Wildcat Reports Rice Lake, MB Drilling Update, Sets Shareholder Meeting

WINNIPEG, MANITOBA--(Marketwired - April 30, 2013) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to provide an update on exploration at its Rice Lake, MB properties which are under option to San Gold Corporation ("San Gold"). San Gold has reported to Wildcat that, as of the end of March, 2013, a total of 4,420 metres of drilling in nine holes had been completed on the Mike Power property, located on the western boundary of San Gold's Bissett, MB properties where it currently has mining operations and further drilling is continuing.

Assays are pending on the majority of holes, however San Gold reported that logging of the drill core has confirmed an extensive deformation zone at the base of the San Antonio Formation in the vicinity of previous drilling by Wildcat (see news release March 23, 2011). Some of the drill holes awaiting assay results have intersected quartz stockwork veins, sulfides (sphalerite, chalcopyrite and pyrite) with associated widespread sericite alteration.

The core logging by San Gold Gold geologists has demonstrated the presence of major regional shear zones and structural ground preparation favourable to gold deposition. The results have shown the usefulness of airborne magnetic surveys, as well as LIDAR (Laser Imaging Detection and Ranging) surveys, both of which have been employed by San Gold on the Mike Power property, as structural mapping tools for gold exploration in the Rice Lake belt.

The limited results to date from extensive sampling by San Gold show anomalous gold throughout most of the length of the drill core in all holes within the major shear zones. Gold values have ranged from 50 to 550 parts per billion.

Tom Lewis, Wildcat's V.P. Exploration, commented, "San Gold's program is designed to narrow the search for concentrations of high grade gold and we are encouraged that they have intersected rocks with many positive indicators, including alteration, ground preparation, shearing, quartz stockworks, anomalous gold values and steel-grey quartz veins."

Drilling is continuing and San Gold has informed the Company that it expects its program to extend through spring and summer months.

The Company also announces that it will hold its annual and special meeting of shareholders on May 30, 2013 (the "Meeting"). The Company has fixed April 30, 2013 as the record date for determining shareholders entitled to receive notice of and to vote at the Meeting.

The Meeting will include special business relating to the ratification of an amendment to the Company's general by-law, By-law Number 1 (the "Updated By-Law").

The Updated By-Law, which was approved by the Company's board of directors, amends and restates the Company's current By-Law No. 1, which relates generally to the conduct of the affairs of the Company. The Updated By-Law includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the board of directors are made by shareholders of the Company other than pursuant to a requisition of a meeting made pursuant to the provisions of the Corporations Act, Manitoba (the "Act") or a shareholder proposal made pursuant to the provisions of the Act (the "Advance Notice Requirement").

The Advance Notice Requirement fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth information that a shareholder must include in the notice to the Company for the notice to be in proper written form.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than thirty (30) nor more than sixty-five (65) days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than fifty (50) days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made no later than the close of business on the tenth (10th) day following such public announcement.

Notwithstanding the foregoing, with respect to the Meeting, any notice delivered to the Company prior to the close of business on May 10, 2013 shall be deemed to have been timely delivered under the Advance Notice Requirement.

In accordance with the Act, adoption of the Updated By-Law is subject to ratification by shareholders at the Meeting. The full text of the Updated By-Law is available on SEDAR at http://www.sedar.com.

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. It manages exploration on its own properties in Ontario, Manitoba and Saskatchewan and has optioned three properties in the Rice Lake Greenstone Belt of Manitoba to San Gold Corporation, which is carrying out exploration programs. In addition, Wildcat is the manager of the Wildcat - Doe Run Canadian Exploration Alliance which explores in Canada for base metal deposits.