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Ultra Lithium Executes Balkans Framework Agreement And Announces Equity Financing

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has executed a legally binding Framework Agreement with Beijing Explo-Tech Engineering Co. Ltd. (BETEC) to explore and develop its Balkans Project in the Republic of Serbia. In addition, Beijing Guofang Mining Investment Co. Ltd. (BGMI) will complete a financing in the amount of C$1 million to ensure rapid advancement of the Company’s exploration program.

This joint venture will allow Ultra to commence geophysical exploration work on its seven highly-prospective, mineral exploration licenses in the Republic of Serbia. Ultra anticipates two exploration crews in the field from mid-June to commence “Magneto Telluric” surveys over all seven concessions.

Highlights from the agreement include:

  • BGMI and associates will invest C$1,000,000 through the purchase of units of securities of Ultra at $0.05 per unit. Each unit will consist of one (1) common share of Ultra and one common share purchase warrant, with each warrant entitling BETEC to acquire one (1) additional common share of Ultra at $0.10 per share for a period of two (2) years.
  • BETEC undertakes and commits to fund up to CAD$3,500,000 of approved expenditures. Such expenditures will be incurred within a period of three (3) years.
  • BETEC will earn a five (5%) per cent equity interest in Ultra Balkans d.o.o., Ultra’s wholly-owned Serbian subsidiary, for each CAD$500,000 of approved expenditures incurred and up to a 35% equity interest once the entire CAD$3,500,000 of qualified expenditures has been incurred.

Ultra Lithium’s Chief Executive Officer Marc Morin commented: “This $4.5 million investment strengthens our balance sheet and allows us to start our exploration program  which will include soil sampling, geophysics and a drilling program to advance the Balkans Project. We are very excited to be working with our new partners.”

About Ultra Lithium:
Ultra Lithium Inc. is a junior explorer listed on the TSX Venture Exchange under the symbol ULI. The Company is committed to the aggressive pursuit of properties with high returns-on-investment and maximizing the value of assets through a disciplined process of assessment and responsible acquisitions. Currently, the Company holds exploration licenses in Ontario, Canada, Nevada, U.S.A and Serbia.

Property Highlights:

  • 643 km2 of lithium/boron mineral exploration licenses in the Republic of Serbia
  • All seven exploration concessions are within well-defined sedimentary basins
  • Proximity to infrastructure (rail/road/sea), (electricity), and (labour force)
  • Ultra has 100% ownership of its exploration licenses
  • Rio Tinto is completing a $27 million pre-feasibility study & projecting production for 2016 1
  • Rio Tinto’s Jadar deposit could produce up to 20% of the current worldwide annual lithium demand1
  • Off the shelf technology can process Jadarite ore2

About Beijing Explo-Tech Engineering Co. Ltd.
BETEC is a high-tech geological exploration enterprise which provides geological exploration services, research, software development and technology support for the mining industry. Areas of expertise include geological, geophysical, geochemical and remote sensing. BETEC has 110 official employees.

Terms of the proposed transaction:
As stated in the preceding highlights, under the terms of the framework agreement, BGMI and its associates will invest CAD$1,000,000 through the purchase of units of securities of Ultra at $0.05 per unit. Each unit will consist of one (1) common share of Ultra and one common share purchase warrant, with each warrant entitling BGMI and associates to acquire one (1) additional common share of Ultra at $0.10 per share for a period of two (2) years. BETEC also undertakes and commits to fund up to CAD$3,500,000 of approved exploration expenditures on the Property to be incurred within a period of three (3) years from the date of formation of the joint venture. BETEC will earn a five (5%) per cent equity interest for each CAD$500,000 of approved expenditures incurred and up to a thirty five (35%) per cent equity interest once the entire CAD$3,500,000 of qualified expenditures has been incurred.

Both parties agree to hold the Property and the other assets of the partnership consistent with applicable legislation, to explore the Property for minerals and, if feasible, develop a mine thereon, and so long as it is technically, economically and legally feasible, operate such mine and exploit the minerals extracted from the Property, and carry out any other activity in connection with or incidental to any of the foregoing.

