Ultra Resources Provides Update on Lithium Projects

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) is pleased to provide an update on its lithium projects and plans moving forward. The Companyhas a diversified portfolio of lithium properties which include two hard rock lithium projects in Northwestern Ontario, Canada and a brine lithium project in Catamarca Province, Argentina, as summarized below:

Georgia Lake / Forgan Lake Pegmatites

The Georgia Lake / Forgan Lake project is a spodumene type hard rock lithium deposit in Northwestern Ontario, Canada, and is supported by excellent infrastructure. The following lithium pegmatites are located on these properties.

  1. Forgan Lake Pegmatites – Six spodumene-bearing pegmatites (Number 1 to 6) which are mostly parallel to the metasediments and are considered as sills. Historical exploration work included 39 drill holes, aggregating 10,561 feet (3,218.8m) drilling. Surface samples and drilling results shown values in the range of 1.98% to 6.93% lithium oxide (Li2O).
  2. Jean Lake Pegmatites– Three known pegmatite deposits, each 200 to 500 m long and 2-15 m wide with 1-2% Li2
  3. Vegan Pegmatite– has been traced for 2,000 feet (609 m) through diamond drilling, it is average 16 feet thick (5 m), strikes N75°W and dips 35°- 45° NE.
  4. Lucky Lake Pegmatites– A series of pegmatites which are in extension of the Forgan Lake pegmatites optioned from International Lithium Inc.
  5. Swanson Beryl Pegmatites– Multiple pegmatites with beryl mineralization.

In 2019, the Company successfully collected high grade lithium samples from Forgan Lake Number 1 pegmatite to evaluate the possibility of producing small scale lithium oxide concentrate for further metallurgical testing to produce lithium carbonate. The results of three samples show lithium values of 6.93% Li2O (sample 152951), 6.90% Li2O (sample 152952), and 4.88% Li2O (sample 152953).

Laguna Verde Brine Lithium Project, Catamarca Province Argentina

  • Laguna Verde is a new brine lithium discovery where exploratory sampling conducted by Ultra Resources indicate lithium values in the range of 34.2 to 1,270 milligrams per liter (mg/L) or parts per million (ppm), magnesium values less than 1 to 7,920 ppm, potassium 804 to 15,800 ppm, and boron 65 to 2,190 ppm. The Laguna Verde area is marked by low magnesium to lithium ratios, in the range of zero to 10.2.
  • In 2018, the Company also completed a 39.2-line- kilometers of ground geophysical survey along eight exploration lines on the property, with azimuth of 137 degrees and 47 degrees from north. Total 312 Time Domain Electromagnetic (TDEM) points and 430 gravity points were measured at a spacing of 100 metres.
  • The survey results indicate high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a potential brine basin of 23 square kilometres and a thickness of 100 to 150 meters. Main points of the geophysical survey interpretation are provided below:
    • The core area of 3.4 square kilometres (km2) is with resistivity below 3 ohm and can be used for brine extraction on trial basis if feasible. The size of this core zone salar increases to 5.81 square kilometers at 125 m depth and to 9.44 square kilometres at 225 m depth below surface.
    • A potential salar area of 23 km2is calculated based on the g-shaped area of gravity around the core zone. The surface of this salar area is covered by a high resistivity layer which is underlain by aeolian sediments and salt deposits. This interpretation willbe confirmed by drilling and sampling.
  • Gravity survey interpretation shows a major fault system exists to the east of the Laguna Verde Salar representing a 2.4-kilometer-thick Cenozoic basin,which requires further research.
  • In 2018, a bench scale evaporation test of approximately 4,000 litres of brine sample from Laguna Verde was carried out in Ultra Argentina laboratories located in Salta. The density of the original brine sample was 1156 and its lithium concentration was 391 ppm.
  • Two types of evaporation tests were conducted. The first test included evaporating 179 litres of brine sample in an external pool located outside to match the natural evaporation conditions. The results indicate that in a period of five months, the brine volume was reduced from 16 cubic metres (m3) to 3 m3and lithium concentration increased from 391 to 6,760 ppm. Major salts produced during this process were Halite, Felsobanyaite, Silvite, Lithium Sulfate and Potassium, Carnalite, Kainite and Gypsum.
  • The second test was conducted inside in controlled conditions. The results indicated that the original brine volume of 2,326 m3was reduced to 85.06 m3and the lithium concentration went up from 391 to 7370 ppm.

