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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/18/13 -- Ultra Lithium (TSX VENTURE: ULI)(FRANKFURT: QFB) ("the Company" or "Ultra") is pleased to announce that further to its news release dated May 31, 2012, the Company has finalized terms with Beijing Guofang Mining Investment Co., Ltd. ("BGMI") for the joint exploration and development of Ultra's Balkans project.
Under the terms of the arrangement, a new Canadian company has been incorporated, Ultra Dragon Holdings Inc. ("Ultra Dragon"), which will hold the Balkans exploration licenses. BGMI may earn up to a 35% participating interest in Ultra Dragon by funding up to $3,500,000 of exploration expenditures ("Earn-in funds") on the Balkans project. BGMI will earn a 5% participating interest for each tranche of $500,000 of the Earn-in funds to a maximum of 35% within a period of 3 years.
Ultra Dragon has received the initial capital from BGMI of $500,000 for a 5% interest in Ultra Dragon.
During the Earn-in period, all exploration expenditures will be funded by the Earn-in funds. After the Earn-in period, each of Ultra and BGMI will contribute for its proportionate share of exploration expenditures based on their 65% and 35% participating interests.
Marc Morin, CEO of Ultra, stated that: "We are very pleased to finalize joint venture terms with BGMI. The transaction facilitates the advancement of the Balkans project without increasing shareholder dilution."
As announced on May 27, 2013, the agreement commenced Phase 2 exploration and geophysical crews have been mobilized to the properties.