Closing of the proposed transaction is subject to satisfaction or waiver of terms and conditions, customary or otherwise, including, but not limited to, acceptance by the TSX Venture Exchange of the proposed transactions.

The units issued will be subject to a four-month hold period from the closing date of the private placement offering. Finders’ fees may be payable in connection with this private placement in accordance with TSX Venture Exchange policy.

On behalf of the Board of Directors
Marc Morin, President & CEO

For further information, please contact:
T: +1-778-968-1176
F: +1-604-909-4682
E: info@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium Signs A Binding LOI to Acquire Lithium Salar Projects in Argentina and Announces $300,000 Private Placement

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has signed a binding Letter of Intent to acquire an 80 % interest in a lithium salar property located in Puna Plateau north western Argentina from Jinshan Minera Argentina S.A. (“the Vendor” or “JMA”). The property is located about 25 kilometres to the west of Cauchari-Olaroz brine lithium deposit where Orocobre has a producing lithium mine, and a joint venture of Lithium Americas with Sociedad Química y Minera de Chile (SQM) is developing a brine lithium project.

The property is comprised of six lithium and two gold exploration licenses covering an approximate area of 20,535 square kilometres. It has good infrastructure support with road and rail access to the provincial capital and port in Antofagasta. During the period from 2011-13, JMA carried out exploration work on the property which included drilling 20 shallow wells (1-5 m deep) and collecting 83 brine samples. Highlights of the assay results from these samples is presented below.

  • 31 samples returned over 150 ppm lithium (Li) and over 3,000 ppm potassium (K).
  • In 31 samples, average grade of lithium was 323 ppm (max. 800 ppm Li) and 4810 ppm potassium (max. 7500 ppm K).
  • Low magnesium (Mg) to Li ratio (11 in all samples).

Under the terms of LOI, Ultra Lithium will have an 80% interest in the project during the exploration stage and will increase its interest to 90% when the Company proceeds to the development stage. Ultra Lithium will be responsible for all the exploration and development expenditures on the property.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated that, “We are very pleased with this potential acquisition located in the lithium triangle of Argentina, Chile and Bolivia representing one of the largest lithium resources in the world with several producing lithium mines and development projects. The Company will try to complete its due diligence process as soon as possible and sign a definitive agreement. This acquisition when completed will make Ultra Lithium a more diversified lithium company having all three major types of lithium projects.”

The Company is also pleased to announce that it intends to complete a non-brokered private placement (the “Private Placement”) of up to 2,000,000 units (the “Units”) of the Company at a price of $0.15 per Unit for aggregate proceeds of up to CDN$300,000. Each Unit will be comprised of one common share and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.30 per share for a period of one year from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.40 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given.

The proceeds from the Private Placement will be used to fund the exploration of the Company’s South Big Smoky Valley property and for general working capital purposes.

All securities issued under the private placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to all necessary regulatory approvals including acceptance for filing by the TSX Venture Exchange.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently holds two exploration properties at the South Big Smoky Valley brine lithium and the Georgia Lake hard rock spodumene type lithium project.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium Appoints Vice President Exploration

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that Mr. Afzaal Pirzada has been appointed as the Company’s Vice President Exploration.

Afzaal Pirzada is a professional geoscientist with over 30 years’ experience in mineral exploration and mining with expertise in lithium and rare metals, graphite, PGE and uranium. Throughout his career, he has managed multiple exploration projects in various jurisdictions across Canada, USA and internationally. He has worked as Project Geologist, VP Exploration, Director and CEO of Adriana Resources, Rock Tech Lithium and various other mining companies. He has discovered one graphite deposit in Quebec, and successfully developed a lithium project in Ontario from early stage exploration to advanced exploration. He is registered as a professional geoscientist with the Association of Professional Engineers and Geoscientists of British Columbia, Canada, authored several NI 43-101 technical and exploration work assessment reports, and has worked as a “Qualified Person” person on mineral exploration projects. He is currently engaged in the exploration of Ultra Lithium’s brine lithium project at the South Big Smoky Valley in Nevada, USA, and hard rock lithium project at the Georgia Lake pegmatites in Northwestern Ontario, Canada.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently holds two exploration properties at the South Big Smoky Valley brine lithium and the Georgia Lake hard rock spodumene type lithium project.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium Samples Up to 2.73% Lithium Oxide at the Georgia Lake Hard Rock Lithium Project in Thunder Bay, Northwestern Ontario, Canada

