Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

December 13, 2007 12:19 ET

Wildcat Initiates Airborne Geophysical Surveys in Manitoba

WINNIPEG, MANITOBA--(Marketwire - Dec. 13, 2007) - Wildcat Exploration LTD. (TSX VENTURE:WEL) is pleased to announce the commencement of a program of helicopter borne Dighem geophysical surveys (electromagnetic and magnetic) totaling 1293 line-kilometres conducted by Fugro Airborne Surveys Corp. The program commenced on Wildcat's Reed Lake and Jeep properties on December 10, 2007.

Flin Flon Snow Lake Greenstone Belt

The Reed Lake property, 100% controlled by Wildcat, is located 35 kilometers southwest of the town of Snow Lake, in the prolific Flin Flon-Snow Lake base metals camp in Manitoba. The property, recently expanded through staking (see News Release November 12, 2007), consists of 32 contiguous claims totaling 6,156 hectares, bounded on the east by Reed Lake, on the west by the Wine nickel-copper properties, held by Cream Minerals Ltd., with the northern boundary approximately three kilometers south of the Rail polymetallic (copper-zinc-gold-silver) deposit, currently being drilled by Rockcliff Resources Inc., and the southern boundary approaching within 1.5 kilometers of Provincial Highway 39. The southern boundary is approximately three kilometres north of the copper-zinc discovery by VMS Ventures Inc. on its Reed Lake project.

A Dighem survey consisting of 672 line-kilometres will be flown over the recently staked northern extension of the Company's previously held claims. It has been reported that ground west of and adjacent to Wildcat's recently staked property is underlain by an east-striking mafic intrusion. Prospecting by Wildcat during summer 2007, indicated that the approximate middle of the now expanded claim block is underlain by weakly differentiated mafic rocks, characterized in places by malachite staining on surface. The balance of the newly staked property is underlain by felsic to intermediate rocks of the Flin Flon Snow Lake greenstone belt, known for its excellent potential for base metals mineralization.

The Company recently completed cutting a survey line across the Reed Lake layered mafic ultramafic pluton. An IP geophysical survey will be conducted along this transect. IP was given preference over other survey methods due to the resemblance between the Reed Lake layered mafic ultramafic intrusion and other layered mafic ultramafic intrusions, such as the Stillwater Complex in Montana, that contain platinum group elements in layers sparsely mineralized with disseminated sulphides.

Rice Lake Greenstone Belt

The Jeep property, 100% controlled by Wildcat Exploration Ltd., consists of 26 claims covering 4,016 hectares, located along Provincial Road 304, 15 kilometers east of the town of Bissett, Manitoba.

A Dighem survey consisting of 621 line-kilometres will target the Jeep Gabbro, a reverse J-shaped intrusion with a north-striking and an east-striking arm. The survey over the north-striking arm, designed to detect mineralization within and at the edges of the gabbro, will be flown in a conventional pattern with principal flight lines striking 200 azimuth and tie lines spaced at 1 km distance. The east-striking arm of the gabbro, in the vicinity of the former Jeep Gold Mine, will be surveyed with principal flight lines on 50 m spacing striking 200 azimuth and tie lines perpendicular to the principal flight lines also on 50 m spacing. This configuration will allow for the detection of anomalies striking in two principal directions (roughly 1100 and 200). The dominant shears in vicinity of the former Jeep Gold Mine, hosting Au and Pd, were detected during the recently completed drill program (See News Release April 03, 2007) and strike 1100 azimuth. Additional evidence from geophysical surveys and geological prospecting indicates the probable existence of a second set of shears striking approximately 650 to 700. The intersections of these two shear swarms are considered to be propitious for the accumulation of minerals. Porous shears are conduits of mineralizing fluids and such fluids may be preferentially be trapped at their intersections.

On Wildcat's Mable Lake property the Company has opened a third exploration project. This property, 100% owned by Wildcat, is situated 25 kilometers east of the town of Bissett, MB. Access is excellent with Provincial Road 304 transecting the property from northwest to south east. Line cutting of a grid is completed and will be followed by an IP geophysical survey and drilling of identified targets.

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

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 lead 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
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3
    (204) 944-8916
    Email: info@wildcat.ca
    Website: www.wildcat.ca