Plans Moving Forward

Due to soft lithium market and COVID 19 pandemic situation, the Company was not able to do any work on its lithium assets in 2020 but will start working as soon as the situation improves, and travel is permitted. The Company’s focus and accomplishment for 2020 was completion of metallurgical test work for its gold projects in Argentina, and detailed studies and information compiling on lithium and gold projects in Argentina and Canada.

The Company plans to continue exploration work on its lithium projects from where they were left in 2019 beginning with advanced exploration work on the geophysical survey targets identified at the Laguna Verde brine project.

The Company will also be applying for permits to take bulk samples for further test work from various pegmatites on the Georgia Lake and Forgan Lake properties in northwestern Ontario, Canada.

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 holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan 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
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

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.

Ultra Resources Metallurgical Testwork Shows 94.34% Gold Recovery for La Rioja Gold Project in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) is pleased to announce that it has received final results of metallurgical testwork for the bulk sample from its 100% owned Chepes Gold Project in La Rioja Province, Argentina. The testwork was contracted to Yantai Xinhai Mining Research & Design Co., Ltd., Shandong, China (“Xinhai”) and the results show an overall recovery of 94.34% gold using a combination of gravity separation, copper masking and leaching using CNLITE reagent. The bulk sample was comprised of two samples with a total weight of 849 kilogram collected from the Callanas and Al Espinillo mining licenses (See Company’s news release dated July 9, 2020).

Metallurgical Testwork Highlights

  • The goal of testwork was to focus on gold recovery from the mineralized rock which is in an oxidized state. Initial head sample assay 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).
  • The test results indicate that when the mineralized rock is ground to -200 mesh, gravity concentrates can be obtained, with a yield of 33%, with gold grade of 1,530 g/t. Overall gold recovery is 38.19% using gravity. The gravity tailings have a gold grade of 8.20 g/t and were taken as feeding material in the following tests.
  • When gravity tailings are treated through pre-leaching by adding a masking agent, then enter into the leaching process with lime as a protective alkali and CNLITE as the leaching agent, the gold leaching rate reaches 90.85% under leaching time of 24 hours, and 91.95% under leaching time of 48 hours. Gravity concentration combined with leaching can realize an overall recovery rate of 94.34% (38.19%+61.81%*90.85%) and 94.41% (38.19%+61.81%*91.95%) under a leaching time of 24 and 48 hours, respectively.
  • According to Xinhai, CNLITE is a new environmentally friendly gold leaching reagent produced by the Xinhai Group.  CNLITE is being used in some countries as an alternative to traditional cyanide as gold extraction agent. Cyanide is a highly toxic reagent. CNLITE has the benefits of environmental protection, high leaching rate, fast recycling and high cost effectiveness. In addition, the use of CNLITE does not change the existing cyanidation process and gold extraction equipment.

Dr. Weiguo Lang, CEO of Ultra Resources, stated, “We are very pleased with the outcome of metallurgical testwork which is an efficient and cost-effective process due to the use of CNLITE instead of traditional cyanidation. Its nontoxic and environmentally friendly features will be helpful in permitting and community approval. The Company’s goal is to continue exploration on its projects to create new jobs for the community and install a gold extraction plant as soon as possible to start processing mine dump material available at the Callanas and Al Espinillo mines”.

Fig 1. Leaching Process Flow Diagram

About Yantai Xinhai Mining Research & Design Co

Shandong Xinhai Mining Technology & Inc. 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 (mining licenses). 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 several 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
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

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.

Ultra Resources Assays 13.41 Grams per Ton Gold and 32.15 Grams per Ton Silver on Head Samples for Metallurgical Testwork from La Rioja Project, Argentina

Vancouver, BC – Ultra Lithium 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
F: +1-604-909-4682
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

UnitSample # 101Sample # 102Average

Weight

KG464.00385.00

424.50

Au

g/t11.4315.38

13.41

Ag

g/t25.1039.20

32.15

Cu

%0.510.42

0.47

Pb

%2.253.30

2.78

Zn

%0.561.36

0.96

TFe

%7.097.80

7.45

S

%0.210.29

0.25

C (Total)

%0.33

0.45

0.39

C (Solid)

%0.120.16

0.14

PbO/Pb

%1.602.53

2.07

As

%<0.01<0.01

<0.01

Sb

%<0.01<0.01

<0.01

SiO2

%76.9174.60

75.76

Al2O3

%3.383.03

3.21

CaO

%0.680.86

0.77

MgO

%0.780.39

0.59

TiO2%0.120.13

0.13

K2O

%0.890.78

0.84

Na2O

%0.0880.085

0.09

ZnO/Zn%0.511.30

0.91

 

Table 2: Results of Copper Phase Analysis

Sample No.

