Wildcat Closes First Tranche of Non-Brokered Private Placement



    WEL - TSXV

    WINNIPEG, Aug. 27 /CNW/ - Wildcat Exploration Ltd. (WEL: TSX-V) (the
"Company") is pleased to announce that it has closed the first tranche of its
previously announced non-brokered private placement (the "Private Placement"),
consisting of the issue of 1,600,000 flow-through common shares ("Flow-Through
Shares") at a price of $0.25 per share and 500,000 non-flow-through common
shares ("Non Flow-Through Shares") at a price of $0.20 per share to raise
gross proceeds of $500,000. The Company has received conditional regulatory
approval for the Private Placement of up to 2,800,000 Flow-Through Shares and
up to 1,500,000 Non Flow-Through Shares for gross proceeds of up to
$1,000,000.
    The 49 North Resource L.P. subscribed for 1,600,000 Flow-Through Shares
and John Knowles, President and CEO and a director of the Company, subscribed
for 500,000 Non Flow-Through Shares. Mr. Knowles now holds a total of 510,000
common shares of the Company. The common shares issued in the Private
Placement are subject to a hold period expiring on December 22, 2007.
    Robert Dzisiak, Wildcat's Chairman, commented on the closing of the first
tranche, "We are pleased to have attracted a knowledgeable and strategic
investor in the 49 North Resource L.P. and also that our new President and CEO
has expressed his confidence in the Company through his investment."
    Subject to final regulatory approval, the Company is to pay a cash
finder's fee of 5% of the gross proceeds raised from the Private Placement and
to issue non-transferable finders' warrants to purchase up to 215,000
flow-through common shares at a price of $0.25 per share for one year.
    Proceeds from the sale of the Flow-Through Shares will be used for
exploration in the Company's projects in Canada and the proceeds from the sale
of the Non Flow-Through Shares will be used for working capital purposes.

    About Wildcat Exploration Ltd.

    Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold
and base metals in Canada. Its portfolio includes: (1) the Foster River zinc
project in Saskatchewan, (2) three gold properties and one gold and platinum
group element (PGE) property in the Rice Lake greenstone belt in Manitoba, and
(3) two PGE properties in the Snow Lake area of Manitoba. As the Company
builds its property portfolio, Wildcat welcomes proposals from owners of
advanced Canadian exploration properties.

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

    For further information on the Company please visit our website at
www.wildcat.ca or contact us at info@wildcat.ca. The Company's public filings,
including its most recent audited consolidated financial statements, can be
reviewed on the SEDAR website (www.sedar.com).

    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 and with respect to the outcome of the
litigation involving Shlomo Prizant. 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, including risks associated with the mineral
exploration and mining industry such as economic factors, government
regulation and approvals, environmental risks, success of exploration
activities, future commodity prices, capital expenditures, requirements for
additional capital, changes in project parameters as plans continue to be
refined, conclusions of economic evaluations, the Company's history of
operating losses and uncertainty of future profitability. Important factors
that pertain to the risks and uncertainties associated with the Company's
business are discussed more fully in the Company's disclosure documents filed
from time to time with the Canadian securities regulators and available on
www.sedar.com. Although Wildcat has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. 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.

    %SEDAR: 00014885E




For further information:

For further information: Wildcat Exploration Ltd., Wayne Stebbe, Vice
President, Investor Relations, info@wildcat.ca, Suite 203, 1780 Wellington
Avenue, Winnipeg, Manitoba, R3H 1B3, Phone: (204) 944-8916, Fax: (204)
944-8918

Organization Profile

WILDCAT EXPLORATION LTD.

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