Slam Raises $255,620 IN Private Placement

TSXV: SXL

SLAM RAISES $255,620 IN PRIVATE PLACEMENT

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

States

For Immediate Release, August 11, 2020

Miramichi, New Brunswick - SLAM Exploration Ltd. (TSXV: SXL) (the “ Company”) announces

completion of a private placement of 4,260,334 flow-through units (the “ FT Units”) at a price of $0.06 per

FT Unit for gross proceeds of $255,620 (the “ Private Placement”). Each FT Unit will be comprised of one

common share in the capital of the Company issued on a “flow-through” basis and one-half of one

common share purchase warrant issued on a non-flow-through basis (each whole common share

purchase warrant, a “ Warrant”). Each Warrant will entitle the holder thereof to acquire one non-flow-

through common share at a price of $0.08 for a period of 24 months from the date of issuance. The FT

Units are subject to a four-month and one day hold period from the date of issuance.

Officers and directors participated in the Private Placement through purchase of 1,533,334 FT Units for a

total of $92,000 by insiders of SLAM Exploration Ltd. The Company paid finders’ fees of $10,260 cash

plus 85,500 compensation shares and 85,500 finders warrants.

Proceeds received from the FT Units will be used to fund exploration on SLAM's gold, silver and base

metal projects in Canada. The main focus is the Menneval gold project where SLAM intends to test the

depth potential of the Maisie gold vein.

The Company also announces that pursuant to the Company's stock option plan, it has granted incentive

stock options to its directors, officers, employees and consultants to purchase an aggregate of 1,180,000

common shares with an exercise price of $0.075 per share for up to five (5) years.

About SLAM Exploration Ltd:

SLAM is a project-generating resource company with a portfolio of precious metal and base metal

properties in New Brunswick and Ontario. The Company owns the Menneval gold project and the

recently acquired Lewis Brook silver project in northern New Brunswick, as well as 5 gold projects

located in the vicinity of Clarence Stream where Galway Gold Inc. has reported successful gold drilling

results in southern New Brunswick. SLAM also owns the Reserve Creek, Opikeigen and Miminiska gold

projects in Ontario. The Company owns a portfolio of base metal properties in the Bathurst Mining

Camp (“BMC”) that is subject to an option agreement. SLAM also holds NSR royalties on the Superjack,

Nash Creek and Coulee zinc-lead-copper-silver properties in the BMC. Additional information about

SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at

www.sedar.com. Follow us on twitter @SLAMGold.

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Qualifying Statements: Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the

Qualified Person, approves the scientific and technical disclosure 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 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

Contact: 506-623-8960 [email protected]

Eugene Beukman, CFO

Contact: 604-687-2038 [email protected] SEDAR: 00012459E