Copper Phase AnalysisCopper 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.

Ultra Resources Begins Metallurgical Testwork for La Rioja Gold Project in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) is pleased to announce that it has shipped two bulk samples with a total weight of 849 kilograms from its Gold Project in La Rioja Province, Argentina to China for metallurgical testing. Bulk sample # 101 is from Callanas mining license and #102 is from Al Espinillo mining license. To make it a representative sample of mineralization style on the property, the sample was collected from multiple quartz veins (464 kilograms) and the historical dump material (385 kilograms) from each mine as summarized below:

Callanas Mine (Sample 101)
The sample was taken from two locations at the Callanas VI quartz vein area. The first location is an old exploration camp site where a 3.5-metre-thick quartz vein is exposed within a 40 metre deep historical workings. The vein has a strike of 130° dipping vertically. Mineralization is in the form of malachite, limonite, and other sulfides with silicification / sericite alteration. The dump material is located40 metres to the north of the pit around the old camp site. The second location is from and old incline where 1.5-metre-thick quartz vein is exposed, shows massive hematite alteration, high density, with a strike of 110° and vertical dip. The Dump sample was taken from the material piled at the edges of the incline.

Al Espinillo Mine (Sample 102)
The sample was taken from the edge of a 40 metre deep historical mine workings where an approximately four-metre-wide fractured quartz vein having a strike of 110° dipping vertically is exposed. Mineralization is in the form of malachite, chalcopyrite, and other sulfides. Sericite and copper oxide alteration is common. The dump material is located around the old mine workings.

About the Metallurgical Testwork
The Company has contracted Yantai Xinhai Mining Research & Design Co., Ltd., Shandong, China (“Xinhai”) to carry out the following metallurgical testwork.

  1. Head grade sample analysis for gold, silver, and other elements.
  2. Particle size analysis: The sample will be screened into several fractions to measure the contents of each fraction and distribution rate of various metals.
  3. Determination of true density and bulk density of the mineralized rock.
  4. Determination of mineral processing technical parameters and process flows of gold recovery from the samples.
  5. As the sample represents a polymetallic mineralized material, containing gold, silver, copper, lead, zinc, etc. The test will focus mainly on gold recovery.
  6. The preliminary test scheme for mineral processing of the bulk sample is the gravity concentration plus nonconventional environmentally friendly gravity tailings leaching tests.
  7. If other valuable elements such as copper have influence on gold recovery, the corresponding recovery process will be carried out to improve the recovery rate of gold.
  8. Conduct dehydration test on mineral processing products.
  9. Based on the test results and considering the requirements of capacity and other conditions of mineral processing designs, Xinhai will provide recommendations for equipment selection, water and electricity requirements and other economic parameters.

Dr. Weiguo Lang, CEO of Ultra Resources, stated that, “Although we are facing tough challenges due to the Global Pandemic effects of COVID-19, the Company has been very successful in keep things going on the projects side. The metallurgical testwork will be a leap forward in developing small scale production plans to process available historical dump material at our La Rioja Gold mines while exploring the underground gold resources based on the historical exploration work by JICA and ASGO.”

Shandong Xinhai Mining Technology &amp; Equipment Inc. | LinkedIn

About Yantai Xinhai Mining Research & Design Co
Shandong Xinhai Mining Technology & Inc. 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
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

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.

Ultra Lithium Announces Name Change to Ultra Resources

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announces that the Company will change its name to “Ultra Resources Inc.” The Company, pursuant to the Board Resolution, has filed the Articles of Amendment for the name change effective December 2, 2019. Concurrent with the proposed name change, the Company will adopt “ULT” as the new trading symbol for its common shares. The proposed name change is subject to the approval of the TSX Venture Exchange.

