Ultra Lithium Commences Geophysics on Balkan Properties, Serbia

Mon Jul 23, 2012 9:30am EDT

* Reuters is not responsible for the content in this press release.

  VANCOUVER, BRITISH COLUMBIA, Jul 23 (MARKET WIRE) --
Ultra Lithium Inc. (TSX VENTURE:ULI) ("the Company" or "Ultra") is
pleased to announce that geophysical crews have commenced a comprehensive
audio-magnetotelluric survey (AMT) on the Company's 643 km2 land package
in the Republic of Serbia. Data will be used to interpret basin geometry
and identify potential lithium and boron bearing horizons.

    Ultra's seven mineral exploration licenses are situated within
well-defined sedimentary basins throughout Southern Serbia.

    The geophysical surveys are part of a Phase I exploration program
designed to delineate drill targets by carrying out geophysical surveys,
geological mapping and soil sampling. Geophysical surveys and
interpretations are being carried out by Beijing Explo-Tech Engineering
Co. ("BETEC") of Beijing, China. The survey will commence over previously
mapped alteration zones and be expanded to cover the remainder of the
properties. A total of 19 lines of AMT measurements totaling over 200 km
in length, with 800 AMT measuring points, will be completed within the
next three months. To complement the AMT survey results, The Company
plans to acquire additional gravity measurements at the same time.
Further geophysical surveys will then be planned once preliminary results
have been compiled and assessed.

    "We look forward to rapidly delineating lithium and boron targets and
fast tracking evaluation of our highly prospective properties in Serbia.
We are anticipating that our geophysics program will provide a
significant number of compelling new drill targets," said Marc Morin,
Ultra's President and CEO.

    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 property, please refer
to http://ultralithium.com/properties/balkans/.

    Balkans Property Highlights:


--  643 km2 of lithium/boron mineral exploration licenses in the Republic of
    Serbia 
--  All seven exploration concessions are within well-defined sedimentary
    basins 
--  Proximity to infrastructure (rail/road/sea), (electricity), and (labour
    force) 
--  Ultra has 100% ownership of its exploration licenses 
--  Rio Tinto is completing a $27 million pre-feasibility study & projecting
    production for 2016(1) 
--  Rio Tinto's Jadar deposit could produce up to 20% of the current
    worldwide annual lithium demand(1) 
--  Off the shelf technology can process Jadarite ore(2) 


    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.

    We seek Safe Harbor.

    Sources:

    (1) Serbian Lithium Under Focus, Critical Materials for Green Energy,
September 2011

    (2) Jadar Project, IM Lithium Conference, Santiago, 28th January 2009

    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.

Contacts:
Ultra Lithium Inc.
Mr. Marc Morin
President and CEO
604-669-9788
www.ultralithium.com

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