Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

November 15, 2010 14:43 ET

Wildcat Mobilizes for Drilling at Rice Lake Gold Camp, Stakes New Property in Uchi Subprovince

WINNIPEG, MANITOBA--(Marketwire - Nov. 15, 2010) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that permits have been received for 3 drill programs planned for winter 2010/11 in the Rice Lake greenstone belt, a drill contractor has been selected and mobilization to the site has commenced. Also, a technical study of the Uchi Subprovince, which includes the Rice Lake camp at its western end, has identified several properties with potential to contain gold mineralization and the Company has acquired the first one, at McVicar Lake, Ontario.

The drilling in the Rice Lake gold camp is expected to begin during the week of November 22nd on the Jeep property, and will continue into 2011 on the Mike Power and Siderock properties. The drill programs on the latter two properties require favourable ice conditions which may affect timing of the work.

The Jeep property encompasses 4,016 hectares and is located 14 km east of Bissett, Manitoba. It is host to multiple west-northwest trending gold-bearing vein systems that were mined in the 1950's. The property hosts the past producing Jeep gold mine with historical production of approximately 18,000 tons of ore at an average gold grade of 0.78 oz/ton (non 43- 101). Approximately 500 metres in three drill holes will focus on targets where the cross-cutting northeast trending structures intersect the west-northwest structures. These are believed to be important sites for the concentration of gold on the property.

The Mike Power gold property is comprised of 24 contiguous claims covering 3,029 hectares, and is situated 1500 metres west of the San Gold Corporation mine lease at Bissett, Manitoba. The property straddles the Gold Creek Shear Zone (GCSZ), which is interpreted to represent the western extension of the Normandy Creek fault. The GCSZ is strongly altered and may be host to gold mineralization currently being mined by San Gold at its Rice Lake Mine. Wildcat geologists mapped the property in detail during their 2010 summer program, and drilling totaling 1,200 metres in five holes will focus on cross-cutting structures which intersect major WNW trending shear zones such as the GCSZ.

Siderock is situated approximately 30 km east of Bissett. The property consists of 25 claims totaling 4,249 hectares, and is host to major structures including the Wanipigow Shear Zone. The property is partially underlain by rocks of the Balmer Formation which host gold mineralization in both Pickle Lake and Red Lake in Ontario. Drilling on Siderock will focus on a combination of gold and base metal targets, as a result of previous work and mapping by Wildcat crews in the 2010 summer program. Approximately 1,000 metres of drilling in four holes is planned for early in 2011.

Regionally, the Rice Lake greenstone belt is part of the Uchi Subprovince (Uchi) and extends eastward for several hundred kilometres in Ontario. During summer 2010, Wildcat geologists completed a study of the Uchi, and identified 20 gold target properties for potential acquisition. As a result, the Company acquired 10 claims covering 2,400 hectares by staking on and around McVicar Lake, located 80 km west of Pickle Lake. The Company plans to continue its program to evaluate the remaining target properties.

All technical information in this release has been reviewed by Tom Lewis, P.Eng., Wildcat's V.P. Exploration who is 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) several gold projects in the Rice Lake greenstone belt in Manitoba, (2) the Reed base metal and PGE project in the Flin Flon-Snow Lake greenstone belt in Manitoba, (3) the Burntwood nickel project in the Thompson nickel belt in Manitoba and (4) the Foster zinc-lead-silver project in Saskatchewan. 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).

Source: Wildcat Exploration Ltd.

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.

Contact Information

  • Wildcat Exploration Ltd.
    John Knowles
    President CEO
    (204) 944-8916
    (204) 944-8918 (FAX)
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3