Drilling Update on its Jeep Property, Manitoba

    WINNIPEG, Jan. 31 /CNW/ - Wildcat Exploration Ltd. (TSX-V:WEL) is pleased
to announce an update on the drill program at its Jeep Property that has
resumed this year. The Jeep Property is 100% owned by Wildcat and comprises a
total of 3,187 hectares which is located in the Rice Lake greenstone belt, 250
kilometers northeast of Winnipeg, Manitoba.
    The current drill program at the Jeep Property began on October 25 and
stopped on December 20, 2006; drilling resumed January 12, 2007. To date,
3,504 meters have been drilled in 12 holes. A plan map of the property showing
locations of historic and current drill holes, geology, and the location of
2006 channel sampling is attached at Figure 1:
    The geology of the Jeep Property is dominated by the multiphase Jeep
Gabbro intrusion of Archean age. The rocks within this area, including the
Jeep Gabbro have been in places, highly deformed and the regional Wanipigow
Fault is adjacent to the southern edge of the property. The principal interest
in this property is the quartz vein gold mineralization associated with the
historic Jeep Gold Mine (1948 - 1950). This gold mineralization is hosted by
altered quartz vein structures within the gabbro.
    The objective of the current drill program is to investigate the
gold-bearing quartz-rich vein system centered on the Jeep Gold Mine - the
northwest trending No.1 vein and other roughly parallel associated vein
structures. While targeting the gold-bearing quartz veins, most of the drill
holes intersected sizeable concentrations of pyrrhotite (chalcopyrite) ranging
from trace to 5% sulphides over tens of metres to massive sulphides over tens
of centimeters. For details on the extent of the sulphides intersected by the
current drilling program please see the Wildcat's press release dated November
27th, 2006.
    As referenced in a news release dated September 20, 2006, channel
sampling on the property, about 200 m southeast of the Jeep Shaft uncovered
interesting sulphide mineralization occurring as disseminations, blebs and
boulder sized concentrations within a brecciated and contaminated phase of the
Jeep Gabbro. Systematic rock sampling, using samples retrieved along channels
cut with a portable saw disclosed the existence of anomalous Ni, Cu and Pd
concentrations. A highlight from the exposure highlighted in Figure 1
http://files.newswire.ca/535/JeepFigure.pdf, was a 0.75 m long channel sample
which assayed 0.97 gpt Pd, 0.28% Ni, 0.25% Cu and 0.22 gpt Au, including up to
1.4 gpt Pd, 0.35% Ni, 0.36% Cu and 0.26 gpt Au within the sampled interval. It
was also observed that Pd is concentrated along the trace of northwesterly
striking faults.
    An MMI Ni anomaly identified in a survey undertaken in 2005 appears to be
spatially associated with the magmatogenic sulphide exposures (see Figure 1
http://files.newswire.ca/535/JeepFigure.pdf). The anomaly extends an
additional 250 meters east of the current drilling by Wildcat.
    Gold assay results from the first hole, JP-06-01, have been reported (see
Table 1 and Wildcat's press release dated November 27, 2006). The best gold
assay results so far have been from JP-06-05, where 109.5 grams over 0.78
meters was intersected (see Table 1 and Wildcat's press release dated December
12, 2006). The mineralized quartz veins intersected in holes JP-06-01 and
JP-06-05 are presumed to be the prolongation of No.1 vein structure (see
Figure 1 http://files.newswire.ca/535/JeepFigure.pdf).

    Table 1:
    Significant Gold Assays
    Hole No.        From (m)       To (m)         Width (m)          Au (gpt)
    JP-06-01         160.98       161.34              0.36              2.91
    JP-06-05         219.12        219.9              0.78             109.5

    It should be noted that some of the drill holes intersected sulphide-
rich phases and assayed anomalous Ni, Cu and PGE values. Complete assays have
been received for holes JP-06-01 through JP-06-04. These holes contain modest
nickel, copper and PGE values.

    DDH JP-06-01
    Significant assays JP-06-01 include 2 meters of up to 0.15% Cu, 0.08% Ni,
0.12 gpt Au, 22.5 ppb Pd, 1.7 gpt Ag and 82.5 ppm Co from 139.85 to 141.85
meters. Also, from 132.80 to 133.80 meters, 0.13% Cu, 0.09% Ni, 0.11 gpt Au,
90 ppb Pt, 50 ppb Pd, 2.2 gpt Ag, 85 ppm Co was intersected. This interval is
hosted within a lower grade mineralized interval from 131.65 to 142.85 m, with
lower grade assays of 0.09% Cu, 0.06% Ni, 0.08 gpt Au, 21 ppb Pt, 24 ppb Pd,
1.73 gpt Ag and 67 ppm Co.

    DDH JP-06-02
    No significant values were obtained from JP-06-02.

    DDH JP-06-03
    In hole JP-06-03, from 52.0 to 55.0 meters, 0.16% Cu and 0.08% Ni was
intersected over 3.0 meters. No other significant values were intersected in
this hole.

    DDH JP-06-04
    Significant assays from this hole include 0.53% Cu, 0.08% Ni from 29.33
to 29.75 meters and up to 0.11 gpt Pt from 28.75 to 29.33 meters. This hole
also contains extensive intervals of sulphide mineralization and includes low
grade Ni, Cu, PGE values across significant widths. From 28.75 to 38.18
meters, the hole intersected 9.43 meters of weakly mineralized sulphide rich
material that assayed 0.09% Cu, 0.04% Ni, 30 ppb Au, 22 ppb Pt, 18 ppb Pd,
1.75 gpt Ag, 65 ppm Co.

    No other significant values were intersected in this hole.

    Other Drill Holes
    Hole number JP-07-13 is currently being drilled. Sampling and assaying is
underway on holes JP-06-05 to 12.
    Wildcat's 2007 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.

    About Wildcat Exploration Ltd.
    Wildcat is a Winnipeg-based mineral exploration company actively
exploring for gold and base metals in Canada. For further information on the
company please visit our website at www.wildcat.ca or contact us at

    On behalf of the Board
    "Jerrold Siemens"
    Interim President and CEO

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.


SOURCE: Wildcat Exploration Ltd.

For further information:

For further information: Wildcat Exploration Ltd., Jerrold Siemens,
Interim President and CEO, 203-1780 Wellington Avenue, Winnipeg, Manitoba, R3H
1B3, Phone: (204) 944-8916, Fax: (204) 944-8918, e-mail: j.siemens@wildcat.ca

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