Wildcat Updates Exploration at Reed Lake, Manitoba Project: Airborne Survey Results
WINNIPEG, MANITOBA--( June 2, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to provide an update on exploration activities at its Reed Lake property located in the Flin Flon-Snow Lake greenstone belt in Manitoba. An airborne electromagnetic and magnetic survey was conducted over the most recently acquired mining claims which constitute the northern half of the property (News Release, November 12, 2007). The survey highlighted two conductive northeast-trending elongated zones, each characterized by varying conductive and magnetic properties. Both zones dip westerly at their northern end, switching to an easterly dip in their southern portion.
The survey results, together with recent discovery successes on properties adjoining the western claim boundary (Cream Minerals Ltd.: 20.93 m of 1.3% Ni; 2.27% Cu; July 19, 2007) and the northern claim boundary (Rockcliff Resources Inc.: 5.49 metres: 2.14% Cu; 2.08% Zn; December 19, 2007), indicate the potential for a trend of base metal mineralization across the northeast quadrant of the Company's property. Ground truthing of the indicated anomalies is scheduled to begin during July, 2008 using appropriate surface exploration techniques to further investigate the conductors and anomalous targets defined by the survey.
The survey also indicated the existence of an EM and Mag anomaly at the southern margin of the surveyed area. This area, situated in the approximate centre of Wildcat's claim group, is coincident with the occurrence of malachite staining at surface, and represents an area of transition between the juvenile arc assemblage rocks of the Flin Flon-Snow Lake belt found on the northern half of the claim group, and the layered mafic ultramafic intrusive, occupying the southern half of the property, prospective for platinum and palladium.
The Company's geophysical consultant will conduct additional processing of the data using current software and imaging techniques to extract additional information on lithology and to generate images that define subtle but significant structural details.
The DIGHEM EM survey conducted by Fugro Airborne Surveys, supported by Questral Helicopters Ltd., consisted of 672 line kilometres and was completed on February 16, 2008. Flight lines were oriented 900 azimuth and separated by 50 metres distance. Tie lines were flown normal to the traverse lines with a separation of 1000 metres. Average EM sensor height was 30 metres.
The updated version of the Reed Lake property geophysics map will be posted on the Company's website, located in the Projects/Map Gallery. http://www.wildcat.ca/viewmap.php?AREAID=6
Wildcat's Reed Lake property consists of 6,156 hectares on 32 contiguous claims, adjacent to the west side of Reed Lake. The southern boundary of the property is within 1400 metres of the main provincial road connecting the towns of Flin Flon and Snow Lake in Manitoba, and is within 4,200 metres of the recent discovery by VMS Ventures Ltd. (43.05 m of 4.38% Copper; Oct.04, 2007).
Wildcat's exploration program is managed by Peter Theyer, Ph.D., 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.
For further information on the Company please visit our website at www.wildcat.ca or contact us at email@example.com. 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 regul ation 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.
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