Wildcat Reports Rice Lake, MB Drilling Update, Sets Shareholder Meeting

Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to provide an update on
exploration at its Rice Lake, MB properties which are under option to San Gold
Corporation ("San Gold"). San Gold has reported to Wildcat that, as of the end
of March, 2013, a total of 4,420 metres of drilling in nine holes had been
completed on the Mike Power property, located on the western boundary of San
Gold's Bissett, MB properties where it currently has mining operations and
further drilling is continuing. 


Assays are pending on the majority of holes, however San Gold reported that
logging of the drill core has confirmed an extensive deformation zone at the
base of the San Antonio Formation in the vicinity of previous drilling by
Wildcat (see news release March 23, 2011). Some of the drill holes awaiting
assay results have intersected quartz stockwork veins, sulfides (sphalerite,
chalcopyrite and pyrite) with associated widespread sericite alteration.


The core logging by San Gold Gold geologists has demonstrated the presence of
major regional shear zones and structural ground preparation favourable to gold
deposition. The results have shown the usefulness of airborne magnetic surveys,
as well as LIDAR (Laser Imaging Detection and Ranging) surveys, both of which
have been employed by San Gold on the Mike Power property, as structural mapping
tools for gold exploration in the Rice Lake belt.


The limited results to date from extensive sampling by San Gold show anomalous
gold throughout most of the length of the drill core in all holes within the
major shear zones. Gold values have ranged from 50 to 550 parts per billion.


Tom Lewis, Wildcat's V.P. Exploration, commented, "San Gold's program is
designed to narrow the search for concentrations of high grade gold and we are
encouraged that they have intersected rocks with many positive indicators,
including alteration, ground preparation, shearing, quartz stockworks, anomalous
gold values and steel-grey quartz veins."


Drilling is continuing and San Gold has informed the Company that it expects its
program to extend through spring and summer months.


The Company also announces that it will hold its annual and special meeting of
shareholders on May 30, 2013 (the "Meeting"). The Company has fixed April 30,
2013 as the record date for determining shareholders entitled to receive notice
of and to vote at the Meeting.


The Meeting will include special business relating to the ratification of an
amendment to the Company's general by-law, By-law Number 1 (the "Updated
By-Law"). 


The Updated By-Law, which was approved by the Company's board of directors,
amends and restates the Company's current By-Law No. 1, which relates generally
to the conduct of the affairs of the Company. The Updated By-Law includes a
provision that requires advance notice to the Company in circumstances where
nominations of persons for election to the board of directors are made by
shareholders of the Company other than pursuant to a requisition of a meeting
made pursuant to the provisions of the Corporations Act, Manitoba (the "Act") or
a shareholder proposal made pursuant to the provisions of the Act (the "Advance
Notice Requirement").


The Advance Notice Requirement fixes a deadline by which holders of record of
common shares of the Company must submit director nominations to the Company
prior to any annual or special meeting of shareholders and sets forth
information that a shareholder must include in the notice to the Company for the
notice to be in proper written form.


In the case of an annual meeting of shareholders, notice to the Company must be
made not less than thirty (30) nor more than sixty-five (65) days prior to the
date of the annual meeting; provided, however, that in the event that the annual
meeting is to be held on a date that is less than fifty (50) days after the date
on which the first public announcement of the date of the annual meeting was
made, notice may be made no later than the close of business on the tenth (10th)
day following such public announcement.


Notwithstanding the foregoing, with respect to the Meeting, any notice delivered
to the Company prior to the close of business on May 10, 2013 shall be deemed to
have been timely delivered under the Advance Notice Requirement.


In accordance with the Act, adoption of the Updated By-Law is subject to
ratification by shareholders at the Meeting. The full text of the Updated By-Law
is available on SEDAR at www.sedar.com.


Wildcat's exploration program is managed by Tom Lewis, P. Eng., a Qualified
Person as defined by NI 43-101, who has reviewed all technical information in
this release.


About Wildcat 

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base
metals in Canada. It manages exploration on its own properties in Ontario,
Manitoba and Saskatchewan and has optioned three properties in the Rice Lake
Greenstone Belt of Manitoba to San Gold Corporation, which is carrying out
exploration programs. In addition, Wildcat is the manager of the Wildcat - Doe
Run Canadian Exploration Alliance which explores in Canada for base metal
deposits.


For further information on Wildcat, please visit www.wildcat.ca.

Cautionary Note 

No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. This news release may
contain "forward-looking information", within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, but is not limited
to, statements with respect to Wildcat's exploration program and plans.
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "believes", "plans", "seeks", "expects",
"budget" or variations of such words or statements that certain actions, events
or results may, could, will, will be, would be or are expected to be.
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of Wildcat to be materially different from those
expressed or implied by such forward-looking information. There can be no
assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on
forward-looking information. Wildcat does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Wildcat Exploration Ltd.
John Knowles
President & CEO
(204) 944-8916
info@wildcat.ca
www.wildcat.ca


CHF Investor Relations
Cathy Hume
CEO
(416) 868-1079 ext. 231
cathy@chfir.com
Wildcat Exploration Ltd. (TSXV:WEL)
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