Wildcat Reports Drilling on Jeep Gold Property, Rice Lake, MB

Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that San Gold
Corporation has commenced drilling targets in the vicinity of the former Jeep
gold mine on Wildcat's Jeep property. The property is located 14 km east of
Bissett, Manitoba, within the Rice Lake greenstone belt. To date, San Gold has
drilled a total of 5,691 feet (1,734.6 m) in 3 holes. Drilling is currently in
progress.


The program is designed to test the Jeep quartz vein system deeper and down
plunge of previous drill programs. Drill holes JP-12-001 and JP-12-003
intersected a wide, intense alteration zone with felsic to intermediate dykes
and sills. Alteration is often the product of hydrothermal activity and the
emplacement of gold-bearing quartz veins. San Gold geologists are in the process
of modeling the alteration, in order to help locate the source and possibly
improved sites for gold deposition. Drilling has also intersected quartz veins
thought to be the projected depth extension of the Main Jeep vein system. Assays
are pending. 


In addition to deep drill holes on the Jeep Mine structure, San Gold has
identified drill targets on other favourable structures as a result of their
geological interpretation based on their recently flown airborne survey. These
holes are expected to be drilled when access improves with drier conditions. 


The historic Jeep gold mine produced approximately 14,000 ounces of gold at an
average grade of 0.78 ounces per ton of ore (non-43-101 compliant) from 1948
through 1950.


Tom Lewis, Wildcat's VP of Exploration commented "San Gold's targets are deeper
than previous drilling on the Jeep property, with the objective of intersecting
improved widths in the vein system while maintaining some of the good grades
obtained higher in the section. In addition, San Gold geologists are applying
their widespread Rice Lake gold camp expertise, coupled with sufficient drill
budgets to test their ideas. I believe this is a good formula for success and I
look forward to the assay results". 


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.


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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