Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

July 10, 2008 18:25 ET

Wildcat Exploration Ltd. Mobilizes to Foster River Zinc Project and Grants Options

WINNIPEG, MANITOBA--(Marketwire - July 10, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to announce the start of the 2008 summer exploration program on its 11,800 hectare Foster River zinc lead ("Zn-Pb") property characterized by mineralization resembling Broken Hill type ("BHT") deposits. The property is located120 kilometres north of La Ronge, Saskatchewan. A recently completed helicopter-borne DIGHEM electromagnetic and magnetic survey of the two northernmost claims of the property has generated multiple anomalies for investigation along two major northwest trends. (see News Release June 10, 2008).

Two geological teams were mobilized to the central portion of the property on June 20, 2008. One team is carrying out structural and lithological mapping to (a) establish the existence and location of structurally thickened portions of the mineralized layer and (b) determine the extent and degree of continuity of the mineralized layer between the historically known Zn-Pb showings. The other team is completing a lithological study designed by Prof. Paul G. Spry, a member of the Company's Technical Advisory Panel. This study aims to prove the similarities of the Foster River mineralization with that of the world class Broken Hill deposit in Australia. Previous sampling and mapping programs by the Company has focused on the southernmost three claims of the group, between the Fable Lake Zn-Pb occurrence at the south end of the property and the Sito Lake East and Sito Lake West occurrences in the central portion of the property. The petrographic and geochemical analyses from this work have established similarities between the Foster River Zn-Pb mineralization and the mineralization occurring in other BHT deposits worldwide. The Company is expanding its focus to include the areas on the northern two claims which contain the Robyn Lake and Mackie Zn-Pb occurrences.

The program, initially scheduled to be completed mid-August, experienced a brief episode of downtime around the Canada Day holiday due to forest fires in the area and specifically around the Sito Lake camp. As a result, the program will be extended to make up for the downtime and also to inspect newly exposed outcrops in the vicinity.

Wildcat would like to take this opportunity to extend thanks and appreciation to the Saskatchewan Ministry of Environment Fire Management and Forest Protection Branch, based in La Ronge, Saskatchewan, for their timely and successful fire suppression efforts around the Company's Sito Lake camp, and also to M.A.R.S.H. Expediting and Osprey Wings Ltd. of La Ronge, Saskatchewan for their rapid response to the requested evacuation, and the subsequent efficient restart of camp operations.

Wildcat's 2008 exploration program is being managed, and all technical information in this release has been reviewed, by Peter Theyer, P.Geo. a Qualified Person as defined by NI 43-101.

Subject to regulatory approval the Company has granted incentive stock options to purchase up to 2,150,000 common shares of the Company to certain directors, officers and consultants of the Company under its stock option plan. The options are exercisable for a five year period at an exercise price of $0.17 per share, with one half of the options vesting immediately and one half vesting on the first anniversary of the grant date.

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 copper-nickel-PGE properties in the Reed Lake area of Manitoba. As the Company builds its property portfolio, Wildcat welcomes proposals from owners of advanced Canadian exploration properties.

Please visit our website at www.wildcat.ca or contact us directly 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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