No action will be required by existing shareholders with respect to the name change. Issued share certificates representing common shares of the Company will not be affected by the change of name and will not need to be exchanged. The Company encourages any shareholder concerns in this regard to be directed to such person’s broker or agent.

The Company’s new website will be www.ultraresourcesinc.com

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium and gold assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. Ultra Lithium recently diversified its portfolio by adding a total of 3 gold exploration and 13 gold mining licenses in Argentina, which it has commenced developing.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

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.

Ultra Lithium Mineralogy Research Study Indicates 79.38% Gold as an Independent Mineral in Rock Samples Assayed from ULI’s Argentinian Gold Properties

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announces that the Company has received the Mineralogy Research Study Report from the Material Composition Department of Kunming Metallurgical Research Institute (KMI) China. The study results show that the average gold content in the samples is 35.916 g/t, with 79.38% gold occurring in the form of an independent mineral, which can be recovered through gravity separation.

Ultra Lithium moves forward with gold projects
“The research work carried out by KMI is a significant milestone for our Argentinian gold projects. This study provides a basis for designing a pilot scale gold processing plant to determine the viability of processing mining dump material on each historical mine site,” according to Dr. Weiguo Lang, CEO of UltraLithium. “Presence of over 79% free goldin rock samples is an important finding of thestudy.This will enable the Company to achieve a high recovery rate at low costs, as well as saving future capital expenditures forthe processing and metallurgical test work.”

Research Highlights:

1)      The mineralization is composed of 9 categories of 26 types of minerals, including natural elements, sulfide, oxide, silicate, carbonate, sulfate, phosphate, vanadate and halide, among which oxide accounts for 78.86%, carbonate accounts for 7.64%, silicate accounts for 7.46%, sulfate accounts for 3.48% and other smaller ones.

2)      By crushing the mineralized rock to -0.3mm (screening rate > 99%), the cumulative distributions of embedded particles sized above 400 mesh (0.038mm) are:

  • i.     Quartz: 99.86%
  • ii.     Muscovite: 98.86%
  • iii.     Chrysocolla: 98.86%
  • iv.     Limonite/hematite: 99.21%
  • v.     Malachite: 99.80%
  • vi.     Atacamite: 99.52%

3)      The mineralized rock crushing to 0.3 mm (sieving rate > 99%), dissociation detections of fully dissociated minerals are:

  • i.     Quartz: 99.86%
  • ii.     Muscovite: 51.39%
  • iii.     Chrysocolla: 39.67%
  • iv.     Limonite/hematite: 44.11%
  • v.     Malachite: 55.85%
  • vi.     Atacamite: 21.09%

4)      Average gold content in samples is 35.916 g/t. Main minerals bearing gold are natural gold, quartz, muscovite, chrysocolla, limonite, hematite, malachite and atacamite. There are two types of gold occurrence: one in an independent form occurring in natural gold accounted for 79.38%, and the other form of mechanical mixing in quartz, muscovite, chrysocolla, limonite, hematite, malachite and atacamite (unable to be identified by optical microscope or scanning electron microscope).

5)      Average copper content is 2.45%. Copper mainly occurs in malachite, atacamite and chrysocolla, and a small amount occurs in covellite, calcite and brochanite.

6)      Average lead content is 5.87%. Lead mainly occurs in cerusite and sardianite, and a small amount of lead occurs in chervetite.

7)      The gold distribution in rock is relatively concentrated, with the distribution of natural gold in the main gold-bearing minerals reaching 79.38%. It is suggested that this part of the gold minerals can be largely recovered through gravity separation.

8)      The host rock is mainly composed of massive structures. Some metal minerals, such as limonite and hematite, are sparsely disseminated in the rock, forming a sparse disseminated structure of mineralization. The main structure of metallic minerals is its granular structure, and the main structure of gangue minerals is unequal granular crystallablasstic texture.

9)      By microscopic observation, X-ray diffraction analysis, hand panning, electron microprobe analysis and MLA analysis, the results show the natural elements in the rock are as follows: sulfide, oxide, silicate, carbonate, sulfate, phosphate, vanadate and halide in nine categories of 26 kinds of minerals, including oxide (78.86%), carbonate (7.64%), silicate (7.46%), sulfate (3.48%) and other small amounts.

