Mr. Zhang Jiaqi of Beijing Guofang reports

BEIJING GUOFANG MINING INVESTMENT CO., LTD. ACQUIRES SHARES OF ULTRA LITHIUM INC.

Beijing Guofang Mining Investment Co. Ltd. has acquired, by private placement, 10 million units of Ultra Lithium Inc. at a price of five cents per unit for gross proceeds of $500,000. Each unit consists of one common share of Ultra and one common share purchase warrant, with each warrant entitling BGMI to acquire one additional common share of Ultra at 10 cents per share at any time until July 9, 2014. The securities issued under the private placement are subject to a four-month hold period expiring Nov. 10, 2012.

As a result of this acquisition, BGMI immediately now holds 10 million common shares representing approximately 9.56 per cent of the total outstanding shares of Ultra and 45.98 per cent of the total outstanding warrants.

BGMI acquired and holds these units as the first part of a two-part investment as described in the press release of Ultra dated July 12, 2012. If BGMI completes the second part of the investment, it will result in BGMI owning and controlling shares of Ultra representing approximately 10.47 per cent of the total outstanding shares of Ultra.

The exemption relied upon by BGMI for the acquisition of the 10 million units of Ultra was Section 2.10 of National Instrument 45-106 (minimum amount investment exemption) based on an acquisition cost to BGMI as principal in cash on closing of not less than $150,000.