SLAM Exploration Ltd.: Drilling Underway at Fort Hope Gold Mine
MIRAMICHI, NEW BRUNSWICK–(April 10, 2008) – SLAM Exploration Ltd. (TSX VENTURE:SXL) (“SLAM”) and Bard Ventures Ltd. (TSX VENTURE:CBS) (“Bard”), are pleased to announce drilling is underway at the Fort Hope Gold Mine (“FHGM”) in northwest Ontario. The property is part of the 30 claim Opikeigen project covering 2784 hectares owned 50/50 by SLAM and Bard with SLAM as operator.The 1200 metre drilling program will include 4 to 6 holes designed to intercept the “Shaft Vein” at the FHGM. Records show that in 1959 previous workers removed a 3105kg bulk sample that averaged 3.54 oz/ton gold (H. Wallace, 1978, Ontario Geological Survey, Report185). Grab samples ranging up to 9.37oz/ton gold were reported from trenches soon after the discovery in 1927 (E.M. Burwash, 1929, Ontario Department of Mines). In spite of these historic results, there is no record of any drilling on this vein. In its news release of 25 February 2008, SLAM reported results for 15 grab samples collected from waste rock piles near the shaft. These samples all contained gold with 7 samples reporting gold values ranging from 0.132 oz/ton up to 1.998 oz/ton (4542 ppb to 68,489 ppb). This gold occurs in mineralized volcanic wallrock as well as quartz veins.
The FHGM is associated with a gold mineralized system that hosts 8 other gold occurrences on the Property. SLAM and Bard will also test Zone OL12, located 700 metres north of the FHGM, with up to 2 holes. This drilling program will complete phase one of a plan to systematically explore the FHGM and associated occurrences which have geological similarity to gold mines at Red Lake. More information is available at www.slamexploration.com.
Mike Taylor states: “This project exemplifies the mineral potential of the Eabamet Lake area. With spectacular grades reported from underground work untested by drilling, the Fort Hope Gold Mine represents a tremendous opportunity.”
The Property lies within the Traditional Territories of the Eabametoong First Nation (“EFN”). SLAM and EFN have signed a Memorandum of Understanding to guide activities. SLAM intends to work closely with EFN in the exploration and potential development of the FHGM along with other gold deposits within the area.
Derek F. Brown P.Geo., SLAM’s Exploration Manager, is the Qualified Person, as defined under National Instrument 43-101, responsible for the results reported in this news release.
SLAM Exploration Ltd. is a mineral resource company based in Miramichi, New Brunswick. It is involved in base metal exploration in New Brunswick including a zinc deposit near development at Nash Creek as well as gold exploration in the Uchi sub-province of northwest Ontario. Additional information about SLAM including updated information on our Ontario gold projects is available at www.slamexploration.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.
On behalf of the Board, Mike Taylor, P. Geo. President & CEO, SLAM Exploration Ltd.
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On behalf of: Bard Ventures Ltd., “Eugene Beukman”, Eugene Beukman, President
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This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address events or developments that SLAM and Bard respectively expect to occur, are forward looking statements.
Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although SLAM and Bard believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future realities and actual realities may differ materially from those in forward looking statements. Factors that could cause the actual realities to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capita, financing, general economics and market or business conditions. Investors are cautioned that any such statements are not guarantees of future realities and actual realities or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the respective management of SLAM and of Bard on the date the statements are made. Unless otherwise required by applicable securities laws, SLAM and Bard expressly disclaim any intention and assume no obligation to update or revise any forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change, whether as a result of new information, future events or otherwise. Please see public filings for SLAM and Bard respectively at www.sedar.com for further information.
For more information, please contact
Mike Taylor, President & CEO
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AGORACOM Investor Relations