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce assay results from recently concluded prospecting and sampling program at its 100% owned Georgia Lake Lithium Project located in the Thunder Bay Mining District, Northwestern Ontario, Canada. The results confirmed the presence of up to 2.73 % lithium oxide (Li2O) in grab surface samples in lithium pegmatites on the property.

Highlights of the sampling program are (see table for details):

  • Out of total 21 samples, ten samples showed over 1% lithium oxide and five samples over 2% lithium oxide with a maximum value of 2.73%.
  • The lithium pegmatite dikes are dipping at steep angle over 76 degrees. Spodumene is the main lithium bearing mineral in these pegmatites.

The fieldwork program was carried out last month. The purpose was to verify historically reported lithium pegmatites on the property and to execute the stripping, trenching and channel sampling plan upon receiving permitting from the Ministry of Northern Development and Mines of Ontario.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated that, “These excellent ground sampling results increase our confidence in the Georgia Lake hard rock lithium property as a good exploration target. The Company is looking forward to continue exploration in this area alongside its Big Smoky Valley brine lithium project in Nevada, USA.”

Samples were prepared by Actlabs’ preparation lab in Thunder Bay, Ontario, and then shipped to Actlabs’ analytical lab in Ancaster, Ontario, for analysis. Actlabs is an independent lab accredited by ISO 17025. The samples were digested using sodium peroxide fusion and analyzed for the major elements by ICP and trace elements by ICP/MS (Method: FUS-MS-Na2O2).

The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as a consultant with the Company.

About the Georgia Lake Lithium Project:
The Company holds a 100% interest in the Georgia Lake lithium property comprising 16 mineral claims covering approximately 2416 Ha in 151 units, located in the Thunder Bay Mining Division, Ontario, Canada. The project represents a stable and favourable mining jurisdiction, supportive First Nations and excellent infrastructure. It is located near provincial highway 11, 145 km from a deep water port in Thunder Bay. The spodumene-bearing pegmatites of this area were first discovered in 1955. A majority of the
pegmatites are Lithium–cesium-tantalum (LCT) type where spodumene is the main lithium mineral. A total of eight historically documented lithium pegmatites are located on the property.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently holds two exploration properties at the South Big Smoky Valley brine lithium and the Georgia Lake hard rock spodumene type lithium project.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium Starts Drilling at Second Location in the South Big Smoky Valley Brine Lithium Project, Nevada, USA

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has recommenced drilling at its 100% owned South Big Smoky Valley brine lithium project in Nevada, USA. The contractor, Boart Longyear has mobilized to the property and started drilling at hole 2 of the Phase 1 exploratory drill program.

Target depth for this drill hole is 2,200 feet (670 meters) and its purpose is to test one of the several brine lithium targets identified in the Controlled Source Audio-Frequency Magneto-telluric (CSAMT) ground geophysical survey data interpretation report received in December 2015 (see Company’s press release dated March 07, 2016).

Dr. Weiguo Lang, CEO of Ultra Lithium, stated that, “The Company is pleased to continue exploring the promising brine lithium targets in the South Big Smoky Valley. With a strong lithium market outlook we look forward to the results of this drilling campaign.”

The technical information contained in this news release has been reviewed by Afzaal Pirzada, P.Geo., who is a member of the Association of Professional Engineers and Geoscientists of British Columbia with license # 28657. Mr. Pirzada, who works as a consultant with the Company has prepared and supervised the preparation of this news release and approves the scientific and technical content. Mr. Pirzada is a Qualified Person as defined in National Instrument 43-101.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently focused on North American acquisitions and exploring its Big Smoky Valley Project located in Nevada, USA.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium Intersects Up to 270 PPM Lithium in Drill Core Samples at Big Smoky Valley Brine Lithium Project in Nevada

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce drill core assay results from the first drill hole at its 100% owned South Big Smokey Valley brine lithium project located in Nevada.

