WINNIPEG, MANITOBA--(Marketwire - Jan. 15, 2009) -

Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to announce that Dr Paul G. Spry, a member of the Company's Technical Advisory Panel will be presenting a paper entitled "A reclassification of Broken Hill Type Pb-Zn-Ag Deposits" at the Prospectors and Developers Association of Canada (PDAC) concerning new research developments in the understanding of the formation of Broken Hill type (BHT) zinc lead silver ("Zn-Pb-Ag") deposits.

This paper will be presented at the upcoming convention, to be held March 1-4, 2009 in Toronto. Dr. Spry, a professor at Iowa State University, is a world renowned expert on the genesis of these deposit types. The PDAC convention is one of the largest events of its kind for the world mining and exploration community.

Dr. Spry continues his research on the Company's Foster River Zn-Pb-Ag exploration project. In an interim report (see News Release May 14, 2008) Dr. Spry concluded that: 'the rare earth elements ("REE") distribution patterns of a marker horizon, that persistently accompanies the Zn-Pb-Ag- bearing rocks in the Foster River property, suggest that they are silicate-facies iron formation rather than mafic igneous rock as previously proposed. This finding is positive, as iron formations are known to commonly accompany and/or host BHT deposits. Quartz garnetite rocks found in various locations of the Foster River property show REE distribution patterns and mineralogies that are identical to quartz garnetite rocks found in, and adjacent to, BHT deposits elsewhere in the world. The stratigraphic location of these rocks at Foster River indicates that at least two specific areas of the property, Sito East and Fable Lake, contain a footwall hydrothermal alteration zone which could be interpreted as a pathway for mineralizing fluids.'

As previously reported (see News Release, August 13, 2008), additional field observations and data collected during the summer 2008 exploration program, outlined encouraging indications of areas of continuity of the mineralized quartzite layer between the Robyn Lake showing, in the north-central portion of the property, to Sito West and Sito East in the central area, and from the George occurrence to the Fable Lake occurrence in the southern portion of the property. Structural mapping and analysis conducted between the Sito West, Sito East and Robyn Lake occurrences also indicate thickening of the mineralized layer in fold hinges at Sito West, and the intersection of two fold systems at Sito East.

The Foster River property, consisting of 5 contiguous claims totalling 11,873 hectares, is located on the eastern margin of the Wollaston Domain, 120 kilometers northwest of La Ronge, Saskatchewan, and 57 kilometers east of Saskatchewan Provincial Road 914 (the Key Lake Road). To date, the Company has determined the existence of a potential mineralized layer along 29.4 kilometers of strike length.

Previous drilling by Noranda and others, delineated a zone containing 50,000 tonnes of mineralization grading 4.5% Zn (non NI43-101 compliant). The zone is open along strike and at depth. The best intersection to date has been drill hole SE-72-9 that intersected 8.4 meters of 7.65% zinc. Drill hole SE93-2 intersected a wider zone of about 39.9 meters grading 1.93% zinc (see table below).

Sito Lake drill results (historical)
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Drill Hole         Intersection (meters)        Width (meters)         Zinc
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SE-72-1                    26.9 to 29.4                   2.5          4.93%
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SE-72-2                     0.9 to 11.9                  11.0          4.41%
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SE-72-5                    25.8 to 35.5                   9.8          5.15%
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SE-72-9                    51.8 to 60.2                   8.4          7.65%
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SE-72-10                   36.0 to 45.7                   9.7          4.57%
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SE93-1                   107.5 to 111.0                   3.5          3.70%
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SE93-2                   175.6 to 215.5                  39.9          1.93%
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Fable Lake drill results (historical)
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Drill Hole         Intersection (meters)        Width (meters)         Zinc
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F-4-72                     47.7 to 50.7                   3.0          3.93%
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F-9-72                     78.0 to 88.7                  10.7          1.36%
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FL-93-1                    41.5 to 58.5                  16.5          2.83%
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FL-93-1                    62.5 to 78.5                  15.0          2.68%
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FL-93-5                  219.0 to 224.8                   5.8          5.60%
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FL-93-5                       Including                   4.0          7.18%
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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.

Corporate Update

In light of the significant effect of poor global economic conditions on the mineral exploration industry, Wildcat has taken steps to conserve its cash resources. Near the end of 2008, all members of the Company's senior management team accepted a 50% reduction in their remuneration. This, together with other steps taken throughout the Company, has reduced Wildcat's total monthly cash requirements by more than 50%. With 100% ownership of all of its major properties and excellent exploration results in 2008, the Company is positioning itself to carry on its operations through 2009.