Wildcat Provides Update in Respect of Former Executive's Legal Claim



    WINNIPEG, Aug. 23 /CNW/ - Wildcat Exploration Ltd. (WEL: TSX-V) (the
"Company") announces that in connection with the action commenced on
February 9, 2007 in the Ontario Supreme Court of Justice by Shlomo Prizant,
former President and CEO of the Company, against the Company and Jerrold
Siemens, a director of the Company, Mr. Prizant has increased his claim for
damages for defamation from $1,000,000 to $10,000,000. Management believes
that Mr. Prizant's claim is entirely without merit and continues to vigorously
defend itself in this claim. As previously disclosed, the Company has filed a
statement of defense and counterclaim to recover damages caused to the
Company.
    In support of the Company's position relating to Mr. Prizant, the final
report of PriceWaterhouseCoopers LLP, entitled "Investigation of the Financial
Activities of Shlomo (Sol) Prizant", confirming the findings of their interim
report, has been received and will be distributed to the Company's
shareholders with materials for the Annual and Special Meeting scheduled to be
held on September 20, 2007.
    In addition, in connection with the special shareholders' meeting in
April 2007, the Court of Queen's Bench ordered Mr. Prizant and an associate of
Mr. Prizant's to pay certain costs to the Company, which the Company is
attempting to collect.

    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., John Knowles,
President and CEO, 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

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WILDCAT EXPLORATION LTD.

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