Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “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:
- 2024 metres of drilling completed.
- 1243 gravity data points completed on the Valjevo East and Blace concessions.
- 460 AMT points collected.
Planned work programs for remainder of 2013:
- Completion of drilling.
- Core logging/assaying.
- Comprehensive data compilation in preparation for Phase 3 exploration program planned for spring 2014.
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 of Directors
Marc Morin, President & CEO
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.
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