Ultra Lithium Completes Second Tranche of Financing

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement for gross proceeds of $500,000. With the first and second tranche closing, Ultra has issued an aggregate of 20,000,000 units for gross proceeds of $1,000,000 to Beijing Guofang Mining Investment Co. Ltd. (“BGMI”) and associates.

In the first tranche, the Company issued 10,000,000 units to BGMI for gross proceeds of $500,000. BGMI holds approximately 10.6% of the issued and outstanding common shares of the Company on an undiluted basis and approximately 14.9% of the common shares on a fully diluted basis and is deemed to be an insider of the Company.

In the second tranche, the Company issued 10,000,000 units to BGMI’s associates for gross proceeds of $500,000.

The units have an issue price of $0.05 per unit and are comprised of one (1) common share and one (1) share purchase warrant of the Company. Each warrant entitles the holders to acquire one (1) additional common share of the Company at a price of $0.10 per share for a period of two years from the dates of closing of the private placement.

All securities issued under the private placement are subject to a four month hold period from the closing dates. The Company agreed to pay aggregate finders’ fees of $80,000, of which, $40,000 is payable on this tranche of the private placement.

The private placement is subject to final acceptance for filing by the TSX Venture Exchange.

On April 18, 2012, the Company and BGMI entered into a Framework Agreement pursuant to which BGMI and its associates agreed to invest $1,000,000 in units of the Company.  BGMI also agreed to fund up to CAD$3,500,000 of approved exploration expenditures on the Company’s Balkans Property in the Republic of Serbia, to be incurred within a period of three (3) years.  BGMI 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.  The Company and BGMI continue to explore the Balkans Property in a joint venture.

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.