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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - Ultra Lithium Inc. (News - Market indicators) ("the Company" or "Ultra") 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.
- Field work completed on Blace, Ladjevci, Preljina, Valjevo, Koceljeva and Trnava concessions.
- Several anomalies were identified.
- Commenced sampling program to test surface outcrops.
Marc Morin, Ultra Lithium's President & Chief Executive Officer said, "We are very encouraged by the early exploration results to date. Several anomalies have been identified with two high priority targets. The interpretations from our initial AMT surveys will help prioritize our upcoming drill program in Serbia."
For more technical information on Ultra's Balkans property, please refer to: http://ultralithium.com/properties/balkans/
ULTRA LITHIUM INC.
On behalf of the Board
Marc Morin, President & 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.
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