Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

May 14, 2008 11:23 ET

Wildcat's New Geological and Geophysical Information Advances Foster River Zinc Lead Silver Project

WINNIPEG, MANITOBA--(Marketwire - May 14, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to announce receipt of a report on its Foster River zinc-lead-silver property in Northern Saskatchewan. The report, supervised by Professor Paul G. Spry, an internationally known expert on Broken Hill Type deposits and a member of Wildcat's Technical Advisory Panel, addresses the geology, mineralogy and geochemistry of mineralization on the 11,873 hectare property, located on the eastern margin of the Wollaston Domain, northwest of La Ronge, Saskatchewan.

Key conclusions of the study are: a) that the mineralogy, composition, metamorphism and geochemistry of the rocks hosting and occurring above and below the mineralized layer within the Foster River Project area share similarities to other known Broken Hill Type ("BHT") deposits and b) a review of the findings of previous age dating studies conducted in the Wollaston Domain in this area of Saskatchewan concludes indirectly that the zinc-lead-silver ("Zn-Pb-Ag") mineralization on the Company's Foster River Project is of comparable age with other BHT deposits in other parts of the world, and is between 2.0 billion years to 1.84 billion years, placing this mineralization among the oldest BHT deposits known.

This study incorporated a review of all available literature on the property and petrographic and geochemical examinations of rock samples from the property, to identify the true nature of the iron-rich rock layer found in the vicinity of the known Foster River Zn-Pb-Ag mineralization, and secondly to compare the age of Foster River mineralization with the range of ages observed at other Broken Hill Type ("BHT") deposits.

The study further concludes that the rare earth elements ("REE") distribution patterns of a marker horizon, that persistently accompanies the Zn-Pb-Ag bearing rocks in the Foster River property, suggest that they are silicate-facies iron formation rather than mafic igneous rock as previously proposed. This finding is positive as iron formations are known to commonly accompany and/or host BHT deposits. Quartz garnetite rocks found in various locations of the Foster River property show REE distribution patterns and mineralogies that are identical to quartz garnetite rocks found in, and adjacent to, BHT deposits elsewhere in the world. The stratigraphic location of these rocks at Foster River indicates that at least two specific areas of the property, Sito East and Fable Lake, contain a footwall hydrothermal alteration zone which could be interpreted as a pathway for mineralizing fluids.

The Company is encouraged by the additional findings in this report. Taken in conjunction with the findings of Professor Spry's 2006 report on rock samples taken from the project area and drill core from previous operators on the property, the Company is of the opinion that the Foster River property has the potential to host a significant Broken Hill Type deposit.

An airborne magnetic and electromagnetic ("Mag and EM") geophysical survey of the two northern claims, containing the Robyn and Mackie zinc showings, acquired by the Company in 2006, has also been completed. The Company has commissioned the integration and interpretation of the results of this survey along with results of an earlier Mag and EM survey conducted on the Foster River Project's three southern claims. The data will be evaluated, in conjunction with all other available geophysical, geological and geochemical information to guide the Company's future work programs on the property.

The Company is currently in the permitting and planning stages of the 2008 summer exploration program on the Foster River Project. The program will mobilize two field crews, with one crew focused on structurally-oriented geological mapping, while the second crew will conduct additional studies of the mineralogy and metamorphism of the Zn-Pb-Ag hostrock. The results of these studies will aid Wildcat's efforts in identifying and tracing additional prolongations of the Zn-Pb host rock within the Company's project area.

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.

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