Wildcat Exploration Ltd. Encounters High Grade Gold Mineralization Assaying 109 g/t Au on its Jeep Property, Manitoba
Winnipeg, Manitoba

December 11, 2006 – Wildcat Exploration Ltd. (TSX-V:WEL) (“Wildcat” or the “Company”) is pleased to announce assay results from drill core of its 100% owned Jeep Property in the Rice Lake greenstone belt of southeastern Manitoba. Gold mineralization from a quartz vein with visible gold assaying 109.5 g/t Au over a core length of 0.78 meters was intersected in drill hole JP-06-05 from 219.12 to 219.9 meters depth. This mineralization occurs 300 meters southeast of and on strike with the underground workings of the formerly producing Jeep gold mine which yielded the highest grade gold ore ever mined in the Rice Lake greenstone belt.

The Company has currently completed six drill holes, JP-06-01 to JP-06-06, all of which intersected disseminated to massive sulphides. Three of these holes JP-06-01, JP-06-05 and JP-06-06 intersected the extension of the #1 gold vein system of the adjacent Jeep mine. Currently, assays have only been recieved for holes JP-06-01 and JP-06-05. This discovery indicates that the main gold bearing vein system of the Jeep gold mine has an extent now exceeding 300 meters on strike and also suggests that these gold bearing quartz veins are closely associated with the disseminated to massive sulphides.

All three holes intersected the #1 gold vein system between 115 and 170 meters vertical depth. No other drilling has been conducted above or below these three intersections on the mineralized vein system in this area. The geometry of the vein system suggests gentle open folding with the high grade gold intersection occurring in the fold nose. This style of deformation and mineralization is similar to that of the adjacent formerly producing Jeep gold mine, according to pre NI 43-101 archived mine level plans and diamond drill logs.

Continued drilling of the Ni Cu PGE occurrence, based on surface grab samples assaying up to 0.44% nickel, 0.18% copper, 1.4g/t palladium, 0.39 g/t gold, 65 ppb platinum, has revealed two distinct zones of disseminated to massive sulphides. The zones are up to 70 meters thick and have been traced 150 meters along strike. The high grade gold zone occurs between these two zones. All zones appear to be folded parallel to the folded #1 gold vein system. Assays are currently pending for the zones.

The Company is extremely encouraged by these drilling results because both Ni Cu PGE bearing sulphides and gold bearing quartz veins occur in close proximity to each other. The Company is eager to outline the gold, Ni Cu and PGE mineralization of the Jeep property and also plans to test gold bearing anomalies on the Mike-Power grid on its Poundmaker property. Wildcat has increased its number of qualified field personnel and is deploying a second drill team in January to accommodate an accelerated and enhanced drilling program.

We are extremely encouraged by all early indications and thus the Company is pursuing an extended drill program at the Jeep property, aimed at setting some early parameters to the Gold and Ni Cu PGE zones. The drill program will be temporarily shut down during the holidays from December 22, 2006 to January 2, 2007.

Wildcat’s 2006 exploration program on the Jeep Property is being managed by Tim Tuba, P.Geo. and Peter Theyer, P.Geo.; both are Qualified Persons as defined by NI 43-101. Technical and GEMS support were performed by Sasha Herwig, B.Sc.Hons. Geology. Drill cores are to be cut in half using a diamond saw, with one-half placed in sealed bags, and delivered to TSL Labs facility in Saskatoon, Saskatchewan. A sample quality control/quality assurance program has been implemented. All technical information in this release has been reviewed by Tim Tuba, P.Geo. as the Qualified Person on behalf of Wildcat.

This news release may contain forward-looking statements based on some assumptions and judgments regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.