Hi guys,

I had a phone visit John Knowles, Wildcat CEO, today and thought I would share the main points of what I gleaned from him.

I contacted John as I had received info some time ago on a WEL Flow-through offer at $0.05 with a warrant at $0.15 attached. I was thinking about this still as a possibility so thought I should see whether it was still open and how things were going, especially since the market has eroded so badly since the offering was put out.

John called me back to say that things were still on track at WEL. Yes, they did not yet have the flow-through offering fully subscribed on account of the market conditions, as mentioned; they have received some subscriptions, and they are waiting for tthe offering to become more fully subscribed before they can successfully close it.

John said that, in view of market conditions, they have scaled back on their intended programs for 2009 to some degree, but they have managed to maintain all of their crews intact for another season - that is good since they have some good guys that they don't want to lose. With some scaleback in planned expenditures for 2009, they are also lowering their expectations of funding through the flow-through offer. They originally were hoping to raise about $400,000 throuigh it, but now are thinking that accepting a lower amount may be sufficient for this time. He was glad they did a good measure of funding last year when times were better - already anticipating at that time that things could get tougher.

He also mentioned that they would be updating their work through another news release in awhile.... the outlook for their Bissett holdings continues to be helped by the success of SGR. At Reed Lake, they are similarly encouraged by good results on their neighbour's lands (VMS and Rockcliff in particular, and WEL has the same rock formations continuing onto their property with surface indications of good mineralization).

I am planning to put in our subscription for some of the flow-through shares under this offering tomorrow. I am seeing this as having a triple advantage:
- opportunity to buy in depressed markets
- flow-through means immediate tax relief benefits
- the warrant is a bonus - hard to say that whether it will get exercised; no loss if it doesn't, but great if it does.

If you are interested in getting the details on the WEL offering, you can contact the Wilccat office directly, or if you wish, send me a private message with your email address included and I will forward the PDF file to you.

Wishing you all "WEL" in 2009!!


NorthLion