WINNIPEG, MANITOBA--(Marketwire - March 9, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that it has closed the first tranche of a private placement, issuing two million Units, at a price $0.05, for proceeds of $100,000. Each Unit consists of one flow through common share and one-half of one warrant. Each whole warrant is exercisable to purchase one common share, at a price of $0.15 within 12 months of the closing date of the financing. In the current closing, one insider subscribed for 100,000 Units, and no finders' fees were paid. Subject to regulatory approval, the private placement of Units will result in the issuance of up to eight million shares and four million warrants for gross proceeds of up to $400,000.

The proceeds of the private placement will be used for exploration in certain of the Company's projects in Canada, primarily its gold projects near Bissett in the Rice Lake, MB greenstone belt, and its platinum group and base metals projects near Reed Lake in the Flin Flon Snow Lake greenstone belt.

As previously reported, CEO John Knowles and his management team have affirmed their dedication and commitment to the Company's success by agreeing to a 50% pay reduction. The Company has instituted a program to reduce Wildcat's cash requirements by more than half, at the same time retaining the Company's strong team of technical and administrative personnel .(see News Release: January 15, 2009).

Mr. Knowles states, "With a proactive approach to cost control, coupled with this financing, we are implementing our plans to carry Wildcat through 2009 and beyond. Wildcat's 100% ownership of our key properties gives us flexibility and puts us in a good position to weather the current tough economic environment."

The Company will pay cash finders' fees of up to 5% of the gross proceeds raised from the sale of Units and will issue finders' warrants to purchase common shares on terms identical to those of the warrants contained in the Units, in an amount that is up to 5% of the number of Units sold. All securities distributed pursuant to the private placement are subject to a hold period of four months following closing.