Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

November 18, 2008 09:00 ET

Wildcat Announces Positive IP Results on its Reed Lake, MB Property

WINNIPEG, MANITOBA--(Marketwire - Nov. 18, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to announce that a ground geophysical survey, conducted on its Reed Lake property in the Flin Flon Snow Lake greenstone belt, has identified a large number of strong anomalies potentially indicative of sulphide-bearing layers. The property, consisting of 32 contiguous claims totaling 6,156 hectares, is located on the west side of Reed Lake, approximately 1.4 km north of PTH 39 which connects the city of Flin Flon with the town of Snow Lake. The southern boundary of the property is located approximately 4 km north of the recent discovery by VMS Ventures Ltd. (September 23, 2008: 61.96 m of 5.98% Cu).

Wildcat engaged Matrix GeoTechnologies Ltd. to perform an induced polarization (IP) survey on the Reed Lake "transect". The transect is a survey line, cut and picketed over a 4.2 km length, that crosscuts the Reed Lake South Complex, a layered mafic-ultramafic intrusion prospective for platinum and palladium group elements. The purpose of this survey was to identify sulphide-bearing layers potentially containing nickel, copper and platinum group elements. To date the survey has been completed over 1.9 km of the transect. In the course of this investigation, thirteen IP anomalies were identified and classified by the contractor as "strong" to "extremely strong".

According to Matrix's report, the anomalies could have been generated by lithological contacts, faults/fractures, and alteration patterns; however, the presence of increased chargeability indicates that potentially they are generated by sulphide mineralization.

Encouraged by these results, Wildcat plans to validate these anomalies. The terrain features outcrops alternating with shallow swamps, and the follow-up investigation planned for the coming winter season will consist of a biogeochemical survey over the transect, using black spruce as the sampling media. This survey will be complemented with prospecting and rock sampling in the summer of 2009.

Updated maps of the results will be posted to the Company's website and available for viewing at www.wildcat.ca.

Wildcat's exploration program is managed by Peter Theyer, Ph.D., P.Geo, a Qualified Person as defined by NI 43-101, who has reviewed all technical information in this release.

About Wildcat Exploration Ltd.

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) the Foster River zinc project in Saskatchewan, (2) three gold properties and one gold and platinum group element (PGE) property in the Rice Lake greenstone belt in Manitoba, and (3) two base metal and PGE properties in the Flin Flon - Snow Lake mineral belt of Manitoba. The Company continues to build its property portfolio, and welcomes proposals from owners of advanced Canadian exploration properties.

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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, including risks associated with the mineral exploration and mining industry such as economic factors, government regulation and approvals, environmental risks, success of exploration activities, future commodity prices, capital expenditures, requirements for additional capital, changes in project parameters as plans continue to be refined, conclusions of economic evaluations, the Company's history of operating losses and uncertainty of future profitability. Important factors that pertain to the risks and uncertainties associated with the Company's business are discussed more fully in the Company's disclosure documents filed from time to time with the Canadian securities regulators and available on www.sedar.com. Although Wildcat has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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