10)    Analyses of microprobe and single mineral chemistry confirmed that quartz, muscovite, chrysocolla, limonite, hematite, malachite and cerusite are the main carrier minerals of gold. Mixed rock with -2mm particle size was taken, shrunk and broken to size of -0.3mm, and prepared into MLA resin sample for analysis. The results are as follows:

  • Quartz – mainly 6.8 to 300 microns (cumulatively reached 98.06%);
  • Muscovite – mainly 3.4 to 212 microns (cumulatively reached 98.86%);
  • Chysocolla – mainly 3.4 to 212 microns (cumulatively reached 98.86%);
  • Limonite/hematite – mainly 4.8 to 300 micron (cumulatively reached 99.21%);
  • Malachite – mainly 6.8 to 150 microns (cumulatively reached 98.00%);
  • Atacamite – mainly 4.8 to 106 micron (cumulatively reached 98.17%).

Figure 1: Photo showing natural gold morphology phase.

Grab Sample Testing
A total of three grab rock samples were collected from dump material located near the historical mining areas of the newly acquired gold mining licences. These samples were taken for property acquisition due diligence purposes and were tested in two independent laboratories: SGS Laboratories in Burnaby, Canada, and Kunming Metallurgical Research Institute (KMI), China (see Company’s news release dated July 09, 2019). Ultra Lithium also requested KMI was to complete a mineralogy research study.

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 Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium and gold assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. Ultra Lithium recently diversified its portfolio by adding a total of 3 gold exploration and 13 gold mining licenses in Argentina, which it has commenced developing.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

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.

Ultra Lithium Assayed Up to 54.77 G/T (1.93 OZ) Gold in Rock Samples from Mining Licenses in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announces assay results of rock samples from their newly acquired Gold Mining Licenses in La Rioja Province, Argentine. A total of three grab rock samples were collected from dump material located near the historical mining areas of three mining licenses. These samples were taken for property acquisition due diligence purposes and were tested in two independent laboratories: SGS Laboratories in Burnaby, Canada, and Kunming Metallurgical Research Institute (KMI), China.

Figure 1 – Espinillo Mine – Sampling from Quartz Vein- Showing vein width 2 – 3 metres.

Gold Assay Results from 7.44 to 54.77 Grams per Ton
The results of samples analyzed at SGS Canada Laboratories indicate gold values in the range of 7.44 gram per ton (g/t) to 54.77 g/t(1.93 oz/t), silver 54 g/t to 125 g/t, copper 0.24 percent (%) to 1.24%, lead 0.09% to 22.90%, zinc 0.02% to 5.01%, iron 2.27% to 28.90%, and vanadium 0.01% to 3.07%.

A comparison of assay results for selected elements from both laboratories is provided in Table 1 with location of samples provided in Table 2.

Gold Mining Licenses Transferred To Ultra Lithium’s Argentinian Subsidiary
Following the approval from La Rioja Ministry of Mines, the titles of ULI’s recently acquired thirteen gold mining licenses have been transferred into the name of Ultra Argentina S.R.L., a wholly owned subsidiary of Ultra Lithium Inc. Under Argentinian mining laws, the exploration licenses grant the titleholder the right to prospect and perform exploration activities for a limited period of time. Whereas, the mining licenses grant the titleholder the right to develop, mine and extract minerals without any time limits.

Figure 2 – Quartz vein samples showing mineralization.

Ultra Lithium’s Plans Going Forward
Dr. Weiguo Lang, CEO of UltraLithium, stated that, “These assay results helped the Company to acquire three exploration licenses through direct staking and 13 additional mining licenses through acquisition. The Company has collected over 800-kilograms of mineralized material from existing dumps and quartz veins for testing in a metallurgical laboratory. Our field team is currently estimating the volume of mineralized material at our historical mine dumps. These estimates will provide a guide for developing a pilot scale gold processing plant in the area. Based on the assay results and field geological studies, a polymetallic gold vein deposit model is being considered for further project exploration work. The amount of free recoverable gold will be a significant factor in determining the pilot plant design. Additionally, the Company has acquired historical geological geophysical maps, reports and data which are being evaluated to enable us to launch a focused prospecting and geological mapping program to find additional prospective areas with quartz veins on the properties.”