The results of 22 drill core samples from the hole BSH16-01 indicate maximum values for lithium of 270 parts per million (ppm), boron 410 ppm, potassium 10,000 ppm, and magnesium 12,000 ppm; and the average concentration is lithium 131 ppm, boron 151 ppm, potassium 5,575 ppm, and magnesium 6,210 ppm. One sample from a 10 cm gypsum layer had lithium values below labs detection limits. These samples were taken at various depth intervals down to 1,000 feet (305 metres) below ground surface(See table for details). The Company is in the process of collecting brine water samples from this hole.

The Company is also pleased to announce that it has signed a new drill contract with Boart Longyear to finish the remaining planned exploratory drilling at the South Big Smoky brine lithium project.

Dr. Weiguo Lang, CEO of Ultra, stated that, “The core sampling of the first hole not only provided positive results but also gave valuable information regarding subsurface lithology and hydrogeological conditions. We are pleased to have an experienced drill contractor to finish this challenging drill job in soft lake sediments. With Boart Longyear’s drilling experience and organizational capabilities, the Company is expecting to obtain groundwater samples of the potential deeper brine targets by drilling down to 2,200 feet below surface in the next hole.”

Quality Assurance and Quality Control
All the samples were shipped to Western Environmental Testing Laboratory in Sparks, Nevada, which is an US EPA accredited independent laboratory. The samples were analyzed for lithium, potassium, boron, and magnesium using Test Methods for Evaluation of Solid Waste, Physical/Chemical Methods (SW846), Third Edition. Laboratory used its own quality control and quality assurance protocols for sample analysis.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as a consultant with the Company.

About the South Big Smokey Valley Brine Lithium Project
The Company holds a 100% interest in the Big Smoky Valley Project comprising 659 placer claims covering approximately 13,000 acres’ land located in Nevada, USA. This Project has geological conditions favourable for hosting Lithium enriched brines. The Project is located 16 miles to the north of Albemarle Corp.’s Silver Peak mine which is the only brine lithium producing project in North America, and has been producing lithium from brines since 1966. The Company has completed a ground CSAMT geophysical survey and surface sediment / water sampling programs on the project and started drilling in 2016.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently focused on North American acquisitions and exploring its Big Smoky Valley Project located in Nevada, USA.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium’s Drill Hole Indicates Potential Presence of Brine at the South Big Smoky Valley Brine Lithium Project in Nevada, USA

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce the drill core and groundwater samples from its first drill hole indicate presence of Li-bearing brine at the South Big Smoky Valley brine lithium project.

The following are the highlights of the data collected from hole BSH16-01:

  • Assay results receive to date indicate anomalous values of lithium in drill core samples. The drill core logs show the presence of volcanic clays, organic matter and tuff at various depths which are documented to be contributed from Late Miocene to Pliocene tuffaceous lacustrine facies of the Esmeralda Formation. Several geological studies consider the Esmeralda Formation to be the source of lithium brine in the South Big Smoky and Clayton valleys. There are a few gypsum layers within sand and clay layers. The amount of volcanic material and tuffs increases with depth.
  • The drill core data shows the presence of multiple sand aquifers down to a drilled depth of 1,000 feet (305 metres) below surface. Water level as measured on June 04, 2016 was at 2 feet (0.6 meters) below ground surface indicating artesian water pressure from a confined aquifer at 349 to 479 feet (106 to 146 metres). The aquifer is comprised of sand with intervening thin clay layers.
  • Assays of groundwater samples taken at various intervals to a depth of 1,000 feet (305 metres) using Harris Exploration’s sampling technique indicated anomalous values of lithium. The Company has installed a well and has taken representative groundwater samples. The Company will disclose the result of the analyses on these waters samples as they are available.

