Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

February 26, 2010 17:30 ET

Wildcat Exploration Ltd. and StrikePoint Gold Inc. Modify Option Agreement

WINNIPEG, MANITOBA--(Marketwire - Feb. 26, 2010) - Wildcat Exploration Ltd. (Wildcat) (TSX VENTURE:WEL) and StrikePoint Gold Inc. ("StrikePoint") (TSXV: SKP) announce that they have agreed to amend the terms of their agreement (the "Agreement") pursuant to which StrikePoint has an option to earn an interest in Wildcat's Poundmaker property in the Rice Lake greenstone belt of Manitoba.

Under the amendment, in addition to other payments to be made pursuant to the Agreement, StrikePoint will pay to Wildcat $50,000 on or before March 1, 2010 and the period in which StrikePoint is to incur $500,000 of exploration expenditures is extended from March 1, 2010 to April 30, 2010. The parties have also agreed that Wildcat will appoint a geologist to the project team, to be funded by StrikePoint and under the direction of StrikePoint's project manager, to contribute to the project work and reporting. Finally, the parties have agreed that the Agreement will be amended to provide for restitution to Wildcat by Strikepoint for any future shortfalls in meeting the annual contractual exploration expenditures by StrikePoint. The other provisions of the Agreement remain in force and are unchanged.

StrikePoint may earn up to a 100% interest in the Poundmaker property under the Agreement. After $4 million has been spent by StrikePoint on exploration work, Wildcat may elect to retain up to a 35% participating interest in the Property. (see StrikePoint and Wildcat news releases dated February 4, 2008).

As a result of its recent financing (see StrikePoint news release dated December 17, 2009) StrikePoint is well funded to meet its projected work obligations on the Poundmaker property. StrikePoint has engaged Apex Geoscience Ltd. to manage work on its projects in the Rice Lake greenstone belt and geophysical crews under the direction of Apex are currently working on the Poundmaker property in order to confirm structure on winter drill targets.

About Wildcat Exploration Ltd.

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) several precious metal properties in the Rice Lake greenstone belt in Manitoba, (2) the Reed Lake base metal and PGE property in the Flin Flon greenstone belt in Manitoba and (3) the Foster River zinc-lead-silver project in Saskatchewan. As the Company builds its property portfolio, Wildcat welcomes proposals from owners of advanced Canadian exploration properties.

For further information on the Company please visit our website at www.wildcat.ca or contact us at info@wildcat.ca . The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).

This news release may contain "forward-looking information", within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to Wildcat's exploration program and plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "believes", "plans", "seeks", "expects", "budget" or variations of such words or statements that certain actions, events or results may, could, will, will be, would be or are expected to be. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wildcat to be materially different from those expressed or implied by such forward-looking information.. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Wildcat does not undertake to update any forward- looking information, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

Contact Information

  • Wildcat Exploration Ltd.
    John Knowles
    President CEO
    (204) 944-8916
    (204) 944-8918 (FAX)
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3