Pacific Wildcat Resources Corp.
TSX VENTURE : PAW

Pacific Wildcat Resources Corp.

March 28, 2011 09:11 ET

Pacific Wildcat Resources Inaugural Drilling Program at Mrima Hill; Intersects High Grade Rare Earth and Niobium Mineralisation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 28, 2011) - Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") is pleased to announce that significant rare earth mineralisation has been encountered in all 14 holes for which assay results have been received to date from its inaugural 31 hole, 974 metre Reverse Circulation drill program at its Mrima Hill Project in Kenya. Further to the Company's news release dated 28th February 2011 and titled "Pacific Wildcat completes Mrima Hill Acquisition and Final Tranche of Private Placement", the Company is pleased to announce the first results from the drilling program designed to test the validity of the historic test shaft work completed in the 1950's by Anglo American and the Kenyan Mines Department. These shafts were only constructed to an average depth of less than 10 metres, whereas the Company's initial drilling program was designed to confirm and test for mineralization to an average depth of 30 metres.

Significant rare earth mineralisation was encountered in all 14 holes.

Assay result highlights include:

DRILL HOLE INTERSECTION
   
PAWRC001: 15m at 3.24% TREO ("Total Rare Earth Oxides" including Yttrium) from surface
PAWRC002: 30m at 6.49% TREO from surface to EOH ("End of Hole")
PAWRC003: 30m at 8.85% TREO from surface to EOH
PAWRC004: 30m at 6.42% TREO from surface to EOH
PAWRC006: 43m at 5.25% TREO from surface
PAWRC007: 40m at 5.58% TREO from surface to EOH
PAWRC016: 12m at 5.21% TREO from 18m to EOH
PAWRC019: 43m at 2.98% TREO from surface to EOH
PAWRC021: 29m at 3.52% TREO from surface

In addition, significant niobium mineralisation was also confirmed.

Assay result highlights include:

DRILL HOLE INTERSECTION
   
PAWRC015: 13m at 1.44% Nb205 from 17m to EOH
PAWRC016: 12m at 1.99% Nb205 from 18m to EOH
PAWRC017: 20m at 0.83% Nb205 from 10m to EOH
PAWRC021: 17m at 0.91% Nb205 from surface

Management is especially encouraged with these first results (particularly so for the rare earth mineralisation that was intersected in all holes) in that the high grade mineralisation often extends to the bottom of the holes drilled. All holes ended within a clay weathered zone. Diamond drilling by Anglo American in the 1950's indicated that this weathered zone in places extends below 100 metres vertical depth. Anglo did not systematically analyse for rare earth mineralisation.

High rare earth and niobium grades at Mrima Hill are associated with an iron and manganese rich regolith and enriched saprolite which are weathering products of a carbonatite intrusion.

All holes drilled had a vertical orientation and averaged 30 metres in depth and were sited on accessible tracks to drill beside former test pits dug by Anglo American (Niobium) and the Kenyan Mines Department (Rare Earths) to help verify the historical grades. This phase of drilling was completed in November 2010 and samples were submitted for assay in early March 2011. Of the 31 holes drilled, the first batch of assay results are available from 14 of these holes in the range PAWRC001-007 and PAWRC015-021

These high grade intersections coincide with the southern zone of mineralisation (as drilled by holes PAWRC001-007) which was originally outlined by the Kenyan Mines Department in the 1950's as being prospective for rare earth mineralisation. For a record of all intersections from the Company's drill program, please refer to Table 1.

Table 2 shows the individual rare earth oxides as a percentage of total rare earth oxides including Yttrium, a transitional element that is generally incorporated with rare earths.

Significant niobium mineralisation was encountered by the Company primarily in the northern area drilled (PAWRC015-021) and this area coincides with Anglo American's historical zone of niobium mineralisation as outlined from the multiple test pits that were dug during pitting activity in the mid 1950's down to an average 9.1 metres depth. For a record of all intersections from the Company's drill program, please refer to Table 3.

