Winnipeg, Manitoba; May 23, 2006 – Wildcat Exploration Ltd. (TSX-V:WEL) has initiated an aggressive exploration program on the Rio Gold Zone within its 100% owned 156 square km Poundmaker Property in Manitoba. The program includes integrated geological mapping, prospecting, geophysical and geochemical surveys on the Rio Gold Zone (“RGZ”). Exploration is underway to follow up prospects and showings developed over the past year.
The RGZ is a newly discovered gold zone contained within the very large and underexplored Poundmaker Property. It is located in the northwestern portion of the Property, 19 km northwest of Bissett, Manitoba. The Poundmaker Property is the largest contiguous land package in the Rice Lake Belt. The Poundmaker Property is also host to additional mineralized zones including the Poundmaker Gold Deposit, the Clinton Shaft and Adit, the Saxton Lake Deformation Zone, the Gold Creek Shear Zone as well as numerous other gold prospects.
The RGZ occurs within an underexplored area of the Poundmaker Property that is host to many high-grade gold showings. The proximity of some of these prospects suggests the area may be part of a larger continuous mineralized gold system; detailed surface exploration will test this hypothesis. Preliminary work conducted last year in the RGZ area has produced encouraging results. During the 2005 field season, thirteen showings were discovered within an area 2.5 km by 1.5 km (press release dated September 23, 2005). Significant assays from the 2005 summer field season are presented in the table below (press release dated September 23, 2005):

The RGZ was visited by Wildcat geologists and prospectors during the summer of 2005 but the zone was only partially prospected and sampled. No follow-up drilling has been conducted on the property since these initial results.

The Company's field crew has commenced a surface exploration program, including detailed geological mapping and sampling, prospecting and structural mapping of the known prospects. Equipment and personnel have been mobilized to Saxton Lake and a 10-person camp is being constructed at a location that provides access to the RGZ. The goal is the identification of targets for a future diamond drilling program.

In early May, 2006 line-cutting began to establish a new grid over the RGZ. A cumulative total of approximately 50 kilometers of lines will be cut by the end of May at which time a 10-man geological mapping and sampling crew will be assembled to begin work on the grid. Ground geophysical surveys (Mag and HLEM) will also be conducted on the grid during early summer.

A preliminary Mobile Metal Ions (“MMI”) soil geochemical survey will be conducted over selected showings along the grid lines, within the RGZ. MMI geochemistry is a relatively new technique developed for detecting precious and base metal deposits buried under thick overburden cover. An estimated 130 samples will be collected. The survey will help characterize the gold mineralization from the showings; to guide exploration and assist in planning for additional MMI surveys.

Exploration conducted this summer will continue to further outline gold mineralization which will include both regional and detailed mapping, as well as prospecting within and adjacent to the RGZ.

Geochemical, geological and geophysical data collected during the summer field season will be used to refine drill hole locations for gold targets. It is the intent of the company to drill these gold targets in a future drill program.

All technical information in this release has been reviewed by Mark Fedikow, Ph.D. P.Geo. as the Qualified Person.