March 4, 2013 – Ultra Resources Corp. (TSX.V-ULT) is pleased to announce that it has agreed with Goldbank Mining Corporation to acquire Goldbank’s 51% interest in the Buck Lake Platinum Palladium Nickel Project.
The Buck Lake Platinum Palladium Nickel Project is known for the occurrence of high-grade platinum-palladium mineralization. It is located approximately 25 kms west of North American Palladium’s Lac des Iles Palladium Mine near Thunder Bay, Ontario. Several Platinum Group Element hosting intrusions, including the Buck Lake intrusion and the intrusion hosting the Lac des Iles Mine, are in the area.
Ultra considers the Buck Lake intrusion to be highly prospective. The Main Discovery Area where significant platinum, palladium, copper, and nickel mineralization has been discovered through mechanized trenching and pit blasting within highly disrupted gabbro/pyroxenite breccia will continue to be the Company’s main exploration focus.
Historical pit blasting at the Main Discovery Area revealed pods of significant sulphide mineralization in the host rock. Chip samples taken from fresh massive sulphides exposed by the blasting returned up to 31.6 grams per ton palladium, 2.82 grams per ton platinum, 1.53% copper and 9.96% nickel.
To acquire Goldbank’s 51% interest, Ultra has agreed to issue 1,000,000 common shares to Goldbank upon TSX Venture Exchange acceptance for filing of the agreement and make a cash payment of $250,000 to Goldbank on or before December 31, 2015. The purchase agreement is subject to acceptance for filing by the TSX Venture Exchange. Following the acquisition Ultra will hold 100% of the Buck Lake Project. The Buck Lake Project was initially staked by two respected Thunder Bay prospectors, Bill Richmond and Bill Morehouse. Mr. Richmond and Mr. Morehouse retain a 2.5% NSR. Ultra can buy back 50% of the NSR at any time for $500,000. The land package has been increased currently consisting of more than 1,500 hectares on the Buck Lake intrusion. This news release has been reviewed and approved for technical content by Dr. Bohumil (Boris) Molak, P.Geo. (BC), a consulting geologist and qualified person as defined by National Instrument 43-101. Ultra also announces that Mr. John Brydle has become a director, replacing Mr. Boyce who resigned as a director.
Ultra’s common shares are listed and called for trading on the TSX Venture Exchange with the trading symbol “ULT”. Information on Ultra can be accessed at www.ultraresourcescorp.com.
ULTRA RESOURCES CORP.
PER: “Kirk Shaw”
Kirk Shaw, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.