ULTRA LITHIUM INC. — TSX.V-ULT

Archive for category: News Releases

Ultra Lithium Finalizes Joint Venture Terms With BGMI On Balkans Project In Serbia

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that further to its news release dated May 31, 2012, the Company has finalized terms with Beijing Guofang Mining Investment Co., Ltd. (“BGMI”) for the joint exploration and development of Ultra’s Balkans project.

Under the terms of the arrangement, a new Canadian company has been incorporated, Ultra Dragon Holdings Inc. (“Ultra Dragon”), which will hold the Balkans exploration licenses. BGMI may earn up to a 35% participating interest in Ultra Dragon by funding up to $3,500,000 of exploration expenditures (“Earn-in funds”) on the Balkans project. BGMI will earn a 5% participating interest for each tranche of $500,000 of the Earn-in funds to a maximum of 35% within a period of 3 years.

Ultra Dragon has received the initial capital from BGMI of $500,000 for a 5% interest in Ultra Dragon.

During the Earn-in period, all exploration expenditures will be funded by the Earn-in funds. After the Earn-in period, each of Ultra and BGMI will contribute for its proportionate share of exploration expenditures based on their 65% and 35% participating interests.

Marc Morin, CEO of Ultra, stated that: “We are very pleased to finalize joint venture terms with BGMI. The transaction facilitates the advancement of the Balkans project without increasing shareholder dilution. “

As announced on May 27, 2013, the agreement commenced Phase 2 exploration and geophysical crews have been mobilized to the properties.

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 Completes Second Tranche Of Private Placement

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement first announced on January 21, 2013. The Company has raised an additional $2,000,000 through the issuance of 40,000,000 units at $0.05 per unit. Combined with the first tranche which closed on March 12, 2013, Ultra has raised a total of $4,500,000.

Each unit consists of one common share and one-half of one common share purchase warrant (“Warrant”) of the Company. Each whole Warrant entitles the holder to acquire an additional common share of the Company at an exercise price of $0.10 per share for a period of two years from the date of issuance of the Warrant.

Ultra agreed to pay aggregate finders’ fees of $67,500 and 6,750,000 shares, being 9% of the total gross proceeds raised on the private placement.

All securities issued under this tranche of the private placement will be subject to a four month hold period expiring August 30, 2013, pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange (“Exchange”).

The net proceeds from the private placement will be used primarily to fund the exploration and development of the Company’s Balkans Project in the Republic of Serbia and for general working capital purposes.

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

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 Closes First Tranche Of Private Placement

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has closed the first tranche of its $4.5 million non-brokered private placement previously announced on January 21, 2013. Ultra Lithium raised $2,500,000 through the issuance of 50,000,000 units at a price of $0.05 per unit. Each unit consists of one common share and one common share purchase warrant of the Company. Each warrant entitles the holder to acquire an additional common share of the Company at $0.10 per share at any time until March 12, 2015.

Finders’ fees of $25,000 and 4,000,000 shares, being 9% of the gross proceeds raised, are payable on this tranche of the private placement.

All securities issued under the private placement will be subject to a four month hold period expiring on July 13, 2013, pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange (“Exchange”).

The proceeds from the private placement will be used primarily to fund the exploration and development of the Company’s Balkans Project in the Republic of Serbia and for general working capital purposes.

The Private Placement is subject to final acceptance for filing by the TSX Venture Exchange.

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 Arranges A Financing

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has arranged for a non-brokered private placement of units (the “Units”) of securities of the Company at a price of $0.05 per Unit for gross proceeds of up to $4,500,000. Each Unit will consist of one common share of the Company 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 $0.10 per share for a period of two years from closing of the private placement.

Finders’ fees may be payable in connection with this private placement in accordance with the policies of the TSX Venture Exchange (“Exchange”).

The proceeds from the private placement will be used primarily to fund the exploration and development of the Company’s Balkans Project in the Republic of Serbia 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 Exchange.

