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.

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