Based on (CSAMT) geophysical survey data, two potential brine targets were interpreted at this borehole location. Drilling results confirmed that the first target continues down to approximately 500 feet (152 metres) below surface, whereas the second target begins at 700 feet (213 metres). The second target is expected to continue down to 1,800 feet (549 metres) below surface which was the proposed depth of this hole. Harris Exploration, the drilling contractor was only able to drill down to 1,000 feet (305 metres) with core drilling and the hole was stopped due to artesian water pressure.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated that, “We are very pleased with the information received from the first 1,000 feet of core drilling showing presence of brine and artesian groundwater aquifers. After this encouraging data, the Company has planned to bring a more powerful drill rig to complete this hole down to a depth of 1,800 feet and to drill the second hole to a depth of 2,200 feet. The brine target in the second hole is deeper and thicker than the first hole based on the previous geophysical survey (CSAMT). We are looking forward to the remaining assay results to gain a better understanding of the Big Smoky hydrogeological system.”

Sampling and QA/QC
All the samples are shipped to Western Environmental Testing Laboratory in Sparks, Nevada, which is an US EPA accredited independent laboratory. The samples are being analyzed for lithium, potassium, boron, and magnesium using Standard Methods for the Examination of Water and Wastewater, online edition, Methods for Determination of Organic Compounds in Drinking Water, EPA-600/4-79-020, and Test Methods for Evaluation of Solid Waste, Physical/Chemical Methods (SW846), Third Edition.

It is important to note the groundwater sampling method used by Harris Exploration is their proprietary technique of taking groundwater samples at a desired depth where a perforated probe is inserted at the last drilled interval and water is allowed to collect and retrieved at the surface through wireline. The sample retrieved using this technique has influence from drilling fluids and surrounding sediments, and the Company is disclosing these results only as qualitative indications of lithium within the brine systems at the Big Smoky Project. After completing and developing this well, groundwater samples were collected using submersible pumps and have been submitted to the laboratory for analysis. The Company is evaluating the drill core and groundwater samples assay results received so far. A comparison of groundwater sampling with Harris’s dedicated sampling method and the samples retrieved using the submersible pumps will be carried out once complete results are available. The Company intends to carry out multiple rounds of water sampling to compare data using different methods.

The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as a consultant with the Company.

About the South Big Smokey Valley Brine Lithium Project
The Company holds a 100% interest in the Big Smoky Valley Project comprising 659 placer claims covering approximately 13,000 acres’ land located in Nevada, USA. This Project has geological conditions favourable for hosting Lithium enriched brines. The Project is located 16 miles to the north of Albemarle Corp.’s Silver Peak mine which is the only brine lithium producing project in North America, and has been producing lithium from brines since 1966. The Company has completed a ground CSAMT geophysical survey and surface sediment / water sampling programs on the project and started drilling in 2016.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently focused on North American acquisitions and exploring its Big Smoky Valley Project located in Nevada, USA.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium Starts Drilling at the South Big Smoky Valley Brine Lithium Project in Nevada, USA

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has started drilling at its 100% owned South Big Smoky Valley brine lithium project in Nevada, USA. The contractor, Harris Exploration Drilling has mobilized to the property and started the first of the two holes of the Phase 1 exploratory drill program.

The purpose of this drill program is to test two of the several potential brine lithium targets identified in the Controlled Source Audio-Frequency Magneto-telluric (CSAMT) ground geophysical survey data interpretation report received in December 2015 (see Company’s press release dated March 07, 2016). The Company’s 2015 shallow subsurface sampling program also confirmed the presence of anomalous lithium values in sediments (see March 14, 2016 press release).

Dr. Weiguo Lang, CEO of Ultra Lithium, stated, “We are very excited about the commencement of the Phase 1 drill program to test two of the most prominent drill targets identified as a result of the Company’s 2014 and 2015 exploration work.”

The technical information contained in this news release has been reviewed by Afzaal Pirzada, P.Geo., who is a member of the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Pirzada, who works as a consultant with the Company has supervised the preparation of this news release and approves the scientific and technical content. Mr. Pirzada is a Qualified Person as defined in National Instrument 43-101.