The drill program also confirmed that highly elevated manganese mineralisation occurs throughout the weathered profile of the carbonatite. Refer to Table 3 which lists manganese values associated with the niobium intercepts. Better manganese values include:

DRILL HOLE INTERSECTION
   
PAWRC003: 8m at 22.1% MnO2 from 22m to EOH
PAWRC005: 15m at 20.0% MnO2 from surface

All samples collected were from one metre intervals and sample recovery was good and ranged between 10 to 20 kilograms per sample. Drill samples were fed through a sample splitter and a sample size of 1 to 3 kilograms was submitted to Nagrom Assay Laboratory in Perth, Western Australia for analysis. Poor sample return was rare and was due to the intersection of cavities with the drill hole. At the Nagrom assay laboratory, the samples were pulverised, dried and split, treated with a peroxide fusion for sample dissolution and had an ICPMS finish.

Thorium levels encountered averaged 532 ppm in the rare earths intercepts and 462 ppm in the niobium intercepts.

Figure 1 shows the location of the 31 holes drilled by PAW in 2010 overlying a geological map taken from mapping by Anglo American in the mid 1950's plus the location of Anglo's test pits.

Figure 2 shows the better intersections as well as the location of the 17 holes that still await analysis.

Short Term Drill Programs

Following these high grade intersections to an average depth of 30 metres the Company anticipates that its next program will test the deeper clay zone in a 1,500 metre diamond drilling campaign scheduled to start as soon as all regulatory approvals have been received. This will also assist with understanding the geology of the carbonatite intrusion and the grade distribution of both rare earth and niobium in primarily the weathering zone.

Background on the Mrima Hill Project

The Mrima Hill Project is located in the southeast of Kenya and is 70 kilometres south of Mombasa, the largest port in East Africa. The ground area covered by the Mrima Hill licences is 1,180 sq. km. Mrima Hill has a target niobium mineralisation based on historic data consisting of 40 to 50M tonnes grading 0.7% - 0.8% Nb2O5 (based on a cut-off grade of 0.2% Nb2O5) with a high grade component of 10 to 15M tonnes at a grade of 1.2% - 1.45 % Nb2O5. (Based on a cut-off grade of 1.0% Nb2O5). In addition 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 32 million tonnes of mineralisation at 3.1% REO in the surface weathered profile down to approximately 8m depth (see Company News Release– dated 23rd July 2010)

Note that the potential quantities and grades of the above estimates are 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 completed 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.

Closing Comments

PAW's President Mr Darren Townsend commented, "These first results are extremely pleasing and combined with the extensive historic information on the project give us great confidence that Mrima Hill has the potential to be a significant Rare Earth/Niobium deposit. The Company expects to receive the balance of the results from this drill program in approximately three weeks and planning is well advanced for the commencement of a 1,500 metre diamond drilling program targeting the depth potential of Mrima Hill."

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

Darren Townsend, President

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 and 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. Resource estimates, unless specifically noted, are considered speculative. The Company intends to file a NI 43-101 report on the Mrima Hill property to confirm the historical resource estimate as soon as the information is available. All the niobium and rare earth estimates of historic resources predate and are therefore non-compliant with National Instrument 43-101 ("NI 43-101") reporting standards and should not be relied upon. The Company is not treating the historical estimates as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic resource estimates nor has it independently analysed the results of the previous exploration work in order to verify the resources and therefore the historical estimates should not be relied upon. 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.

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

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). As part of the quality control procedure assay data received and reported from the Nagrom laboratory has still to be verified by an independent laboratory.

QUALIFIED PERSON AND DISCLAIMER

Qualified Person: Timothy David Major, BSc, MSc – Geology and Mineral Exploration. MAusIMM. 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 and consents to its release.

To view the Figures and Tables associated with this press release, please click on the following link: http://media3.marketwire.com/docs/pw327m.pdf

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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