Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

July 18, 2011 09:01 ET

Wildcat Enhances Gold Potential in First Phase of Field Work at McVicar Project

WINNIPEG, MANITOBA--(Marketwire - July 18, 2011) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) today announced that the first phase of exploration field work on the McVicar Gold Project located in northwestern Ontario has shown potential for low grade, bulk tonnage gold mineralization in the Shonia and Sor zones and higher grade gold mineralization in and along quartz-bearing structures of the Chellow quartz vein.

Tom Lewis, VP of Exploration, commented, "I am pleased with the results to date on McVicar. There is good exploration potential for high grade gold mineralization in the claims between the Chellow vein and the past-producing Golden Patricia Mine to the southeast. In addition, as a result of new outcrop exposures from a forest fire 12 years ago our geologists are gaining new information on the property. At the Altered, Shonia and Sor zones, historic exploration focused on high grade vein deposits, whereas Wildcat is assessing the low grade, bulk tonnage potential of narrow pyrite-quartz veins and pyrite-bearing granites. We are also interested in the blue-grey quartz occurrences that we found for the first time during our follow-up work in July southeast of the Chellow vein, for which there are 30 samples still out for assay."

The McVicar property is located 80 km west of Pickle Lake and 30 km northwest of the former Golden Patricia Mine. From 1988 to 1996, the Golden Patricia Mine produced approximately 450,000 ounces of gold at a grade of 0.7 ounces gold per ton. The property consists of 21 claims covering 5,120 ha in the western portion of the Lang Lake greenstone belt, which is part of the Archean age Uchi subprovince. The Uchi subprovince has produced more than 30 million ounces of gold collectively from the Red Lake, Pickle Lake and other greenstone belts, including the Rice Lake greenstone belt, where Wildcat has several gold properties.

The McVicar property is underlain by metasedimentary and metavolcanic rocks that have been intruded by tonalitic and gabbroic intrusives. Three important northwest-striking regional structures cut the property including the Bear Head Fault, Lower McVicar Fault, and the Altered Zone Fault.

Assay results have now been received for 139 samples collected in late May. These samples included rock saw channel samples from the Shonia gold occurrence and chip and grab samples from quartz veins and sulphide-bearing zones taken during regional geological mapping and prospecting. Also, a few channel samples were cut at the Chellow vein to validate earlier sampling (News Release June 9, 2011).

On the Shonia gold occurrence, Wildcat completed two northwest-trending, staggered channel cuts on approximately 50 metre intervals, across a tonalite intrusion. The purpose of this sampling was to evaluate the gold concentrations in northeast-trending quartz-pyrite veins and the host rocks consisting of altered and pyrite-bearing tonalite. Outcrop configuration necessitated cutting of staggered channel samples with gaps and overlaps in the sample distribution, rather than a single representative, channel sample across the northeast-trending structures.

In the Shonia zone, an area measuring approximately 13 m X 7 m returned weighted assay results from 18 channel sample sites of 0.88 g/t gold (including 8.2 g/t across 1 m). Most of the channel samples were taken on 1 metre intervals in a northwesterly trend for 13 m in order to sample the northeast-trending veins systems. Assay results from additional channel sampling within the Shonia zone included: 0.64 g/t gold across 6.3 m; and 0.34 g/t gold across 6.0 m. These sample results (non 43-101 compliant) demonstrate the potential for a low grade, bulk tonnage zone of mineralization.

Approximately 700 m southeast of the Chellow vein, preliminary sampling of quartz occurrences along the sheared volcanic/granite contact included a single grab sample of blue-grey quartz which assayed 1.21 g/t gold. This gold occurs in pillow selvages and quartz-filled pillow cores near the volcanic/granite rock contact.

Following initial field work in May 2011, Wildcat's geological crews revisited the property in late June and early July to: (i) evaluate gold values obtained from channel sampling at the Shonia gold occurrence; (ii) perform detailed mapping, interpretation and sampling over the gold occurrences at Sor Lake; and (iii) map, prospect and sample the corridor of volcanic and sedimentary rocks extending southeasterly from the Chellow vein towards the former Golden Patricia Mine.

At Shonia, preliminary indications are that the gold mineralization is primarily related to quartz veins striking northeast and north, with associated sulphides and possible potassic alteration.

In following up on the gold detected southeast of the Chellow vein, several new blue-grey quartz occurrences were detected along the volcanic/granite contact for several hundred metres. Wildcat geologists plan to focus on this sheared contact that has demonstrated potential based on gold in blue-grey quartz. Thirty rock, channel, chip and grab samples from the follow-up work on the Shonia, Sor and Chellow areas have been submitted to TSL Laboratories in Saskatoon for gold and silver analysis. Assay results are pending.

Wildcat plans to conduct a diamond drilling program in the fall of 2011 or winter of 2011/12 to further investigate the Shonia and Sor zones and the area southeast of the Chellow vein. The program may be modified by any new information from pending assays.

Wildcat's exploration program is managed by Tom Lewis, P.Eng., 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) several gold projects in the Rice Lake greenstone belt in Manitoba, (2) the McVicar gold project 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.
John Knowles, President & CEO
Suite 203, 1780 Wellington Avenue
Winnipeg, Manitoba, R3H 1B3
Phone: (204) 944-8916

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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