TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, Aug. 10, 2011 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") would like to thank our valued shareholders for their participation in this year's annual general meeting, held in Miramichi, New Brunswick, on July 28th, 2011 and offer a brief recap for those not in attendance.
The meeting was held in the Rodd Miramichi Hotel, to facilitate the election of the board of directors, a financial review, presentations on the company's current and planned operations and an opportunity for shareholders to ask questions.
After introductions and nominations, the current board were all duly re-elected and McGovern, Hurley, Cunningham, Chartered Accountants were re-appointed as auditors. CEO, Michael Taylor reviewed current exploration activities at Reserve Creek Gold and Opikeigen Gold projects. Mr. Taylor also discussed the positive implications of the deep hole, NC11-220 at Nash Creek, which encountered mineralization below the known deposit. The company is currently cutting grid lines in preparation for deep Induced Polarization (IP) testing to be followed by diamond drilling. The positive results of Dense Media Separation tests were also discussed. They could have a significant impact on transportation and processing costs and thereby improve the economic viability of the Nash Creek deposit.
Discussion also focused on SLAM's recent agreements with other exploration companies on the Keezhik and Miminiska gold properties. These other companies will be paying the exploration costs as well as share and cash payments to SLAM in return for an interest in each respective property. Mr. Taylor stated that the company would seek further agreements and partnerships with the goal of funding more of SLAM's stable of 18 properties. Shareholders will see activity on at least 7 properties this year including Reserve Creek, Nash Creek, Opikeigen, Silverjack, Miminiska, Keezhik and Nepisiguit, in part funded by other companies through exploration agreements.
Corporate Communications Manager, Brian Jones discussed SLAM's upcoming initiatives to broaden corporate awareness through increased use of Internet advertising and efforts to expand exposure within the investment industry. Additionally, Mr. Jones laid out plans for changes to the corporate website which will allow for more frequent updating of information and images as well as the addition of more documentation for download. Mr. Jones also encouraged shareholders to make use of SLAM's toll free number to contact him with questions or concerns and for the most current activity updates.
Subsequent to the AGM, the directors held a board meeting and planning session. In accordance with the company option plan, a total of 200,000 options were awarded to officers and directors. These options are exercisable at $0.10 until July 28, 2016. The total options issued are 3,100,000 from a total of 7,965,000 available under the company option plan.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and is exploring for gold in Ontario and for silver-copper-lead-zinc in New Brunswick. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
Neither 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.
On behalf of the Board
Mike Taylor, P. Geo.
President CEO
SLAM Exploration Ltd.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration and development activities and events or developments that SLAM expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward looking statements. Please see our public filings at www.sedar.com for further information.