Ultra Lithium Commences Geophysics on Balkan Properties, Serbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2012) - 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 2016¹
• Rio Tinto's Jadar deposit could produce up to 20% of the current worldwide annual lithium demand¹
• Off the shelf technology can process Jadarite ore²

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