common shares through the facilities of the Exchange, to meet Exchange minimum distribution requirements.

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The Company now has 23,380,000 common shares issued and outstanding, of which 13,337,500 are subject to a Value Security Escrow Agreement, as well as incentive stock options of the Company exercisable into an additional 2,050,000 common shares.

For further information regarding the QT or the Karin Lake Property, please see the Company's Filing Statement in respect of the QT dated September 17, 2010, and the technical report on the Karin Lake Property entitled "2010 Technical Report for the Karin Lake Project", both of which are available under the Company's SEDAR profile 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

For further information, contact:

Ian Slater

Chief Executive Officer