July 24, 2014 – Ultra Resources Corp. (“Ultra”)(TSX.V-ULT) and Goldbank Mining Corporation (“Goldbank”)(TSX.V-GLB) are pleased to announce that Ultra is proceeding with the acquisition of 100% of the Buck Lake Platinum Palladium Nickel Project. Ultra’s acquisition will consolidate ownership of the project.
The Buck Lake Platinum Palladium Nickel Project is known for the occurrence of high-grade platinum-palladium and nickel mineralization. It is approximately 25 kms west of North American Palladium’s Lac des Iles Palladium Mine near Thunder Bay, Ontario, Canada.
Ultra considers the Buck Lake Project to be highly prospective. At the Main Discovery Area significant platinum, palladium, copper and nickel mineralization was discovered through mechanical trenching and pit blasting within highly disrupted gabbro/pyroxenite breccia. Pit blasting at the Main Discovery Area has revealed pods of significant sulphide mineralization in the host rock. Chip samples taken from fresh pyroxenite breccia rich in 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 and own 100% of the Project, Ultra will issue 2,200,000 common shares to Goldbank. Ultra has also agreed to make a cash payment of $250,000 to Goldbank on or before June 1, 2016, subject to acceptance for filing by the TSX Venture Exchange. Ultra will announce exploration plans shortly. The Buck Lake Platinum Palladium Nickel Project is more than 1,500 hectares in size. Two respected Thunder Bay prospectors, Bill Richmond and Bill Morehouse, staked the property and hold a 25% NSR, 50% of which can be acquired for $500,000. 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’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: “John Brydle”
John Brydle, Director
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