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 Announces Completion Of Geophysical Surveys On Balkans Properties

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce the completion of Audio-Magneto-Telluric surveys (AMT) on its Balkan Projects in the Republic of Serbia. Exploration is being conducted in search of lithium and boron bearing deposits. The geophysical surveys were conducted by Beijing Explo-Tech Engineering Co. (“BETEC”) of Beijing, China.

Independent geophysicists at BETEC are currently reviewing and compiling all of the data generated from the geophysical survey. Preliminary interpretation of the initial AMT profiles has identified high priority targets within several of the concessions. These early results have prompted the Company to conduct follow-up AMT grid surveys (with an average density of one sample per km2) on two high priority concessions.  The geophysical grids are now complete and will enable the Company to create detailed 3D models of the anomalies and help delineate specific drill targets to be tested in Q1 of 2013. Final interpretation of the geophysical data will be received prior to year end.

The Company also initiated a sampling program to test several outcrops and corroborate samples to the underlying anomalies.  We expect to receive assays in early 2013.

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 Appoints New Technical Advisor

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce the appointment of Dr. David I. Groves to the Company’s Advisory Board effective immediately.

Dr. David I. Groves, BSc Honours (1st class), PhD.
Dr. Groves received a BSc Honours (1st class) and PhD from the University of Tasmania. He joined the University of Western Australia (UWA) as Professor of Economic Geology and became Founder and Director of the Key Centre for Strategic Mineral Deposits (later the Centre for Global Metallogeny). Dr. Groves has a distinguished career as a geologist and educator and has been honored as a Fellow of Australian Academy of Science. Throughout his career, he has supervised over 250 graduates for BSc Honours, MSc or PhD degrees and authored or co-authored around 500 publications in economic geology.

He was President of the Geological Society of Australia, the Society of Economic Geologists (SEG) and the European Society of Economic Geologists (SGA) and has been awarded 11 medals for his research, including the SEG Penrose Gold Medal, the SGA-Newmont Gold Medal and the Geological Association of Canada Medal.  Before retirement from UWA as Emeritus Professor, he organized the foundation of the now successful Centre for Exploration Targeting at UWA. Since retirement, he has been awarded an honorary DSc from UWA and consulted to the exploration industry and investment groups on all continents, mainly for Canadian companies in Africa and Brazil.

Marc Morin, Ultra Lithium’s President & Chief Executive Officer said:
“We are extremely pleased to have someone of Dr. Groves’ caliber joining our advisory board. He will be an invaluable resource as we move forward in developing our highly prospective Serbian assets.”

About Ultra Lithium Inc.
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, USA and Serbia. The Company is focused in Serbia where, along with its partner Beijing Explo-Tech Engineering Co. (BETEC), an exploration program is now underway. This program includes field reconnaissance, mapping, geochemical sampling and geophysical surveys (gravity and audio magneto-tellurics.), for the purpose of determining drill targets.

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 Rio Tinto’s Jadar deposit with an inferred resource of 125.3Mt grading 1.8% Li2O and 13% B2O3 (1)
  • 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 demand(1)
  • Off the shelf technology can process Jadarite ore(2)

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.

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 Completes Second Tranche of Financing

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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.

Ultra Lithium Announces Geophysics Update On Serbian Properties

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) announces an operational update for the audio-magnetotelluric survey (AMT) currently underway on its Balkans Project in the Republic of Serbia.

Highlights include:

  • Field work complete on Blace, Ladjevci and Preljina concessions
  • 300 km² of ground geophysical surveys now complete across the Company’s 643 km² property
  • Approximately 400 AMT measuring points have been surveyed with remaining 400 points to be completed by October 2012
  • Geophysical work underway on Valjevo concession in same Valjevo Basin where Pan Global Resources’ have reported recent drilling success (click here for PGZ’s July 18 news release)

Marc Morin, Ultra Lithium’s President & Chief Executive Officer said:
“Ultra is actively exploring all seven of its exploration licenses in Serbia.  The interpretations from our initial AMT surveys will help prioritize our proposed drill program in Serbia.  The area is highly prospective for lithium, boron and jadarite mineralization and we are happy with the progress of the exploration campaign thus far.”

