Wildcat Exploration Ltd

WINNIPEG, MANITOBA--(Marketwire - Oct. 26, 2010) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that, subject to regulatory approval, it intends to complete a non-brokered private placement of flow-through units ("FT Units) and non flow through Units ("NFT Units") of the Company to raise gross proceeds of up to $1,700,000. Each FT Unit, to be issued at a price of $0.07 per Unit, consists of one flow through common share and one-half of one share purchase warrant ("Warrant"), and each NFT Unit, to be issued at a price of $0.06 per Unit, consists of one common share and one Warrant. Each Warrant entitles the holder to acquire a non-flow through common share of the Company at a price of $0.10 per share during the 24 month period following closing.

Pursuant to the private placement, up to 8,571,428 FT Units and 18,333,333 NFT Units will be issued on closing.

The proceeds of the private placement will be used for the Company's exploration projects including its gold projects in the Rice Lake greenstone belt near Bissett, Manitoba, the Reed base metal and platinum group elements project in the Flin Flon–Snow Lake greenstone belt of Manitoba, the Burntwwood nickel project in the Thompson Nickel Belt in Manitoba, the Foster zinc project in Saskatchewan, and for general corporate purposes.

The Company may pay finders' fees of up to 6% of the gross proceeds raised from the sale of Units in cash and may issue warrants of up to 6% of the number of FT Units and NFT Units sold to parties introduced to the Company by the respective finder ("Finders' Warrants") 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 precious metal properties in the Rice Lake greenstone belt in Manitoba, (2) the Reed base metal and PGE property in the Flin Flon-Snow Lake greenstone belt in Manitoba, (3) the Foster zinc-lead-silver project in Saskatchewan, and (4) the Burntwwood nickel project in the Thompson Nickel Belt 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 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).