This letter went out to shareholders who received hard copies of 2008 financial statements. It addresses Wildcat's positioning for the economic recovery that will come. A copy also came to me along with the Share Certificates from the 2nd Tranche.

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May 8, 2009

To Our Shareholders:

I am pleased to enclose Management's Discussion and Analysis (“MD&A") and the financial statements of Wildcat Exploration Ltd. for the years ended December 31, 2008 and 2007.

The world economy has been caught up in a time of uncertainty and concern about financial stability of institutions and companies. I want to let you know how we at Wildcat are dealing with the current uncertainties in financial markets. We have all seen the effects on investors' portfolio values, suppliers' order books and companies' treasuries, and the resource industry has been particularly hard hit.

Our View of the Markets
We believe that there is a sound fundamental basis for optimism in metal markets. The combination of growth in the world's population and increased intensity of use of goods and services in the face of finite resources means that a recovery in metal prices is assured, and only the timing is uncertain.

In 2005, the GWP or Gross World Product measured in purchasing power parity units was 61 trillion (CIA World Factbook) and by 2008 it had increased 16% to some 71 trillion . Even in the current economic downturn, developing countries like China and India continue to be significant drivers of this tremendous growth. Construction of infrastructure for power production and distribution, new buildings and new tools of transportation in the developing world continues and, in the developed countries, governments are now turning to major infrastructure renewal.

Further, in the developed countries there are signs that economic fundamentals are changing. In the U.S. for example, a large housing surplus resulting from surprisingly easy credit was a basic factor in the current recession . Demand for housing is largely driven by the fairly steady annual increase in population, which has continued through the decade at around 1% per year. But instead of the equilibrium level of some 1.6 million new housing units per year, new home construction grew from 1.6 million units per year in 2001 to a peak rate of some 2.2 million units in 2006 (as per Ron Griesse of The Chartstore.com. Figures are seasonally adjusted points and include single and multi-family housing). Fast forward to March 2009, however, and the rate of new construction was 510,000 units, lower than any point in fifty years. The low rate of construction is rapidly eliminating the housing surplus and a sharp increase in construction seems imminent. Housing is a major consumer of resources and this together with the other factors mentioned above are all good for our industry.

Our Position to Weather the Storm
As I write this, financial markets are extremely tight, and nowhere more so than the mineral exploration business. Like those of most of our peers, Wildcat's share prices were recently at all-time low levels (By the end of 2008 Wildcat share prices had fallen 86%from their high point in the year. The TSX Venture Exchange index, the majority of which is junior resource companies, had fallen approximately 75%from its one year high). Since then markets have begun to improve - we believe that current prices are not a good reflection of the value of our business but we recognize the reality of the markets. As you know, Wildcat has 100% ownership of excellent projects, and several returned exciting results in our 2008 exploration programmes, described in more detail in the MD&A. Our technical and administrative team is talented, committed and cohesive. We enjoy working to build value in the Company.

A year ago we felt that it would become more difficult to raise general funds and therefore the private placement of shares that we completed in June 2008 was heavily weighted towards non-flow through shares. The issue, which was over-subscribed at $1.4 million, positioned us to weather the current market conditions. More recently, to provide exploration funds we announced our intention to complete a private placement of flow through shares to raise up to $400,000 and the first closing of this issue closed on February 20, 2009. At the time of writing, we are receiving additional subscriptions and we expect that the placement will be fully subscribed.

Our senior management team has shown its commitment to the Company's success, and all members agreed to a 50% reduction in remuneration which commenced in December 2008. This, together with other steps we have taken, has reduced Wildcat's total monthly cash requirements by more than 50%. We believe that we are now well-positioned to carryon our operations through 2009.

Our Projects
I want to take this opportunity to highlight of some of Wildcat's recent work, more details of which are contained in news releases and other information on our website at www.wildcat.ca .

Our Reed Lake project, in Manitoba's prolific Flin Flon-Snow Lake greenstone belt, is surrounded by base metal discoveries. In our most recent programs airborne geophysics strongly indicated anomalies running between a copper-zinc discovery to the north of our property, through our Reed Lake North area towards a nickel-copper discovery to the northwest of our property. Our crews found copper in surface samples of outcrops along the anomalies on our property.

In the Reed Lake South area, ground geophysics along the transect line that we cut for the purpose found " strong to very strong" anomalies which may indicate sulphides in the layers that are present. Based on the occurrence of disseminated sulphides in the vicinity and rock samples containing anomalous platinum and palladium concentrations, we consider these layers to be prospective for platinum and palladium.

In the Rice Lake greenstone belt, an area of historic gold exploration and production near Bissett Manitoba, we are the largest land holder, with several project areas. Our Jeep project returned anomalous palladium in recent drilling which led us to option claims at the south end of the property. In addition to working on the new claims we are currently reprocessing our drill results along the strike of the historic Jeep Gold Mine, to develop targets for new drilling.

At Foster River, northeast of La Ronge, Saskatchewan, our crews gathered encouraging evidence of the continuity of mineralized rocks between zinc-lead discoveries in drilling by previous companies. Importantly, they also found areas of multiple folds, which enhance the potential for economic deposits of zinc and lead . Our interest in this project has been based on guidance from one of the leading experts on Broken Hill Type ("BHT" ) mineralization. Dr. Paul Spry, serves on Wildcat's Technical Advisory Panel and his work indicates that the mineralization at Foster River is very similar to that at the Broken Hill mine in New South Wales, Australia and in other BHT deposits around the world .

In addition to the projects I've mentioned, we have several other precious and base metal properties at various stages of exploration, giving Wildcat an attractive portfolio. I hope that you will agree with me that Wildcat has a compelling combination of attractive projects and talented people. The low share prices in current financial market conditions have created challenges and opportunities. We are well-positioned to carryon through challenging times and we are confident that Wildcat is one of the companies that will emerge in an excellent position to benefit from the inevitable economic recovery.

We at Wildcat thank you for your continued interest and support and we wish you all the best in 2009.


Sincerely,


John Knowles
President and CEO