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.
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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