Wildcat Reports New Gold Intercepts from Drilling at Rice Lake

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  Width         Au       Au 
                   (ft)    (ft)              (ft)     (m)  (oz/ton)    (g/t)
----------------------------------------------------------------------------
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.
Wildcat Exploration Ltd. (TSXV:WEL)
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