CORPORATE ACTIVITIES

During the first quarter of 2011 Wildcat carried out expanded drill programs on the Mike Power and Jeep projects at Rice Lake. The increased drilling was made possible by reallocating some of the funds and geologists that had been reserved for drilling at Siderock in Rice Lake and Burntwood in the Thompson nickel belt. Work on those projects was deferred due to poor ice conditions which prevented drill equipment to access the target sites.

The results at Mike Power indicated that Wildcat geologists might have identified a continuation of the gold mineralization pathway that has been identified on the Rice Lake gold mine property. The Company’s geologists concur with others in the area that these conduits or pathways are an important component in the formation of gold deposits. Drilling at Jeep encountered further evidence of narrow, high grade quartz veins. Further information is in the Exploration Activities section of this MD&A.

Aside from work on the ground, during the winter our geologists compiled information on the McVicar, Siderock and Burntwood properties in preparation for fieldwork in the spring and summer, now in progress.

On June 24, 2011 Wildcat announced a significant option deal with San Gold Corporation. The letter of intent, to be followed by a definitive agreement, grants San Gold an option to earn an 80% interest in the Mike Power, Jeep and Poundmaker properties in return for expenditures of $5.1 million over four years and payments of $1 million and, subject to regulatory approval, subscription for shares valued at $1 million over three years. The Company’s objective in the transaction is to enable accelerated exploration of the optioned properties while personnel and financial resources are dedicated to increased exploration in other Wildcat properties in the Uchi subprovince at Rice Lake and beyond, and in the established Flin Flon and Thompson mineral areas.

LIQUIDITY AND CAPITAL RESOURCES

At the end of March, 2011 the Company had $1,747,000 in cash and restricted cash. General funds on hand were $1,202,000 compared to $685,000 at the end of March, 2010. The Company had $545,000 in restricted cash on hand at March 2011 compared to $523,000 as at March 31, 2010. Restricted cash is raised through the issue of flow-through shares and is available to finance specified Canadian exploration activities.

Net cash outflows for the first quarter of 2011 were $187,000 as compared to $168,000 in the same period in 2010.

SUBSEQUENT EVENTS

On June 23, 2011 the Company signed a letter of intent to grant to San Gold Corporation an option to earn an interest in three of Wildcat’s gold projects in the Rice Lake greenstone belt.

Under the terms of the letter of intent, which are to be incorporated into a definitive agreement, San Gold may earn an 80% interest in Wildcat’s Mike Power, Jeep and Poundmaker projects by meeting a multi-year schedule of obligations. The four-year schedule includes exploration spending of $5.1 million; a total of $1 million cash consideration paid to Wildcat; and, subject to regulatory approval, subscriptions by San Gold for shares of Wildcat with a market value of $1 million. Inclusive are terms whereby, upon signing a definitive agreement, Wildcat will receive $250,000 in cash, San Gold will subscribe for shares of Wildcat having a market value of $250,000, and San Gold will carry out $1 million of exploration spending in the first year. While the option is in place, at the start of each of years two, three and four, Wildcat will receive further cash payments of $250,000 and San Gold will subscribe for additional Wildcat shares having a market value of $250,000. San Gold will be the operator of the projects for the duration of the agreement.

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Further details on the various properties, activities and plans, and the quarterly financial statements to March 31, 2011 are available for viewing at http://www.sedar.com.