PAW in Advanced Discussions on Financing Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") is pleased to advise that it has entered into discussions with the Vendors and an unrelated third party to provide financing and working capital which will allow the Company to complete the acquisition of the indirect 70% interest in the Mrima Hill Niobium and Rare Earth Project ("the Acquisition").

Further to the Company's News Release dated April 23, 2012 "PAW Announces Extension to Final Closing Date", the Company and the Vendors ("the Parties") are in advanced discussions regarding the structuring of a vendor convertible debt instrument.

Furthermore, the Company is exploring an additional alternative financing proposal from a third party for purposes of closing the Acquisition and providing working capital.

In light of these conditional and non-binding financing proposals, the parties have agreed upon a further extension of the closing date for the Acquisition, subject to the satisfaction of the closing conditions to May 21, 2012 to enable finalization of the terms of the two financing options to be presented to the PAW Board for consideration.

As a result of these positive discussions the previously announced brokered private placement led by GMP Securities L.P. (see Press Release dated April 9, 2012), has been withdrawn.

In addition, in order to simplify the calculation of the cash payment due to the Vendors on Closing, the parties have agreed that an exchange rate of CDN$1.00 = AUD
.9653 be used. This results in the closing cash payment being payable to the Vendors CDN$10,960,147 or AUS$10,579,830.

ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.

Darren Townsend, President and CEO

About Pacific Wildcat Resources Corp. - PAW is a Canadian mineral exploration company trading on the TSXV under the symbol "PAW". PAW has a producing tantalum mine at Muiane in northern Mozambique, where it has the largest land position of over 350 square kilometers on the Alto Ligonha pegmatite belt, the location of numerous historic tantalum mines.

PAW's flagship project is located in Kenya, where a conditional contract is in place providing the Company the right to acquire an indirect 70% interest in the Mrima Hill niobium and rare earth project. This is an ex-Anglo American and Pechiney property, which was the subject of extensive historical work. In July 2011, PAW completed an initial NI 43-101 compliant inferred niobium resource estimate of 105.3 million tonnes at 0.65% Nb2O5 for a total of 1.519 billion pounds contained Nb2O5 to a depth of 30 metres from the surface.

For information about Pacific Wildcat Resources Corp. and its development and exploration activities, shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com.