Ultra Lithium Announces Increase in Financing

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has increased its non-brokered private placement as previously announced on January 31, 2011. The private placement has been increased from 5,000,000 units to 7,500,000 units at a price of $0.10 per unit. If fully subscribed, aggregate gross proceeds of the offering will be $750,000. All other terms of the private placement remain the same.

Completion of the private placement is subject to acceptance for filing by the TSX Venture Exchange.

The Company also wishes to announce that due to other commitments, Tony M. Ricci has resigned from the Board of Directors. The Board of Directors recognizes and thanks Mr. Ricci for his contributions to the Company and wishes him well in his endeavours.

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.