Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

April 25, 2012 07:30 ET

Wildcat Reports New Gold Intercepts from Drilling at Rice Lake

WINNIPEG, MANITOBA--(Marketwire - April 25, 2012) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that it has received a preliminary report from San Gold Corporation regarding winter drilling on Wildcat's Mike Power property. The property is located 12 km west of Bissett, Manitoba, within the Rice Lake greenstone belt. Significant assay results from quartz veins intersected by drilling include 15.5 g/t gold over 0.27 m and 9.0 g/t over 0.37 m. San Gold has drilled 5,796 m (19,016 feet) in 15 holes using two drill rigs on the property. In addition, San Gold has informed Wildcat that drilling is planned for the Jeep property, east of Rice Lake, commencing late April.

Tom Lewis, Wildcat's VP of Exploration commented "I am pleased with San Gold's exploration approach, testing new structural targets on our Mike Power property, along strike and to the west of their known gold deposits and soon, drilling deeper on known gold mineralization at our Jeep property. These preliminary results from the Mike Power property are encouraging and should result in additional follow up drilling."

The work programs are being carried out pursuant to the terms of an option agreement between Wildcat and San Gold (see news release dated August 10, 2011). The agreement, with an earn-in period of up to four years, involves Wildcat's Jeep, Mike Power and Poundmaker properties near the town of Bissett, MB.

The portion of the Mike Power property recently drilled is underlain by rocks trending west northwest and along strike from the Rice Lake Mine (formerly the San Antonio Mine). The collars for the drill holes were spotted just north of a contact between meta-volcanic and meta-sedimentary rocks, in contact with intrusive rocks to the south. All of the holes were drilled southerly. Gold mineralization intersected is associated with quartz veins and structures hosted within the intrusive rocks. Table 1 shows significant drill assay results to date.

Table 1

Hole Name From
) To
) Claim
) Width
) Au
) Au
GH-12-008 811 812 Paula 5 1.0 0.31 0.019 0.59
GH-12-008 812 812.5 Paula 5 0.5 0.15 0.015 0.47
WT-12-010 615.2 615.7 Paula 5 0.5 0.15 0.027 0.84
WT-12-010 615.7 616.6 Paula 5 0.9 0.27 0.495 15.5
WT-12-010 634.2 634.7 Paula 5 0.5 0.15 0.037 1.15
WT-12-010 634.7 635.9 Paula 5 1.2 0.37 0.289 9.0
WT-12-010 708.5 709 Paula 5 0.5 0.15 0.012 0.37
WT-12-010 761 762.2 Paula 5 1.2 0.37 0.012 0.37

Wildcat's exploration program is managed by Tom Lewis, P.Eng., a Qualified Person as defined by NI 43-101, who has reviewed all technical information in this release.

About Wildcat

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) the Jeep, Mike Power and Poundmaker gold properties under option to San Gold Corporation, together with two additional gold exploration properties in the Rice Lake greenstone belt in Manitoba, (2) the McVicar gold property in the Uchi subprovince of Ontario, (3) the Reed Lake base metal property in the Flin Flon-Snow Lake greenstone belt in Manitoba, (4) the Burntwood property in the Thompson Nickel Belt in Manitoba and (5) the Foster zinc-lead-silver property in Saskatchewan. The Company seeks to continuously upgrade its property portfolio through exploration and accretive transactions.

Cautionary Note

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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.

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