Pacific Wildcat Resources Corp.
TSX VENTURE : PAW

Pacific Wildcat Resources Corp.

September 28, 2010 13:13 ET

Pacific Wildcat Commences Drilling at Mrima Hill Niobium/Rare Earth Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2010) -

"NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES"

Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") wishes to advise that, further to the Company's news releases dated July 23, 2010, August 23, 2010 and September 1, 2010 "PAW Enters into Conditional Purchase Agreement with the Right to Acquire the Majority of a Large Scale Niobium/Rare Earth Metal Project", it has in connection with its proposed acquisition of a majority interest in the Mrima Hill Project in Kenya and as part of its due diligence process commenced an exploratory drilling program on the property.

The Mrima Hill Project covers 1,180 km2 and is located approximately 80 kilometres south of Mombasa, the largest port in East Africa.

PAW views the Mrima Hill Project as a large scale high grade Niobium and Rare Earth Oxide mineral deposit.

Anglo American Corporation and Pechiney St Gobain have completed substantial historic exploration on the Project with summary data showing the completion of over 9,000 metres of test shafts and 3,000 metres of drilling. A subset of this data was used by the Australian firm Terra Search Pty Ltd in December 2009 and July 2010, as interpreted by the Company, and shows that based on historic Anglo American data (comprising 392 shafts to 10 metres depth and 2 diamond drill holes, Mk7 and Mk8 for 308 metres) a potential mineralisation target of:

40 to 50 million tonnes @ 7,000 to 8,000 g/t Nb2O5 (based on a cut-off grade of 2,000 g/t Nb2O5) containing a high grade zone of 10 to 15 million tonnes @ 12,000 to 14,500 g/t Nb2O5 (based on a cut-off grade of 10,000 g/t Nb2O5).

Note that the potential quantity and grade is conceptual in nature, and there is insufficient exploration to date to define a mineral resource and therefore it is uncertain if further exploration will result in the target being delineated as a mineral resource. A "qualified person" as defined under National Instrument 43-101 has not done sufficient work to classify the above mentioned historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource. The historical estimate is not compliant with NI 43-101 and should not be relied upon.

A large Rare Earth Oxide mineral deposit is located coincidently and in close proximity to the Niobium deposit at Mrima Hill. * Binge FW (1955) reports a total of 35 million tonnes of mineralisation at 3.1% REO in the surface weathered profile.

A "qualified person" as defined under National Instrument 43-101 has not done sufficient work to classify the above mentioned historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource. The historical estimate is not compliant with NI 43-101 and should not be relied upon.

The purpose of PAW's 1,600 m drill program at Mrima Hill is to:

  1. Twin approximately 10% of the historic Anglo American 10 metre deep shafts with a view to confirming the reliability of the historic Niobium assay data with a particular focus on the higher grade zones (see Figure 1: http://media3.marketwire.com/docs/PAW928fig1.jpg), and
  1. Assay all the new drill holes for Rare Earth Oxide content and to evaluate these results for broad consistency with the historic rare earth oxides surface contour results (see Figure 2: http://media3.marketwire.com/docs/PAW928fig2.jpg).

If the Niobium assays from this drill program are consistent with the historic Anglo American assays PAW intends to complete a mineral resource estimate compliant with NI 43-101. The Company is targeting a high grade resource of no less than 13 million tonnes with a Nb2O5 grade no less than 1.30%. The assay results from this program will also enable the Company to plan where to focus rare earth resource drilling for the first half of 2011.

The Company and the Vendors continue to work together cooperatively and aim to provide a further update on the anticipated closing date shortly.

PAW's President, Mr. Darren Townsend, commented, "We are very excited to have commenced drilling on Mrima Hill. The substantive historic work on this project gives us every confidence on the success of the drilling program."

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

"Darren Townsend", President

Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.

* Binge FW 1955 – Assay Plan and values for REE, Mrima Hill, internal unpublished report of Geological Survey of Kenya

QUALIFIED PERSON AND DISCLAIMER

Qualified Person: Michael John Sperinck, BSc – Geology and Chemistry, MAusIMM, an independent consultant with Global Mining Services and 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 and resource contents relating to the Mrima Hill Project contained in this news release.

Neither the 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.

Contact Information

  • Pacific Wildcat Resources Corp.
    Darren Townsend
    President
    1-888-860-2666
    250 768-0020 (FAX)
    www.pacificwildcat.com