Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

December 08, 2010 13:15 ET

Wildcat Completes Drilling at Jeep Gold Project, Moves Drill to Mike Power Gold Project

WINNIPEG, MANITOBA--(Marketwire - Dec. 8, 2010) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that four holes have been drilled on the Jeep Project in the Rice Lake greenstone belt of Manitoba. The drill is currently being moved to the Mike Power Project, located 2 km west of Bissett. Drilling of up to five holes is planned in this area. Activities will be temporarily suspended during the seasonal December break.

The Jeep property encompasses 4,016 hectares and is located 14 km east of Bissett, Manitoba. It hosts multiple west-northwest trending gold-bearing quartz veins mined in the 1950's. The historic Jeep gold mine produced approximately 18,000 tons of ore at an average gold grade of 0.78 oz/ton (non 43-101).

Drilling on the Jeep Project in the Rice Lake gold camp began on November 26th, 2010. Three holes totaling 500 metres were planned to test northeasterly-trending structures which are projected to intersect the regional west northwest-trending gold-bearing structures. Wildcat geologists believe that the intersections of these two structural trends are significant in the concentration of gold on the property. An additional hole, added to verify the continuity of mineralized quartz veins and sulphide mineralization observed in the initial drill holes, brought this phase to a total of 642.5 metres in four holes. Assay results are pending.

The Mike Power gold property, comprised of 24 contiguous claims covering 3,029 hectares is situated 1,500 metres west of the San Gold Corporation mine lease at Bissett, Manitoba. The property straddles the Gold Creek Shear Zone (GCSZ), which is interpreted to represent the western extension of the Normandy Creek fault. The GCSZ is sheared and altered and may be host to gold mineralization similar to that which is currently mined by San Gold at its Rice Lake Mine.

Drilling on the Mike Power will focus on the intersection of oblique faults with the regional west northwest trending structures such as the GCSZ. Wildcat geologists believe that the intersection of these faults is propitious for concentrating gold-bearing fluids during the deposition of gold mineralization in the Rice Lake gold camp. This interpretation is reinforced by the results of geological mapping and structural insights gained from the study of topographic maps, LiDAR survey images and airborne magnetics.

The Mike Power Property, located 1.5 km west of San Gold's Rice Lake mine, is underlain by similar rock types and regional structures. Tom Lewis, Wildcat's V.P. Exploration, commented: "The Mike Power has strong potential for gold mineralization and our geologists understand the challenges of gold exploration in areas with extensive overburden. To be successful in this environment we anticipate successive drill programs supplemented by interpretation, prioritization and more drilling. I am pleased that winter 2010/11 will be very active for the Company with drilling planned for several Wildcat projects."

All technical information in this release has been reviewed by Tom Lewis, P.Eng., Wildcat's V.P. Exploration who is a Qualified Person as defined by NI 43-101,

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 gold projects in the Rice Lake greenstone belt in Manitoba, (2) the McVicar gold property in the Uchi Subprovince of Ontario, (3) the Reed base metal and PGE project in the Flin Flon-Snow Lake greenstone belt in Manitoba, (4) the Burntwood nickel project in the Thompson nickel belt in Manitoba and (5) the Foster zinc-lead-silver project in Saskatchewan. The Company seeks to continuously upgrade its property portfolio through exploration and accretive transactions.

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).

Source: Wildcat Exploration Ltd.

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.

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