WINNIPEG, MANITOBA--(Marketwire - Nov. 18, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to announce that a ground geophysical survey, conducted on its Reed Lake property in the Flin Flon Snow Lake greenstone belt, has identified a large number of strong anomalies potentially indicative of sulphide-bearing layers. The property, consisting of 32 contiguous claims totaling 6,156 hectares, is located on the west side of Reed Lake, approximately 1.4 km north of PTH 39 which connects the city of Flin Flon with the town of Snow Lake. The southern boundary of the property is located approximately 4 km north of the recent discovery by VMS Ventures Ltd. (September 23, 2008: 61.96 m of 5.98% Cu).

Wildcat engaged Matrix GeoTechnologies Ltd. to perform an induced polarization (IP) survey on the Reed Lake "transect". The transect is a survey line, cut and picketed over a 4.2 km length, that crosscuts the Reed Lake South Complex, a layered mafic-ultramafic intrusion prospective for platinum and palladium group elements. The purpose of this survey was to identify sulphide-bearing layers potentially containing nickel, copper and platinum group elements. To date the survey has been completed over 1.9 km of the transect. In the course of this investigation, thirteen IP anomalies were identified and classified by the contractor as "strong" to "extremely strong".

According to Matrix's report, the anomalies could have been generated by lithological contacts, faults/fractures, and alteration patterns; however, the presence of increased chargeability indicates that potentially they are generated by sulphide mineralization.

Encouraged by these results, Wildcat plans to validate these anomalies. The terrain features outcrops alternating with shallow swamps, and the follow-up investigation planned for the coming winter season will consist of a biogeochemical survey over the transect, using black spruce as the sampling media. This survey will be complemented with prospecting and rock sampling in the summer of 2009.

Updated maps of the results will be posted to the Company's website and available for viewing at www.wildcat.ca.

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.