Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) 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://ultraresourcesinc.com/properties-balkans/
On behalf of the Board of Directors
Marc Morin, President & CEO
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.
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