Wildcat optionee drills 3.8 feet of 0.368 oz Au at Jeep

2012-07-19 05:30 PT - News Release

See News Release (C-WEL) Wildcat Exploration Ltd

Mr. John Knowles of Wildcat reports

WILDCAT REPORTS INITIAL DRILL RESULTS ON JEEP GOLD PROPERTY, RICE LAKE, MB

San Gold Corp. has provided an initial report on its drill program in the vicinity of the former Jeep gold mine on Wildcat Exploration Ltd.'s Jeep property. The property is located 14 km east of Bissett, Manitoba, within the Rice Lake greenstone belt. To date, San Gold has drilled eight holes on the Jeep property and has received assays for four holes. Drilling is currently in progress.

The Jeep property, together with Wildcat's Mike Power and Poundmaker properties, is under option to San Gold (see news release dated August 10, 2011) whereby San Gold can earn an 80% interest the property by carrying out $5.1 million of exploration expenditures over 4 years and making cash payments of $1 million in total and subscribing to $1 million of Wildcat shares.

The current program is designed to test the Jeep quartz vein system deeper and down plunge of previous drill programs, and new gold horizons parallel to the Jeep trend. Significant results are as follows:

JP-12-001 0.368 ounces Au per ton over 3.8 feet core length from 73.0 to 76.8 feet.

JP-12-002 0.141 ounces Au per ton over 2.5 feet core length from 92.0 to 94.5 feet

JP-12-002 0.085 ounces Au per ton over 4.0 feet core length from 1471.0 to 1475.0 feet

JP-12-005 0.238 ounces Au per ton over 1.9 feet core length from 168.0 to 169.9 feet

 In addition to deep drill holes on the Jeep Mine structure, San Gold has identified drill targets on other favourable structures as a result of geological interpretations based on their recently flown airborne survey. These holes are expected to be drilled when access improves, either with drier conditions later in the summer or after winter freeze-up.

The historic Jeep gold mine produced approximately 14,000 ounces of gold at an average grade of 0.78 ounces per ton of ore (non-NI 43-101 compliant) from 1948 through 1950.

Tom Lewis, Wildcat's VP of Exploration commented, "San Gold has intersected gold mineralization on 3 of 4 holes drilled with available assay results. I am looking forward to the results from drilling deeper down in the system, and the step out holes testing structures parallel to the main Jeep structure."

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.

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