Wildcat Exploration Ltd.
TSX VENTURE : WEL

Wildcat Exploration Ltd.

August 13, 2008 14:49 ET

Wildcat Exploration Ltd. Updates Exploration Activity on Base and Precious Metals Projects at Foster River SK and Rice Lake Greenstone Belt MB

WINNIPEG, MANITOBA--(Marketwire - Aug. 13, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to provide an update on the Company's exploration programs in Saskatchewan and Manitoba.

Foster River Project, SK

This property, in which Wildcat's interest is 100%, consists of five claims totaling 11,873 hectares, and is located on the eastern margin of the Wollaston Domain, 120 kilometres northwest of La Ronge, Saskatchewan. The property is prospective for zinc ("Zn") and lead ("Pb") mineral deposition and is now understood to share many similarities to the Broken Hill Type Zn-Pb deposits in other parts of the globe.

The 2008 summer field exploration program, which began on June 20, 2008, has two objectives:

a) to confirm the suspected continuity of the Zn-Pb bearing quartzite layer between the Zn-Pb occurrences that have been documented to date by the Company and

b) to analyze the Zn-Pb bearing rock layer structure to predict the probable location of thickened parts such as in fold hinges.

Initial results of the first stages of the program have provided encouraging indications of areas of continuity of the mineralized quartzite layer between the Robyn Lake in the north central to Sito West and Sito East in the central area, and from the George occurrence to the Fable Lake occurrence in the southern portion of the property.

Structural analysis of the rocks between the Sito West, Sito East and Robyn Lake occurrences indicates thickening of the mineralized layer in fold hinges at Sito West and the intersection of two fold systems at Sito East. The presence of both of these factors enhances the mineral potential of these sites. Additional analysis of the structural framework of the Foster River Zn-Pb bearing quartzite layer is currently being conducted by the Company.

Previous work by Wildcat geologists and consultants, as well as information reported by prospectors and geologists from government and industry, has established the location of the mineralized layer within the stratigraphic framework of the property. In areas obscured by overburden or low lying terrain where continuity of the mineralized hostrock can not be directly proven through observation or the collection of actual samples of the host layer, the Company is conducting geological field investigations designed to identify the available stratigraphic markers to establish continuity. The Company's senior geologist, P. Theyer, working in the area between the George showing and Fable Lake, recently observed sillimanite and graphite bearing gneisses, which characteristically accompany the mineralized quartzite, along the southwest- striking escarpment of Porcupine Creek, in an area approximately four kilometres southwest of the George occurrence.

Progress in late June, which was hampered briefly by forced evacuation of the property due to forest fires in the vicinity, turned favourable throughout July, with ample rainfall, which exposed additional new outcrop for sampling by the field crews.

During July, approximately 50 samples, collected by J. Steadman, working under the direction of Dr. Paul Spry of Iowa State University, and a member of the Company's Technical Advisory panel, were sent for analysis to Iowa State University. Tests will include analysis for major, trace, and rare earth elements. Selected samples will be polished for petrographic analyses. A preliminary report of these analyses is expected in the final quarter of 2008.

Upon completion of the summer field program, results will be incorporated with data from the airborne surveys completed in 2008 (see News Release June 10, 2008).

Jeep Project - Rice Lake Greenstone Belt, MB

The Jeep property, in which Wildcat holds a 100% interest, is prospective for gold, nickel, copper, platinum and palladium (respectively "Au", "Ni", "Cu", "Pt" and "Pd") and consists of 26 claims covering 4,016 hectares, located along Provincial Road 304, 15 kilometers east of the town of Bissett, Manitoba. Surface exploration activities, consisting of geological mapping and sampling, began during June in the southeast quadrant of the project area and included those areas (the "Joint Venture Areas") now covered by the recent joint venture agreement with Harvest Gold Inc (see News Release; March 20, 2008). The goals of this survey included the identification and sampling of shears in the Jeep Gabbro as well as inspection of the eastern edge of the Jeep Gabbro and the underlying granitic country rock.