CAUTIONARY NOTE: Grab surface samples discussed in this news release were taken from historical mine dumps and are not necessarily indicative of mineralization on Ultra Lithium’s properties.

Table 1: Assay Highlights 

Sample ID 

19cal-01

19cal-03

19esp-05

Element

Unit

KMI ChinaSGS CanadaKMI ChinaSGS CanadaKMI China

SGS Canada

Gold (Au)

g/t

17.347.4421.0910.9824.54

54.77

Silver (Ag)

g/t

85.874.00114.3125.00103.9

54.00

Copper (Cu)

%

0.800.241.000.953.00

1.24

Lead (Pb)

%

4.009.579.0022.900.30

0.09

Zinc (Zn)

%

0.020.053.005.010.09

0.02

Iron (Fe)

%

8.0028.906.006.141.00

2.27

Vanadium (V)

%

0.200.210.063.070.040.01

Notes: N.A. – Not analyzed or below detection limits

Table 2: Sample Location

Sample ID

AREA / MINING

LICENSE

LOCATION

Gauss Kruger                                Geographic

19esp-05

ESPIILLO II

3468569, 6512375

31 41 47,6 S

66 21 38,0 W

19cal-01

CALLANA VI

3465818, 6493704

31 46 26,5 S

66 21 26,6 W

19cal-03

CALLANA V

3466116, 6494355

Laboratories Used
Samples were analyzed in two different laboratories using the following packages / techniques.

Element / Package selected

SGS CANADA

KMI CHINA

Gold by Fire AssayGold by Fire Assay, package GO_FA303Gold and Silver by Fire Assay (Code: CF20190131)
All other elementsGE_ICP40BCF20190131-1to6 X-ray fluorescence spectral analysis
Over limit packagesGC_AAS42V for silver, GO_ICP90Q for copper, manganese, iron, lead, zinc, GC_ICP93A for vanadium, GE_CSA06V for sulphur

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 Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium and gold assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. The Company recently diversified its portfolio by adding a total of 3 gold exploration and 13 gold mining licenses in Argentina, which it has commenced developing.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

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.

Ultra Lithium Acquires 13 Additional Gold Mining Licenses In Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announced today the Company has signed an agreement with a local vendor to acquire thirteen gold mining licenses in Chepes Area, La Rioja Province, Argentina (the “Chepes licences”). The Chepes licences are located on past producing historical gold mines, which are considered favourable for exploration of gold and copper. Historically quartz veins were mined for gold and copper in this area from1880 to 1914.

Ultra Lithium Enlarges Diversification Program by Adding 13 Gold Mining Licenses
Under the agreement, a total of thirteen gold mining licenses covering 508 hectares were acquired by making cash payments of US $2,000 per license. The Company will pay the vendor 10% of the profit from any future production from the Chepes licences. Ultra Lithium also agreed to pay the vendor 5% of the profit from any future production from its ULTRA I, ULTRA II, and ULTRA III exploration licences which are in the vicinity of the newly acquired Chepes licences. The ULTRA exploration licences were staked earlier this year (see news release dated June 5, 2019).

Fig 1. the Espinillo II historical gold processing plant and Fig 2. mine shaft showing quartz vein both part of Ultra Lithium’s newly acquired Chepes licences.

The Chepes area is known for its gold mines and prospective quartz veins in shear hosted granodiorite rocks of early Paleozoic age. Several of the newly acquired mining licenses have historical mining dumps containing quartz vein material. In 1993, the Japan International Cooperation Agency (JICA) studied this area providing information on 30 different gold mineralization locations and historical mines. JICA carried out geological mapping, surface sampling, ground geophysical surveys and some drilling in the Chepes Area. The Company is in the process of compiling the historical geological and exploration data on the Chepes licenses to plan and develop future work programs.

Geologically, these properties are underlain by tonalite, granodiorite, migmatites and amphibolite rocks from the Precambrian to Paleozoic age. Gold mineralization is typically associated with epithermal style shear hosted quartz veins. The mineralization is in the form of alteration zones of hematite, limonite, pyrite, chalcopyrite, goethite and galena with occasional free gold.

