WINNIPEG, MANITOBA--(Marketwire - Dec. 13, 2010) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that, subject to regulatory approval, it intends to close a non-brokered private placement of Units to raise gross proceeds of up to $450,000. Each Unit, to be issued at a price of $0.075, consists of one flow through common share and one-half of one share purchase warrant, with each full warrant entitling the holder to acquire a non-flow through common share of the Company at a price of $0.11 per share during the 24 month period following closing. Pursuant to the private placement, up to 6 million Units will be issued on closing.

The proceeds of the private placement will be used for the Company's exploration projects, which include its gold projects in the Rice Lake greenstone belt, near Bissett, Manitoba, the McVicar gold project in western Ontario and the Burntwood project in the Thompson nickel belt of Manitoba.

The Company may pay cash finders' fees of up to 6% of the gross proceeds raised from the sale of Units and may issue a total of up to 360,000 finders' warrants to purchase common shares on terms identical to those of the warrants contained in the Units.

All securities distributed pursuant to the private placement are subject to a hold period of four months following closing.

About Wildcat Exploration Ltd.

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) several gold projects in the Rice Lake greenstone belt in Manitoba, (2) the McVicar gold property in the Uchi Subprovince of Ontario, (3) the Reed base metal and PGE project in the Flin Flon-Snow Lake greenstone belt in Manitoba, (4) the Burntwood nickel project in the Thompson nickel belt in Manitoba and (5) the Foster zinc-lead-silver project in Saskatchewan. The Company seeks to continuously upgrade its property portfolio through exploration and accretive transactions.

For further information on the Company please visit our website at www.wildcat.ca or contact us at info@wildcat.ca. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).