Pacific Wildcat Resources Corp PWCRF

Metals & Mining Industrial Metals & Minerals

Pacific Wildcat Resources Corp is engaged in the acquisition and development of mineral properties located in Africa. The company's projects are Marima Hill Project which is a world-class Niobium and Rare Earth Resource located in Kenya, and Muiane Project is located in Mozambique.

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Pacific Wildcat Resources Corp

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Post by BlackDog914on May 02, 2011 10:59am

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News release # 1

May 2, 2011

Pacific Wildcat Resources Corp.: Update on Final Closing of Acquisition of Mrima Hill Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2011) - Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") wishes to report that, further to its press release dated February 28, 2011, the Company has waived a condition to the final closing of the acquisition (the "Acquisition") of a 70% interest in the Mrima Hill project (the "Project"), that a technical report be prepared in accordance with National Instrument 43-101 to confirm a specified Niobium resource on the Project, by April 26, 2011.

President and CEO, Darren Townsend commented that "The technical report was not able to be prepared by April 26, 2011 due to delays outside the control of the Company; however, the Company has decided to proceed with the Acquisition based on the excellent results from the Company's drilling program to date and the availability of extensive historic exploration data."

Dependent upon assay results still outstanding and due shortly the Company intends to prepare a technical report in accordance with National Instrument 43-101 evaluating a Niobium resource for Mrima Hill by the 30th June 2011. The final closing of the Acquisition remains subject to the satisfactory completion of the remaining closing conditions.

The waiver of this condition to the final closing (for details of the Acquisition Agreement please see the Company's news releases dated July 23, 2010, titled "PAW Enters into Conditional Purchase Agreement with the Right to Acquire the Majority of a Large Scale Niobium/Rare Earth Metal Project") has resulted in 7% of the shares of Stirling Capital Limited ("Stirling") and 7% of the shares of Cortec (Pty) Ltd. ("Cortec UK"), which companies collectively hold a 70% interest in the Project, being released to PAW. In addition an aggregate of 2,000,000 common shares of PAW have been released to the owners of Stirling and Cortec UK.

ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.

Darren Townsend, President

Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. Cautionary note: This press release may contain forward looking statements, particularly those regarding cash flow, capital expenditures, work programs and investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Resource estimates, unless specifically noted, are considered speculative. The Company intends to file a NI 43-101 report on the Mrima Hill property to confirm the historical resource estimate as soon as the information is available. All the niobium and rare earth estimates of historic resources predate and are therefore non-compliant with National Instrument 43-101 ("NI 43-101") reporting standards and should not be relied upon. The Company is not treating the historical estimates as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic resource estimates nor has it independently analysed the results of the previous exploration work in order to verify the resources and therefore the historical estimates should not be relied upon. The Company believes that these historical resource estimates provide a conceptual indication of the potential of mineral occurrences within the project and are relevant to ongoing exploration.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.