About the South Big Smoky Valley Brine Lithium Project
The Company holds a 100% interest in the Big Smoky Valley Project comprising 659 placer claims covering approximately 13,000 acres’ land located in Nevada, USA. This Project has geological conditions favourable for hosting Lithium enriched brines. The Project is located 16 miles to the north of Albemarle Corp.’s Silver Peak mine, which is the only brine lithium producing project in North America, and has been producing lithium from brines since 1966. The Company has completed a ground CSAMT geophysical survey and surface sediment / water sampling programs on the project and intends to be drilling in April 2016.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently focused on North American acquisitions and exploring its Big Smoky Valley Project located in Nevada, USA. The Big Smoky Valley project is in the vicinity of Abermarle’s Silver Peak mine and only 310 kilometres from Tesla’s upcoming Gigafactory.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium Receives Drilling Permit and Signs Drill Contract for Exploration at the South Big Smoky Valley Brine Lithium Project

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has received its notice-of-intent exploration work permit from the Bureau of Land Management (BLM) to conduct Phase 1 exploratory drilling at its 100% owned South Big Smoky Valley brine lithium project in Nevada, USA. The Company has also signed a drilling contract with Harris Exploration Drilling for a minimum of 4,000 feet core drilling to complete two drill two holes as part of its Phase 1 exploratory drill program.

The purpose of this drill program is to test two of the several potential brine lithium targets identified in the Controlled Source Audio-Frequency Magneto-telluric (CSAMT) ground geophysical survey data interpretation report received in December 2015 (see Company’s press release dated March 07, 2016). The Company’s 2015 shallow subsurface sampling program also confirmed presence of anomalous lithium values in sediments (see March 14, 2016 press release).

The drilling is anticipated to commence in the fourth week of April 2016.

Dr. Weiguo Lang, CEO of Ultra, stated that, “We are very pleased to contract the drilling work to Harris Exploration, who is an experienced driller for brine lithium exploration at the Clayton Valley. The Company plans to continue exploration work at the South Big Smoky Valley brine lithium project based on the progress of Phase 1 exploratory drilling, which will test only two of the several potential brine lithium targets. The recent boom in lithium prices has been driven by new upcoming lithium-ion battery plants in North America and around the world. Our Company is progressing well to potentially become part of the lithium supply chain and add shareholder value”.

The Company is also pleased to announce that it has staked and registered 115 new placer claims in the south Big Smoky area.

The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as a consultant with the Company.

About the South Big Smoky Valley Brine Lithium Project
The Company holds a 100% interest in the Big Smoky Valley Project comprising 659 placer claims covering approximately 13,000 acres’ land located in Nevada, USA. This Project has geological conditions favourable for hosting Lithium enriched brines. The Project is located 16 miles to the north of Albemarle Corp.’s Silver Peak mine, which is the only brine lithium producing project in North America, and has been producing lithium from brines since 1966. The Company has completed a ground CSAMT geophysical survey and surface sediment / water sampling programs on the project and intends to be drilling in April 2016.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently focused on North American acquisitions and exploring its Big Smoky Valley Project located in Nevada, USA. The Big Smoky Valley project is in the vicinity of Abermarle’s Silver Peak mine and only 310 kilometres from Tesla’s upcoming Gigafactory.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium Announces Private Placement

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it intends to complete a non-brokered private placement (the “Private Placement”) of up to 5,000,000 units (the “Units”) of the Company at a price of $0.10 per Unit for aggregate proceeds of up to CDN$500,000. Each Unit will be comprised of one common share and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.20 per share for a period of one year from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.40 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given.

The proceeds from the Private Placement will be used to fund the exploration of the Company’s South Big Smoky Valley property and for general working capital purposes.

All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to all necessary regulatory approvals including acceptance for filing by the TSX Venture Exchange.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently focused on North American acquisitions and exploring its Big Smoky Valley Project located in Nevada, USA. The Big Smoky Valley project is in the vicinity of Abermarle’s Silver Peak mine and only 310 kilometres from Tesla’s upcoming Gigafactory.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.