Assembled A Highly Prospective 30,000 Hectacre Package of Gold Properties
Dr. Weiguo Lang, CEO of UltraLithium, stated that, “We are very pleased with the acquisition of the 13 Chepes mining licencesproviding the Company with near term targets for further exploration. The Company now has a land package of approximately30,000 hectacres. Our technical team iscurrently evaluating quantities of historically mined oreson the grounds of the thirteen mineswith the objective of establishing apilot scale gold processing plant on site. An exploration work plan will also be developed based on the initial evaluation and sampling of historical mine dumps and in situ quartz vein material.”

CAUTIONARY NOTE: The historical information presented above was sourced from the JICA Report entitled, “Informe Sobre Exploracion de Minerales del Area Oeste de la Republica Argentina, Fase II” (March 1994). It is relevant for the further exploration of the project, which the Company intends to undertake in the future. A qualified person has not completed sufficient work to verify the results and the foregoing is presented for informational purposes only and should not be relied upon. 

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 Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. Ultra Lithium recently diversified its portfolio by adding a total of 16 gold exploration licenses 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
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

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.

Ultra Lithium Diversifies with the Acquisition of Three Gold Exploration Licenses in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) announced today the Company has acquired three gold exploration licenses in the Chepes Area located in La Rioja Province, Argentina. The exploration Licenses:ULTRA I, ULTRA II and ULTRA III covering 27,900 hectares land were acquired by direct staking through Ultra Argentina SRL, a wholly owned subsidiary of Ultra Lithium Inc. The property surrounds a number of historical producing gold mines and is considered a favourable area for the successful discovery of gold.

Ultra Lithium’s Diversification Program
“While continuing exploration and development of our lithium projects in Canada and Argentina, the Company has developed a well-planned diversification strategy for gold projects. The acquisition of three new gold exploration licenses is our first step in this direction,” stated Dr. Weiguo Lang, CEO of UltraLithium. “The Company’s strong presence in Argentina has enabled us to acquire this large gold exploration property covering 27,900 hectares and continue to expand our gold assets through acquisitions.”

Governor Sergio Casas of La Rioja meets with Ultra Lithium team

Three Mining Licences in Historical Gold Mining Area
The Chepes area has several historical gold mines and the area contains prospective quartz veins in shear hosted granodiorite rocks of early Paleozoic age. These gold veins have been mined for over one hundred years. In 1993, Japan International Cooperation Agency (JICA) studied this area and provided information on 30 different gold mineralization locations and historical mines. JICA conducted geological mapping, surface sampling, ground geophysical surveys, as well as some drilling in the Chepes Area. Based on this historical data, the Ultra Lithium team is currently compiling historical geological and exploration information to develop future work programs on the three new exploration licenses.

Geologically, the gold exploration area is underlain by tonalite, granodiorite, migmatites and amphibolite rocks of Precambrian to Paleozoic age. Gold mineralization is typically associated with epithermal style shear hosted quartz veins. Mineralization is in the form of alteration zones of hematite, limonite, pyrite, chalcopyrite, goethite and galena with occasional free gold.

Old gold mine works with mine tailings in the foreground

Local newspapers reported on Governor Sergio Casas of La Rioja’s meeting with the Ultra Lithium team

CAUTIONARY NOTE: The historical information presented above was sourced fromthe JICA Report entitled, “Informe Sobre Exploracion de Minerales del Area Oeste de la Republica Argentina, Fase II” (March 1994). It is relevant for the further exploration of the project, which the Company intends to undertake in the future. A qualified person has not completed sufficient work to verify the results and the foregoing is presented for informational purposes only and should not be relied upon.

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 Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and two hard rock spodumene type lithium properties in the Georgia Lake area in northwestern Ontario, Canada. As of June 2019, Ultra Lithium has diversified its portfolio by adding three gold exploration licenses 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
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

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.

Ultra Lithium Closes Private Placement

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) is pleased to announce that it has completed the sale of 22,883,413 units at $0.06 per unit for total gross proceeds of $1,373,005. Each Unit is comprised of one common share and one-half non-transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.12 per share for a period of two years from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.20 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given. The Company paid finders fees 2,205,833 units for this placement.

The proceeds from the Private Placement will be used to fund the exploration of the Company’s Argentine properties and for general working capital purposes.

All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to final approval by the TSX Venture Exchange..

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 Ultra Lithium Inc.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds brine exploration properties in Catamarca, Argentina and Nevada, USA and two hard rock spodumene type lithium properties in Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

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.