VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2013) - Ultra Lithium Inc. (News - Market indicators)(FRANKFURT:QFB) ("the Company" or "Ultra") is pleased to announce that geophysical crews have mobilized to Serbia to begin Phase 2 exploration work on the Company's 643 km² lithium and boron properties.
Following up on positive results from the Phase 1 program at the Valjevo East and Blace concessions, Ultra has commissioned Beijing Explo-Tech Engineering Co. to conduct comprehensive gridded audio-magnetotelluric (AMT) and gravity surveys over the Kragujevic, Tnarva, Koceljeva, Preljina and Ladveci concessions. The AMT survey will average one point per km2 for a total of 459 AMT points. In conjunction with the AMT survey, the Company plans to complete 120 km² of gravity survey over the Valjevo East and Blace concessions to complement Phase 1 results.
Data will be interpreted to refine basin geometry and identify potential lithium and boron bearing strata. The geophysical surveys are part of the Phase 2 exploration program that includes geological mapping, outcrop sampling and soil sampling.
Reconnaissance rock and soil sampling work conducted in the Phase 1 program returned inconclusive results due to the thick cover sequences that infill the basins at Valjevo East and Blace. With the additional geophysical surveys, the Company's geologists will be able to conduct target specific sampling programs in the Phase 2 work program.
Ultra has provided a request for tender to various drilling companies and is currently in the final stages of selection. The Company intends to conduct a 3,000 meter campaign at the Valjevo East and Blace concessions where high priority targets were identified in the Phase 1 exploration program.
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 Project, 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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