Operational Update
On July 23, 2012, geophysical crews commenced a comprehensive audio-magnetotelluric survey (AMT) on the Company’s 643 km² land package in Southern Serbia. The data is now being used to interpret basin geometry and identify potential lithium and boron bearing horizons.

The geophysical surveys are part of a Phase I exploration program designed to delineate drill targets by carrying out geophysical surveys, geological mapping and soil sampling. Geophysical surveys and interpretations are being carried out by Beijing Explo-Tech Engineering Co., (“BETEC”) of Beijing, China. The survey commenced over previously mapped alteration zones and has been expanded to cover the remainder of the property.

It is anticipated that a total of 19 lines of AMT measurements totaling over 200 km in length, with 800 AMT measuring points, will be completed by October 2012. To complement the AMT survey results, the Company also plans to acquire additional gravity measurements at the same time.

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 on behalf of the Company by Mr. Shahab Tavakoli, P.Geo, Geophysicist, M.Sc., a Qualified Person under NI 43-101.

For more technical information on Ultra’s Balkans property, please refer to: http://ultralithium.com/properties-balkans/

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 Commences Geophysics On Balkan Properties, Serbia

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that geophysical crews have commenced a comprehensive audio-magnetotelluric survey (AMT) on the Company’s 643 km² land package in the Republic of Serbia. Data will be used to interpret basin geometry and identify potential lithium and boron bearing horizons.

Ultra’s seven mineral exploration licenses are situated within well-defined sedimentary basins throughout Southern Serbia.

The geophysical surveys are part of a Phase I exploration program designed to delineate drill targets by carrying out geophysical surveys, geological mapping and soil sampling. Geophysical surveys and interpretations are being carried out by Beijing Explo-Tech Engineering Co., (“BETEC”) of Beijing, China. The survey will commence over previously mapped alteration zones and be expanded to cover the remainder of the properties. A total of 19 lines of AMT measurements totaling over 200 km in length, with 800 AMT measuring points, will be completed within the next three months. To complement the AMT survey results, The Company plans to acquire additional gravity measurements at the same time. Further geophysical surveys will then be planned once preliminary results have been compiled and assessed.

“We look forward to rapidly delineating lithium and boron targets and fast tracking evaluation of our highly prospective properties in Serbia. We are anticipating that our geophysics program will provide a significant number of compelling new drill targets,” said Marc Morin, Ultra’s President and CEO.

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 on behalf of the Company by Mr. Shahab Tavakoli, P.Geo, Geophysicist, M.Sc., a Qualified Person under NI 43-101.

For more technical information on Ultra’s Balkans property, please refer to: http://ultralithium.com/properties-balkans/

Balkans 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

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 Completes First Tranche Of Financing

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Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has closed the first tranche of its previously announced private placement with Beijing Guofang Mining Investment Co., Ltd., (“BGMI”). The Company issued 10,000,000 units to BGMI at a price of $0.05 per unit for gross proceeds of $500,000.00. Each unit consists of one common share of the Company and one common share purchase warrant (“Warrant”), with each warrant entitling BGMI to acquire one additional common share of the Company at $0.10 per share at any time until July 9, 2014. The securities issued under the private placement are subject to a four month hold period expiring November 10, 2012.

In the second tranche, BGMI and associates will subscribe an additional 10,000,000 Units at a price of $0.05 per unit for gross proceeds of $500,000.00. Upon completion of the second tranche, BGMI will become an insider of the Company and will hold 10.47% of the issued and outstanding common shares of the Company on an undiluted basis, and up to 17.84% of the common shares of a fully diluted basis.

A finder’s fee of $40,000 is payable on this tranche of the private placement.

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.