WINNIPEG, MANITOBA--(Marketwire - June 2, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to provide an update on exploration activities at its Reed Lake property located in the Flin Flon-Snow Lake greenstone belt in Manitoba. An airborne electromagnetic and magnetic survey was conducted over the most recently acquired mining claims which constitute the northern half of the property (News Release, November 12, 2007). The survey highlighted two conductive northeast-trending elongated zones, each characterized by varying conductive and magnetic properties. Both zones dip westerly at their northern end, switching to an easterly dip in their southern portion.

The survey results, together with recent discovery successes on properties adjoining the western claim boundary (Cream Minerals Ltd.: 20.93 m of 1.3% Ni; 2.27% Cu; July 19, 2007) and the northern claim boundary (Rockcliff Resources Inc.: 5.49 metres: 2.14% Cu; 2.08% Zn; December 19, 2007), indicate the potential for a trend of base metal mineralization across the northeast quadrant of the Company's property. Ground truthing of the indicated anomalies is scheduled to begin during July, 2008 using appropriate surface exploration techniques to further investigate the conductors and anomalous targets defined by the survey.

The survey also indicated the existence of an EM and Mag anomaly at the southern margin of the surveyed area. This area, situated in the approximate centre of Wildcat's claim group, is coincident with the occurrence of malachite staining at surface, and represents an area of transition between the juvenile arc assemblage rocks of the Flin Flon-Snow Lake belt found on the northern half of the claim group, and the layered mafic ultramafic intrusive, occupying the southern half of the property, prospective for platinum and palladium.

The Company's geophysical consultant will conduct additional processing of the data using current software and imaging techniques to extract additional information on lithology and to generate images that define subtle but significant structural details.

The DIGHEM EM survey conducted by Fugro Airborne Surveys, supported by Questral Helicopters Ltd., consisted of 672 line kilometres and was completed on February 16, 2008. Flight lines were oriented 900 azimuth and separated by 50 metres distance. Tie lines were flown normal to the traverse lines with a separation of 1000 metres. Average EM sensor height was 30 metres.

The updated version of the Reed Lake property geophysics map will be posted on the Company's website, located in the Projects/Map Gallery. http://www.wildcat.ca/viewmap.php?AR...

Wildcat's Reed Lake property consists of 6,156 hectares on 32 contiguous claims, adjacent to the west side of Reed Lake. The southern boundary of the property is within 1400 metres of the main provincial road connecting the towns of Flin Flon and Snow Lake in Manitoba, and is within 4,200 metres of the recent discovery by VMS Ventures Ltd. (43.05 m of 4.38% Copper; Oct.04, 2007).

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.