WINNIPEG, MANITOBA--(Marketwire - March 17, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to announce that the Company has commenced a surface time-domain electromagnetic ("TDEM") survey at its 100% owned Iskwasum Lake property in the area of Snow Lake, MB and has amended the work schedule requirements and received the scheduled cash payment in the option of its Poundmaker property in the Rice Lake, MB area.

The Iskwasum Lake property covers 2,660 ha, approximately 20 km west of Wildcat's Reed Lake property, a group of claims that is surrounded by recently announced, significant mineral discoveries including to the south: VMS Ventures Inc.'s Reed Lake VMS copper ("Cu") discovery zone; to the north: Rockcliff Resources Inc.'s Rail Lake copper-zinc-gold-silver (Cu-Zn-Au-Ag") deposit and to the northwest: Cream Minerals Ltd.'s Wine nickel-copper ("Ni-Cu") prospect.

Wildcat's property is underlain by an ocean floor assemblage of rocks including mafic and ultramafic volcanic and intrusives which are potential carriers of economically significant sulphides bearing Ni, Cu and platinum group elements ("PGE"), and is the focus of this geophysical survey. The mafic-ultramafic rock assemblage underlying the western and north-western part of Iskwasum Lake is part of the rock sequence affected by the Iskwasum Lake shear zone, a broad, arcuate and intense deformation zone roughly following the western shore of Iskwasum Lake. The property is situated in the Flin Flon-Snow Lake greenstone belt, a prolific source of volcanogenic massive sulphide Cu-Zn-Au-Ag deposits and a former source and current prospect for magmatogenic Ni, Cu and PGE mineralization.

Previous mineral exploration mainly dating back to the 1960's by Hudson Bay Mining and Smelting Co., Limited ("HBM&S") included a magnetic and EM survey and several drill holes focused mainly on north-western Iskwasum Lake. Moderate success was achieved with the best intersection of an approximate one metre interval of serpentinized peridotite that returned 1.24 % Ni. Wildcat's compilation of the historical data showed that the true depth of drilling in previous campaigns did not exceed 50 metres. Due to the limited penetration depth of the geophysical survey methods used in the past, Wildcat is investigating additional exploration possibilities at depths greater than previous efforts.

Wildcat has engaged Crone Geophysics & Exploration Ltd. to use its Pulse TDEM system to test selected areas of the property. This geophysical survey method is capable of targeting depths exceeding previous exploration efforts for Ni, Cu and PGE on the property, and has been deployed successfully around the world to define deep-seated and substantial sulphide accumulations. In the Flin Flon-Snow Lake greenstone belt this system has been instrumental in delineating significant discoveries including, by HBM&S, the past-producing Namew Lake Ni-Cu-PGE mine and the recently discovered deep-seated Lalor Lake Zn-Cu-Au-Ag deposit.

Wildcat selected the geophysical system based on its determination that only exploration targets of substantial size will merit follow up. The successes of Crone's Pulse TDEM system make this method ideally suited for Wildcat's exploration objective at Iskwasum Lake.

The Company also reports that it has amended and extended its Poundmaker agreement with Marum Resources Inc. (Press Release February 4, 2008). The amendment provides that the original agreement is extended for thirteen months beyond the initial anniversary date of February 1, 2008 and a new anniversary date of March 1, 2008 has been established. Upon the execution of the amended agreement, Wildcat elected to receive its annual payment in cash in the amount of $100,000 which was received by the Company on February 27, 2009.

John Knowles, Wildcat's CEO, states, "In spite of the recent headwind in the marketplace, we remain focused on executing our exploration plans and advancing our property portfolio. Our Manitoba projects are in known resource districts, the Flin Flon-Snow Lake greenstone belt and the Rice Lake greenstone belt, that have recently yielded significant new mineral finds in close proximity to our properties."