VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2011) - Pacific Wildcat Resources (TSX VENTURE:PAW) ("PAW" or the "Company") reports that further to its News Release # 2011-18 and titled "PAW signs Conditional Memorandum of Understanding with Community Group", the Company and Cortec Mining Kenya ("CMK") has agreed to a two month extension of the Memorandum Of Understanding ("MOU") signed with the predecessor organization to the Mrima Hill Trust ("MHT"), the Kaya Mrima Self Help Group ("KMSHG"). As part of the formalization process of the community trust, application has been made to register the group corporately as the Mrima Hill Trust. Administrative delays in processing the application resulted in the necessity of extending the MOU until the MHT becomes formally registered and has the standing to enter into a final definitive agreement with the Company.
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Mr. Townsend commented, "The relationship between the KMSHG and MHT and the Company and CMK is excellent and the eventual creation of a formal agreement between the parties once the MHT legalities are completed will be mutually beneficial. Community projects have been underway for over two months now with construction of schoolhouses in the villages of Bumbuni and Mwabovo nearly finished and the borehole drilled at Machanongo completed and providing a secure source of safe water for drinking. PAW and CMK remain committed to the welfare of the local community both in these early stages of development of Mrima Hill into an operating mine and with jobs and regional prosperity once this is later achieved."
About Pacific Wildcat Resources Corp. - Pacific Wildcat is a Toronto Venture Exchange listed Canadian mineral exploration company having the trading symbol "PAW". It has a producing Tantalum mine at Muiane in northern Mozambique where it has the largest land position of over 450 square kilometers on the Alto Ligonha pegmatite belt, the location of numerous historic Tantalum mines.
PAW's flagship project is located in Kenya where a conditional contract is in place whereby the Company has the right to acquire an indirect 70% interest in the Mrima Hill Niobium and Rare Earth Project. This is an ex Anglo American and Pechiney property the subject of extensive historic work. In July 2011 the Company completed an initial NI 43-101 compliant inferred niobium resource estimate of 105.3 million tonnes at 0.65% Nb2O5 for a total of 1.519 billion pounds contained Nb2O5 to a depth of 30 metres from the surface In addition, substantial rare earths mineralization has been identified and work will commence shortly on a Rare Earth Resource RC drilling program.
For information about Pacific Wildcat Resources Corp. and its development and exploration activities shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.
Darren Townsend, President & CEO
Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. Cautionary note: This press release contains forward looking statements, particularly those regarding cash flow, capital expenditures, work programs, the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects and its 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. There can be no assurance that the Company will be able to obtain a mining licence or any of the permits that are required in order to commence mining operations at the Mrima Hill Project. The rare earths historical resource estimates is considered speculative and therefore noncompliant with National Instrument 43-101 ("NI 43-101") reporting standards and should not be relied upon. The Company is not treating the historical estimate as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic rare earths resource estimates. 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 Company intends to confirm the historic resource estimates through drilling as soon as possible.
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.