Sampling of a mineralized shear exposed near the southeast boundary of the property returned anomalous concentrations of Au, Ni, Cu, Pt and Pd. Projection of this mineralized structure in an easterly direction for a distance of approximately 120 metres leads to the vicinity of drill holes JP-08-04 and JP-08-05 that intersected significant concentrations of Au, Ni Cu Pt and Pd (see News Release; June 11, 2008). Wildcat plans to thoroughly evaluate the mineral potential of this shear whose eastern prolongation is thought to extend into the Joint Venture Areas. The final assays of the recently completed drill program on the Jeep project, consisting of 2,687 metres in nine holes, have been received and indicated no significant mineralization in the other shears tested.

A quartz chip sample assaying 220 g/t gold was collected from a trench exposing the Jeep #1 gold-bearing quartz vein that supported the bulk of the historic gold mining of this deposit. This exceptionally high gold content corroborates the Jeep Mine's reputation as producing exceptionally high gold grades.

In July, the Company mobilized a geological team to the northern part of the Jeep property. The exploration program in this area was assisted by the completion of the interpretation of data acquired from a DIGHEM and mag survey conducted in December of 2007. (see News Release; December 13, 2007). The Company is awaiting the results of 12 samples submitted for assay from this area.

Mable (Ramrod) Project, Rice Lake Greenstone Belt, MB

Wildcat holds a 100% interest in the Mable property, consisting of two contiguous claims totaling 325 hectares. It is located approximately 25 kilometres east of the town of Bissett, Manitoba and is intersected in a southeasterly direction by Provincial Road 304. The Mable property is prospective for gold.

The property lies along the eastern margin of a southeast- trending shear zone considered by the Company to be a splay of the Wanipigow fault, a dominant east-striking geological feature in the Rice Lake greenstone belt. Historical gold mining in the vicinity of the property dating back to the 1930's includes the former Cryderman gold mine located some 1100 metres west of the property, and the Moore shaft, some 250 metres south of the property boundary.

The property is underlain by mafic, intermediate and minor felsic volcanic rocks largely devoid of sulphide mineralization. These rocks were cut by several consecutive shear systems hosting multiple quartz vein generations. The number of large decimeter to metre-sized and continuous quartz veins exposed on this property is estimated at several hundreds, interspersed with thousands of small (mm to cm sized quartz veinlets. Sulphide mineralization in the quartz veins is not as evident as in other parts of the belt, however, the veins may be distinguished by the structural parameters leading to the formation of the host fracture, their azimuths and the properties of the quartz fill such as texture and color.

Geological investigations covered the ground using 26 cut grid lines for access to the property. Wildcat geologists inspected all prominent quartz veins exposed on and in vicinity of the lines for sulphides. Mineralized quartz veins were sampled. Of twenty-four sampled quartz veins, the best assay result from chip sampling of one of the veins, exposed for thirty metres on strike and measuring approximately one metre width, returned an assay of 0.53% copper and negligible gold.

Further plans for the property are being formulated by the Company taking into consideration a) the small sample size taken relative to the proliferation of quartz veining evident on the property, b) the proximity to historical gold mining workings, and c) that portions of the property formerly mapped as gabbroic intrusions are re-interpreted to be mafic flow rocks.

Garner Lake Project, Rice Lake Greenstone Belt, MB

The Garner Lake property, 40 kilometres south east of the town of Bissett Manitoba, is situated between Provincial Road 304 and the Ontario border. The property consists of 12 contiguous claims, totaling 2285 hectares, in which Wildcat holds a 100% interest. Water access to the property during summer months is via boat along the Beresford River from a provincial campground located on Provincial Road 304. The property is prospective for gold and additional work by the Company is investigating the further potential for nickel, copper and platinum group elements.

The west half of the property contains a section of the Beresford Lake shear zone along which previous sampling by the Company has obtained values up to150 g/t Au from chip samples. An initial program of geological mapping and sampling conducted by the Company's geologists, R. St. Pierre and J. Diakur, was completed in early August and targeted the east portion of the property, known to contain ultramafic flows and intrusives. Komatiites are ultramafic flow rocks known for their potential to host very high grade Ni-Cu mineralization. The Company is planning to conduct a second phase of surface exploration this summer, following up on the preliminary findings in the ultramafic rocks and also targeting the gold-bearing shears on this property.

Wildcat's 2008 exploration program is being managed, and all technical information in this release has been reviewed, by Peter Theyer, Ph.D., P.Geo., 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) 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 PGE properties in the Snow Lake area of Manitoba. As the Company builds its property portfolio, Wildcat welcomes proposals from owners of advanced Canadian exploration properties.

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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