Wildcat Exploration Reports Drilling on Properties Optioned to San Gold

Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to report that drilling to
fulfill the first year obligation of a multi-year option of three properties to
San Gold Corporation has commenced in the Rice Lake greenstone belt.


Wildcat has been informed by San Gold (the operator) that drilling has commenced
on the Mike Power property, west of "Gold Creek" and the town of Bissett and
north of the intrusive contact. Pursuant to the option agreement, San Gold plans
to drill approximately 5,000 metres in 25 holes on Wildcat's Mike Power,
Poundmaker and Jeep properties during the winter drilling season. By
mid-February the operator will add a second drill, to be located on the Jeep
property, north of the former Jeep gold mine which produced approximately 14,000
ounces of gold grading 0.78 ounces per ton from 1948 to 1950.


The drilling program is investigating targets generated by an airborne
electromagnetic, magnetic and radiometric survey commissioned by San Gold over
both companies' properties north and west of the Ross River intrusion. Flight
lines on approximately 33 metre (100 foot) intervals were completed over
selected portions of the Mike Power property, while the remainder of the survey
area was completed on 100 metre line spacing. Total expenditures for the work
program are planned to be approximately $1 million with completion of drilling
expected by the end of March, 2012.


Under the terms of the option agreement, San Gold can earn an 80% interest in
Wildcat's Mike Power, Jeep, and Poundmaker properties by spending $5.1 million
for exploration on the properties over a four-year period and by making $1
million of cash payments and subscribing for $1 million of Wildcat shares over a
three-year period (see news release dated August 10, 2011). To date Wildcat has
received the first cash payment of $250,000 and has completed a private
placement of shares to San Gold for a further $250,000 in accordance with the
terms of the agreement (see news release dated September 29, 2011). Upon
completion of the earn-in, Wildcat may elect to maintain a working interest in
the properties of up to 20% or it may elect to be diluted to a 2% carried net
smelter royalty payable on all production from the properties.


John Knowles, Wildcat's CEO commented, "San Gold's drill programs will help to
achieve our objective of rapidly advancing the optioned properties. While the
Rice Lake projects are being drilled, we will continue to work on other exciting
Wildcat properties including Burntwood where our recent drilling results include
an intersection of 152 g/t gold over one metre core length. In addition, we are
finalizing several drill targets for copper-zinc at our Reed Lake property, a
few kilometres north of HudBay Minerals Inc.'s $71 million Reed copper mine
construction project."


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.
Wildcat Exploration Ltd. (TSXV:WEL)
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