Wildcat Exploration Provides Shareholders With Facts in Dispute with Dissidents

    TSX-V Trade Symbol: WEL

    WINNIPEG, March 29 /CNW/ - Wildcat Exploration Ltd. announced today that
its Board, excepting Shlomo (Sol) Prizant, has mailed a letter to all
shareholders providing additional information for shareholders to consider
prior to submitting their proxies for the Company's Special Meeting to be held
on April 12, 2007.
    Excerpts from the letter to Wildcat shareholders are below. The full text
has been filed with regulators and is available at www.sedar.com.

                                                            March 28, 2007

                               TRUST THE FACTS

    To Our Fellow Wildcat Shareholders:

    By now you may have received proxy materials from a small group of
    dissident shareholders who are seeking to replace your Board of Directors
    and take control of Wildcat Exploration Ltd. The dissidents are led by
    Shlomo (Sol) Prizant, the former President and CEO of Wildcat who was
    terminated for cause in January 2007, and Yes Forex Limited represented
    by David Danziger, who is a principal of the accounting firm Prizant
    purported to install as the Company's auditors.

    While the dissident circular makes a number of claims, they are not
    supported by the facts:

    FACT: The decline in Wildcat's share price highlighted by the dissidents
    coincides with the sale of about 362,000 shares by Yes Forex in the past
    six months, including 135,000 shares since February 21, 2007. These sales
    clearly put downward pressure on Wildcat's share price and are not
    consistent with the dissidents' claim to be interested in "maximizing
    shareholder value" - at least not for shareholders other than themselves.

    FACT: Prizant did not receive Board or Audit Committee approval before
    purporting to replace the Company's auditors with the firm headed by his
    associate Danziger.

    FACT: Prizant and Danziger discussed their intention to replace the Board
    by launching a proxy contest while Prizant was CEO and Danziger's firm
    was purportedly the Company's auditors - long before Prizant was
    terminated and before he sued the Company.

    FACT: More than a week before the publication of the dissidents'
    circular, Prizant's lawyers were contacted by PricewaterhouseCoopers LLP
    as they continued their investigation of his activities while CEO. To
    date, Prizant has not responded to requests for an explanation of his
    questionable activities.

    FACT: The investigation has found numerous double payments for expenses
    claimed by Prizant and a number of related party transactions which were
    not disclosed to the Board or approved by it.

    FACT: Without Board approval, Prizant loaned Wildcat $250,000 -
    significantly less than the amount he claims - at a time when the Company
    was well financed and did not need a loan. He then arranged for repayment
    of a portion of the loan by way of Wildcat shares, further diluting the
    interests of other shareholders. He negotiated this transaction with
    himself and without Board approval.

    FACT: Former President and Chief Operating Officer Ed Sawitzky supports
    the dissidents and opposes the maintenance of your current Board since
    they did not agree to appoint Sawitzky as CEO in 2006.... Subsequently,
    Sawitzky sued Wildcat and, after negotiations with Prizant in November
    2006, Sawitzky received a significant cash settlement, as well as the
    accelerated issuance of Wildcat shares, authorized by Prizant. The
    dissidents have offered Sawitzky an executive position with Wildcat
    should they be successful in taking control of the Board and your

    FACT: David Berman, Wildcat's Chief Financial Officer while Prizant was
    CEO, is also a business associate of David Danziger, who is the "control
    person" of Yes Forex according to filings with the Toronto Stock

    FACT: The dissidents' attack on the Company's directors is misguided and
    unfounded. All share transactions by the Company's nominees to the Board
    have been properly conducted and reported to the appropriate regulatory
    authorities. The dissidents' statements regarding the involvement and
    attendance record of directors are simply wrong: all directors attended
    every meeting, during Prizant's tenure as CEO, with the exception of one
    director at one meeting. Most importantly, the Board had, and continues
    to have, a corporate strategic plan. Neither Prizant as CEO nor Sawitzky
    as COO provided the Board with a comprehensive business plan.

    FACT: Wildcat's nominees to the Board and its Executive Committee of
    independent Directors are committed to acting in your best interests and
    believe that Prizant's hand-picked nominees are not appropriate directors
    for the Company: Prizant and his associates have acted - and will
    continue to act - for their own benefit, not yours.

    We ask you to carefully review all the supporting materials previously
    sent to you by the Company and to register your vote by signing, dating
    and returning the enclosed BLUE form of proxy TODAY whether or not you
    are able to join us at the Meeting on April 12. Do not sign or return any
    forms of proxy that may have been sent to you by the Dissidents.

    We ask you to cast your vote for Wildcat's Director nominees for the
    reasons set out in detail on pages 1 to 10 of the Management Proxy
    Circular dated March 12, 2007.


    On behalf of your Wildcat Management Team, thank you for your continued


    (signed)                          (signed)

    Jerrold Siemens                   Rob Dzisiak
    Chairman of the Board             Chairman of the Executive Committee
    Interim President and Chief
    Executive Officer

    You can determine the future of our company on April 12, 2007 at a
    Special Meeting of shareholders of Wildcat Exploration Ltd. to be held at
    10:00 a.m. (Central time) at the Victoria Inn, 1808 Wellington Avenue,
    Winnipeg, Manitoba. Whether or not you plan to attend the Meeting, we ask
    that you complete, date, sign and return the enclosed BLUE Proxy promptly
    and discard any materials that you may receive from the Dissidents.

    If you have any questions or require assistance in voting your BLUE form
    of proxy, please call Kingsdale Shareholder Services Inc., the firm
    assisting Wildcat in the solicitation of proxies.


    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

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

For further information:

For further information: Shareholder Contact: Wesley Hall, Kingsdale
Shareholder Services Inc., Phone: (416) 867-4550, email:
whall@kingsdaleshareholder.com; Media Contact: John Lute, Lute & Company,
Phone: (416) 929-5883, email: jlute@luteco.com

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