Pacific Wildcat Resources Corp.
TSX VENTURE : PAW

Pacific Wildcat Resources Corp.

December 14, 2011 08:48 ET

Mining License Application for Mrima Hill Submitted and Current Special Prospecting License Extended for Three Years

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2011) - Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") is pleased to announce that Cortec Mining Kenya ("CMK"), the registered holder of Special Prospecting License 256 ("SPL"), has obtained a renewal of the SPL from the Commissioner of Mines and Geology for a period of three years from December 1, 2011 to November 30, 2014. CMK has also advised the Company that it has submitted an application to the Kenyan Ministry of Environment and Mineral Resources for the grant a Mining License ("SML") for the Mrima Hill Niobium and Associated Rare Earths project in Kenya. PAW has a conditional contract to purchase an indirect 70% ownership interest in CMK.

The Company has been advised that the required documentation (including an independent Environmental Impact Assessment report) in support of the application for the SML and fees required by the Ministry have been submitted and paid.

On July 7, 2011, Sound Mining Solution, in conjunction with ExplorMine Consultants of Johannesburg, South Africa completed an initial NI 43-101 compliant independent mineral resource estimate for Mrima Hill which reports inferred mineral resources of 105.3 million tonnes at 0.65% Nb2O5 with a 0.2% cutoff grade for a total of 690.5 million kilograms (1.519 billion pounds) of contained Nb2O5 to a limited depth of 30 metres. Further details of the mineral resource estimate are contained in the NI 43-101 technical report entitled "National Instrument 43-101 Technical Report For the Initial Niobium Resource Estimate - Mrima Hill Rare Earth/Niobium Project in Southern Kenya" prepared for the Company effective August 15, 2011 and revised on September 30, 2011, which can be found on SEDAR under the Company's issuer profile at www.sedar.com.

A significant portion of the Mrima Hill niobium inferred mineral resource is high grade with 12.0 million tonnes at 1.21% Nb2O5 at a 1.00% cutoff grade for a total of 145.2 million kilograms (319.4 million pounds) contained Nb2O5.

Closing Comments

Pacific Wildcat Resources President & CEO, Darren Townsend said "We are very pleased that the existing SPL has been extended for a period of three years and that the SML application has been submitted. This is the culmination of substantial work by PAW and CMK. We look forward to now moving towards closing the Acquisition of the indirect 70% interest in the Mrima Hill project."

Qualified Person

The individuals who completed the niobium mineral resource estimate have extensive experience in the mining and exploration industry and are members in good standing of appropriate professional institutions are as follows:

  • Dr William (Bill) Northrop, PhD, Pr. Sci. Nat. (400164/87), FSAIMM, FGSSA, MGASA
  • Mr. Andre Deiss, BSc (Hons), Pr. Sci. Nat. (400007/97), MSAIMM

Dr. Northrop and Mr. Deiss are competent person's registered with the South African Council of Natural Scientists ("SACNASP") as well as with various mining and geological professional bodies and are both qualified persons as defined under NI 43-101. Both Dr. Northrop and Mr. Deiss have reviewed the content of this press release and consent to its disclosure.

Timothy David Major, BSc, MSc - Geology and Mineral Exploration. MAusIMM. Mr. Major is a qualified person under NI 43-101, and as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' has reviewed the scientific and technical data and exploration data relating to the Mrima Hill Project contained in this news release on behalf of the Company and consents to its release.

A Quality Assurance/Quality Control (QA/QC) program forms part of the drilling, sampling and assay program on the Mrima Hill Project. This program includes chain of custody protocol as well as systematic submittal of certified reference materials and blank samples into the flow of samples produced by the drilling. The results of the Company's drill program have been reviewed, verified (including drill logs, assay certificates, test data and additional supporting information sources) and compiled by the Company's Exploration Manager (Timothy David Major, who is a qualified person for the purpose of NI 43-101 - Standards of Disclosure for Mineral Projects).

About Pacific Wildcat Resources Corp. - Pacific Wildcat is a TSX Venture Exchange listed Canadian mineral exploration company having the trading symbol "PAW". It has a producing Tantalum mine at Muiane in northern Mozambique where it has the largest land position of over 450 square kilometers on the Alto Ligonha pegmatite belt, the location of numerous historic Tantalum mines.

PAW's flagship project is located in Kenya where a conditional contract is in place, whereby the Company has the right to acquire an indirect 70% interest in the Mrima Hill Niobium and Rare Earth Project. This is an ex Anglo American and Pechiney property the subject of extensive historic work. In July 2011, the Company completed an initial NI 43-101 compliant inferred niobium resource estimate of 105.3 million tonnes at 0.65% Nb2O5 for a total of 1.519 billion pounds contained Nb2O5 to a depth of 30 metres from the surface. In addition, substantial rare earths mineralization has been identified and work will commence shortly on a Rare Earth Resource RC drilling program.

For information about Pacific Wildcat Resources Corp. and its development and exploration activities shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.

Darren Townsend, President & CEO

Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. Cautionary note: This press release contains forward looking statements, particularly those regarding cash flow, capital expenditures, work programs, the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects and its investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. There can be no assurance that the Company will be able to obtain a mining licence or any of the permits that are required in order to commence mining operations at the Mrima Hill Project. The rare earths historical resource estimates is considered speculative and therefore noncompliant with National Instrument 43-101 ("NI 43-101") reporting standards and should not be relied upon. The Company is not treating the historical estimate as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic rare earths resource estimates. The Company believes that these historical resource estimates provide a conceptual indication of the potential of mineral occurrences within the project and are relevant to ongoing exploration. The Company intends to confirm the historic resource estimates through drilling as soon as possible.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. 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.

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