WEL

Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to report that assay
results from drilling on its Burntwood property in the Thompson Nickel Belt
(TNB) confirmed the presence of nickel mineralization as well as an unexpected
gold-bearing quartz vein in the targeted rocks.


The previously announced drill program (see News Release December 14, 2011) was
primarily designed to intersect nickel-copper mineralization in the TNB.
However, Wildcat geologists also analyzed for gold and platinum group elements
(PGE) and this work was successful in identifying gold mineralization in drill
hole TB-2011-02. 


Drill hole TB-2011-02 intersected one metre (core length) of gold mineralization
grading 152.5 g/t gold from 125.9 m to 126.9 m (non 43-101 compliant). This
result was confirmed with a re-assay which graded 145.5 g/t gold and was further
supported by the observation of native gold within a smoky-grey quartz vein and
along the enveloping wall rock. The quartz vein is hosted within a well-foliated
garnet-biotite-quartz metasedimentary rock. Wildcat has completed preliminary
follow-up sampling in core bordering the gold intersection. The drill has been
left on site, and Wildcat plans to follow-up the gold mineralization with
additional drilling. 


Other assay results confirm the presence of nickel mineralization within the
Ospwagan rocks of the TNB. The best intersection occurred in drill hole
TB-2011-01, which included 0.28% Ni from 169.6 m to 180.6 m (11 m core width).
This mineralization is associated with disseminated sulphides (mainly
pyrrhotite) hosted within Ospwagan perridotite. The company is considering
down-hole electromagnetic surveys to check for nearby anomalies.


Tom Lewis, VP of Exploration commented, "Intersecting gold within the TNB was
rather unexpected, although we had sampled for gold and PGE in the remote
possibility that such mineralization might be present. We will continue to focus
on the nickel and copper potential of the Burntwood property and, in addition,
we plan to follow up on this new gold intersection with further drilling." 


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.

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