ULI Ultra Lithium Inc

Ultra Lithium (TSX VENTURE:ULI)(FRANKFURT:QFB) ("the Company" or "Ultra") is
pleased to announce that it has executed a legally binding Framework Agreement
with Beijing Explo-Tech Engineering Co. Ltd. (BETEC) to explore and develop its
Balkans Project in the Republic of Serbia. In addition, Beijing Guofang Mining
Investment Co. Ltd. (BGMI) will complete a financing in the amount of C$1
million to ensure rapid advancement of the Company's exploration program.


This joint venture will allow Ultra to commence geophysical exploration work on
its seven highly-prospective, mineral exploration licenses in the Republic of
Serbia. Ultra anticipates two exploration crews in the field from mid-June to
commence "Magneto Telluric" surveys over all seven concessions. 


Highlights from the agreement include:



--  BGMI and associates will invest C$1,000,000 through the purchase of
    units of securities of Ultra at $0.05 per unit. Each unit will consist
    of one (1) common share of Ultra and one common share purchase warrant,
    with each warrant entitling BETEC to acquire one (1) additional common
    share of Ultra at $0.10 per share for a period of two (2) years.
      
--  BETEC undertakes and commits to fund up to CAD$3,500,000 of approved
    expenditures. Such expenditures will be incurred within a period of
    three (3) years.
      
--  BETEC will earn a five (5%) per cent equity interest in Ultra Balkans
    d.o.o., Ultra's wholly-owned Serbian subsidiary, for each CAD$500,000 of
    approved expenditures incurred and up to a 35% equity interest once the
    entire CAD$3,500,000 of qualified expenditures has been incurred.



Ultra Lithium's Chief Executive Officer Marc Morin commented: "This $4.5 million
investment strengthens our balance sheet and allows us to start our exploration
program which will include soil sampling, geophysics and a drilling program to
advance the Balkans Project. We are very excited to be working with our new
partners."


About Ultra Lithium:

Ultra Lithium Inc. is a junior explorer listed on the TSX Venture Exchange under
the symbol ULI. The Company is committed to the aggressive pursuit of properties
with high returns-on-investment and maximizing the value of assets through a
disciplined process of assessment and responsible acquisitions. Currently, the
Company holds exploration licenses in Ontario, Canada, Nevada, U.S.A and Serbia.



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)



About Beijing Explo-Tech Engineering Co. Ltd.

BETEC is a high-tech geological exploration enterprise which provides geological
exploration services, research, software development and technology support for
the mining industry. Areas of expertise include geological, geophysical,
geochemical and remote sensing. BETEC has 110 official employees. 


Terms of the proposed transaction:

As stated in the preceding highlights, under the terms of the framework
agreement, BGMI and its associates will invest CAD$1,000,000 through the
purchase of units of securities of Ultra at $0.05 per unit. Each unit will
consist of one (1) common share of Ultra and one common share purchase warrant,
with each warrant entitling BGMI and associates to acquire one (1) additional
common share of Ultra at $0.10 per share for a period of two (2) years. BETEC
also undertakes and commits to fund up to CAD$3,500,000 of approved exploration
expenditures on the Property to be incurred within a period of three (3) years
from the date of formation of the joint venture. BETEC will earn a five (5%) per
cent equity interest for each CAD$500,000 of approved expenditures incurred and
up to a thirty five (35%) per cent equity interest once the entire CAD$3,500,000
of qualified expenditures has been incurred. 


Both parties agree to hold the Property and the other assets of the partnership
consistent with applicable legislation, to explore the Property for minerals
and, if feasible, develop a mine thereon, and so long as it is technically,
economically and legally feasible, operate such mine and exploit the minerals
extracted from the Property, and carry out any other activity in connection with
or incidental to any of the foregoing. 


Closing of the proposed transaction is subject to satisfaction or waiver of
terms and conditions, customary or otherwise, including, but not limited to,
acceptance by the TSX Venture Exchange of the proposed transactions. 


The units issued will be subject to a four-month hold period from the closing
date of the private placement offering. Finders' fees may be payable in
connection with this private placement in accordance with TSX Venture Exchange
policy. 


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

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