ULI.V Price: 0.170 Change: +0.00 Volume: 21500 15-20 min delay view details
Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (the “Company”) is pleased to provide an update on exploration activities on its properties in Serbia. This summer the Company commenced a Phase 2 exploration campaign with four teams covering all seven of the Company’s properties. In June and July two teams performed gridded Audio Magneto-Telluric (AMT) geophysics, one team conducted gravity measurements and a fourth team conducted sampling and mapping. Seven drill holes are planned for a total of 3,500 metres. Two holes have already been completed with a third and fourth currently in progress at the Blace mineral concession. Drilling is expected to continue until the end of November.
Marc Morin, President and CEO said, “We are very pleased with our progress this summer. The amount of data we have collected, in combination with our drilling is essential to advance the project and prepare for Phase 3 exploration. We look forward to positive results from both our geophysics and drilling programs.”
Updated project information can be found on the company website as it becomes available.
Highlights of the work program to date include:
Planned work programs for remainder of 2013:
The Ultra Balkans Project is a joint venture between Ultra Lithium Inc. (95%) and Beijing Guofang Mining Investment Co., Ltd. (“BGMI”) (5%). BGMI has the right to earn up to a 35% interest in Ultra Balkans by funding up to $3,500,000 of exploration expenditures on the Ultra Balkans Project.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved on behalf of the Company by Mr. Shahab Tavakoli, P.Geo, Geophysicist, M.Sc., a Qualified Person under NI 43-101.
On behalf of the Board,
ULTRA LITHIUM INC.
President & CEO
Neither the 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 news release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.