Wildcat Exploration Ltd.
TSX VENTURE : WEL

Wildcat Exploration Ltd.

June 11, 2008 11:32 ET

Wildcat Exploration Updates Rice Lake Activities and Financing

WINNIPEG, MANITOBA--(Marketwire - June 11, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to provide an update of exploration activities on its Jeep and Poundmaker properties in the Rice Lake greenstone belt, 250 kilometers northeast of Winnipeg, Manitoba.

On the Jeep property, 13 kilometres east of Bissett, MB, two holes JP-08-04 (azimuth 250 degrees) and JP-08-05 (azimuth 185 degrees) were drilled from the same collar 1.8 kilometres southeast of the historic Jeep gold mine.

Both drill holes intersected up to 1 % sulphides in gabbro within the first 2 metres of coring. These sulphide-bearing core intervals assayed anomalous concentrations of gold, nickel, copper, palladium (Au, Ni, Cu, and Pd respectively) and arsenic. The near surface location of the anomalous concentrations may be indicative of the top of a mineralized structure and the Company is developing plans to investigate further.

These anomalous metal concentrations are located approximately 2 km southeast of the original Pd discovery in an outcropping shear zone (see News release July 29, 2005) and also in drill hole JP 07-11 (see News Release April 03, 2007). These results are interpreted as corroborating the validity of Wildcat's concept of the Jeep project as an exploration play with potential for Au, Ni, Cu and Platinum Group Elements.



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From To Length
Hole # (m) (m) (m) Au ppb Pt ppb Pd ppb Cu ppm Ni ppm As ppm
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JP-08-04 2.80 3.23 0.43 900 80 250 2950 2220 110
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8.09 9.52 1.43 15 10 150 140 22
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JP-08-05 3.97 5.45 1.48 380 30 95 1230 1410 93
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Complete assays have now been received for the Mike Power project in the southeast quadrant of the Company's Poundmaker claim block. Six holes, MP-08-01 to MP-08-06, targeted IP anomalies associated with the Gold Creek shear zone, which has widths of over 200 metres in the project area. No economic mineralization was encountered. The source of significant geochemical (mobile metal ion) anomalies, which gave responses of up to 86 times background gold and coincident with a 20-times background silver anomaly (see News Release July 31, 2006), remains to be determined.

Financing

The Company has increased the size of its recently announced private placement to $1.2 million, for which regulatory approval has been received.

In addition the Company has received approval for the closing of the second tranche of the private placement. A total of 4,333,000 Units and 1,825,000 flow through shares are being issued in the second tranche, at an issue price of $0.10 each. A Unit consists of one non-flow through share and a warrant for the purchase of one additional common share within 24 months of the closing date at an exercise price of $0.20.

Gross proceeds from the second tranche are $615,800. Finders' fees of $16,380 are payable, together with 49,583 shares in lieu of cash. A total of 223,300 finders' warrants, exercisable on the same terms as the warrants forming part of the Units, will be issued.

The securities issued pursuant to the offering are subject to a four month hold period from the date of closing.

Wildcat's exploration program is managed by Peter Theyer, 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 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.

Contact Information

  • Wildcat Exploration Ltd.
    John Knowles
    President CEO
    (204) 944-8916
    (204) 944-8918 (FAX)
    or
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3
    Email: info@wildcat.ca
    Website: www.wildcat.ca