Vancouver, BC – Ultra Resources Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) is pleased to announce that it has commenced metallurgical testwork on bulk samples from its Gold Project in La Rioja Province, Argentina. Initial head sample assay work indicates average 13.41 grams per ton (g/t) gold (Au), 32.15 g/t silver (Ag), 0.47 percent (%) copper (Cu), 2.78% lead (Pb), and 0.96% Zinc (Zn).

Highlights – See Table 1 and Table 2 Below for Details

• Sample # 101 from Callanas Mines shows 11.43 g/t gold, 25.10 g/t silver.
• Sample # 102 from El Espinillo Mines shows 15.38 g/t gold, 39.20 g/t silver.
• Deleterious elements such as arsenic (As) and stibium (Sb) are below the laboratory’s detection limits of 0.01%.
• Based on multi elemental and copper phase analysis, Au, Ag, Cu, Pb and Zn in bulk samples are recoverable elements although final product range will be determined based on further tests.

As announced in the Company’s July 9, 2020 news release, two bulk samples with a total weight of 849 kilograms were collected from Ultra Resources’ Gold Projects in La Rioja Province, Argentina. These samples were shipped to Yantai Xinhai Mining Research & Design Co., Ltd., Shandong, China (“Xinhai”) to carry out metallurgical testwork. The bulk sample # 101 is from Callanas mining licenses and #102 is from El Espinillo mining licenses. To make it a representative sample of mineralization style on the Property, the samples were collected from multiple quartz veins (464 kg) and the historical dump material (385 kg) from each mine.

The samples were analysed for multi elements as shown in Table 1 by method DZ/T 0130.2-2006for sample preparation, and by Atomic Absorption Spectroscopy (AAS) using activated carbon (Method GB/T 20899.13-2017). Xinhai’s laboratories are accredited under “China National Accreditation Service” in accordance with ISO/IES 17025:2017 – General Requirements for the Competence of Testing and Calibration Laboratories (CNAS-CL01 Registration No. L9977). The results presented in the laboratory report are based on three parallel analyses and the weighted average value of the results of gravity concentration tests.

Dr. Weiguo Lang, CEO of Ultra Resources, stated that, “The results of head sample show  the merits of the La Rioja gold project as a good exploration target with over approximately 63,000 hectares of licensed areas including 13 mining licenses and 3 exploration licenses. We are looking forward to the detailed metallurgical testwork report which will not only include the process flowsheet but also plant design options for various levels of production of already-on-the ground high gold grade dump materials and potential underground mineralization reported in historical exploration information. The shareholders of Ultra Resources will benefit from near-term gold production by leveraging Xinhai’s rich experience in gold processing design and research.”

About Yantai Xinhai Mining Group
Shandong Xinhai Mining Technology & Equipment Inc. a member of the Yantai Xinhai Mining Group is a stockholding high and new technology enterprise to provide “Turnkey Solution for Mineral Processing Plant” including design and research, machine manufacturing, equipment procurement, management service, mine operation, mine materials procurement & management as well as industry resources integration. Up to now, with 500 mine EPC projects, mining technologies and experience of 70 kinds of ores and 112 patents, Xinhai has established overseas offices with products exported to more than 90 countries. For further information, please visit the Xinhai’s website at: http://www.xinhaimineral.com/en/about_4.html.

About La Rioja Gold Project
The gold project in the south of the province of La Rioja Argentina, consists of three prospecting and exploration areas and 13 manifestations of discoveries. Also, in the area there are several historical gold mines and quartz veins in granodiorite rocks hosted by early Paleozoic shearing. Gold mineralization is typically associated with epithermal style shear hosted quartz veins. Initial evaluation of dump material available for historical mines on the Property indicates approximately 25,000-30,000 tons of dump material is available for gold and other metals processing.

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 Resources Inc.
Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper, and lithium assets. The Company currently holds a brine lithium property in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

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

Table 1: Results of Multi Element Analysis

Analyte	Unit	Sample # 101	Sample # 102	Average
Weight	KG	464.00	385.00	424.50
Au	g/t	11.43	15.38	13.41
Ag	g/t	25.10	39.20	32.15
Cu	%	0.51	0.42	0.47
Pb	%	2.25	3.30	2.78
Zn	%	0.56	1.36	0.96
TFe	%	7.09	7.80	7.45
S	%	0.21	0.29	0.25
C (Total)	%	0.33	0.45	0.39
C (Solid)	%	0.12	0.16	0.14
PbO/Pb	%	1.60	2.53	2.07
As	%	<0.01	<0.01	<0.01
Sb	%	<0.01	<0.01	<0.01
SiO2	%	76.91	74.60	75.76
Al2O3	%	3.38	3.03	3.21
CaO	%	0.68	0.86	0.77
MgO	%	0.78	0.39	0.59
TiO2	%	0.12	0.13	0.13
K2O	%	0.89	0.78	0.84
Na2O	%	0.088	0.085	0.09
ZnO/Zn	%	0.51	1.30	0.91

Table 2: Results of Copper Phase Analysis

Sample No.	Copper Phase Analysis	Copper Content (%)	Ratio (%)
101	Copper in free copper oxide	0.26	50.98
	Copper in bonded copper oxide	0.035	6.86
	Copper in secondary copper sulfide	0.15	29.41
	Copper in primary copper sulfide	0.065	12.76
	Total	0.51	100.00
102	Copper in free copper oxide	0.17	40.48
	Copper in bonded copper oxide	0.046	10.95
	Copper in secondary copper sulfide	0.13	30.95
	Copper in primary copper sulfide	0.074	17.62
	Total	0.42	100.00

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.