WINNIPEG, MANITOBA--(Marketwire - June 11, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to provide an update of exploration activities on its Jeep and Poundmaker properties in the Rice Lake greenstone belt, 250 kilometers northeast of Winnipeg, Manitoba.

On the Jeep property, 13 kilometres east of Bissett, MB, two holes JP-08-04 (azimuth 250 degrees) and JP-08-05 (azimuth 185 degrees) were drilled from the same collar 1.8 kilometres southeast of the historic Jeep gold mine.

Both drill holes intersected up to 1 % sulphides in gabbro within the first 2 metres of coring. These sulphide-bearing core intervals assayed anomalous concentrations of gold, nickel, copper, palladium (Au, Ni, Cu, and Pd respectively) and arsenic. The near surface location of the anomalous concentrations may be indicative of the top of a mineralized structure and the Company is developing plans to investigate further.

These anomalous metal concentrations are located approximately 2 km southeast of the original Pd discovery in an outcropping shear zone (see News release July 29, 2005) and also in drill hole JP 07-11 (see News Release April 03, 2007). These results are interpreted as corroborating the validity of Wildcat's concept of the Jeep project as an exploration play with potential for Au, Ni, Cu and Platinum Group Elements.

----------------------------------------------------------------------------
            From     To   Length
Hole #        (m)    (m)      (m) Au ppb Pt ppb Pd ppb Cu ppm Ni ppm As ppm
----------------------------------------------------------------------------
JP-08-04    2.80   3.23     0.43     900     80    250   2950   2220    110
----------------------------------------------------------------------------
            8.09   9.52     1.43      15            10    150    140     22
----------------------------------------------------------------------------
JP-08-05    3.97   5.45     1.48     380     30     95   1230   1410     93
----------------------------------------------------------------------------

Complete assays have now been received for the Mike Power project in the southeast quadrant of the Company's Poundmaker claim block. Six holes, MP-08-01 to MP-08-06, targeted IP anomalies associated with the Gold Creek shear zone, which has widths of over 200 metres in the project area. No economic mineralization was encountered. The source of significant geochemical (mobile metal ion) anomalies, which gave responses of up to 86 times background gold and coincident with a 20-times background silver anomaly (see News Release July 31, 2006), remains to be determined.

Financing

The Company has increased the size of its recently announced private placement to $1.2 million, for which regulatory approval has been received.

In addition the Company has received approval for the closing of the second tranche of the private placement. A total of 4,333,000 Units and 1,825,000 flow through shares are being issued in the second tranche, at an issue price of $0.10 each. A Unit consists of one non-flow through share and a warrant for the purchase of one additional common share within 24 months of the closing date at an exercise price of $0.20.

Gross proceeds from the second tranche are $615,800. Finders' fees of $16,380 are payable, together with 49,583 shares in lieu of cash. A total of 223,300 finders' warrants, exercisable on the same terms as the warrants forming part of the Units, will be issued.

The securities issued pursuant to the offering are subject to a four month hold period from the date of closing.

Wildcat's exploration program is managed by Peter Theyer, P.Geo., a Qualified Person as defined by NI 43-101, who has reviewed all technical information in this release.

About Wildcat Exploration Ltd.

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) the Foster River zinc project in Saskatchewan, (2) three gold properties and one gold and platinum group element (PGE) property in the Rice Lake greenstone belt in Manitoba, and (3) two PGE properties in the Snow Lake area of Manitoba. As the Company builds its property portfolio, Wildcat welcomes proposals from owners of advanced Canadian exploration properties.