VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 25, 2013) - Ultra Lithium (News - Market indicators)(FRANKFURT:QFB) ("the Company" or "Ultra") is pleased to announce that drilling has commenced on the Company's lithium and boron targets in Serbia. The initial phase of drilling will consist of approximately 3,500 meters of core in 7 holes testing anomalous AMT targets in the Blace and Valjevo East prospecting licenses. The first four drill holes will test the Blace prospecting license, and the subsequent three drill holes will test targets at the Valjevo East prospecting license. The Company has commissioned a second drill rig which will be mobilized to the property within the next 2 weeks.
Ultra currently holds a total of 7 prospecting licenses, covering an area of approximately 643 square km. within well-defined sedimentary basins throughout Serbia. Under new mining laws each license has a 3 year term, extendable up to a total of 7 years.
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.
For more technical information on Ultra's Balkans Project, please refer to: http://ultralithium.com/properties/balkans/
ULTRA LITHIUM INC.
On behalf of the Board,
Marc Morin, CEO
Statements in this press release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the closing may not occur for any reason. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) the inability of the parties to consummate the definitive letter agreement; (ii) fluctuation of mineral prices; (iii) a change in market conditions; (iv) the inability to produce the technical report for any reason whatsoever; and (v) the refusal of the Exchange to accept the proposed transaction for any reason whatsoever. Except as required by law, the Company does not intend to update any changes to such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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