Ultra Uranium Corp. has entered into an option agreement to acquire a 65% interest in the Orbit Uranium Project. Upon earning a 65% interest in the Orbit Uranium Project, Ultra will then have the right to acquire a 65% interest in the Crackingstone Uranium Project.

The Orbit Uranium Project consists of 11,109 hectares ("Orbit Lake") adjoining the existing 750 hectare Crackingstone River Uranium Property (“CRR Property”) located on the north shore of Lake Athabasca and 8 km. SW of Uranium City, Saskatchewan.

A number of programs have been completed including ground sampling, radiometric and magnetic airborne surveys and radon gas survey. In addition, a drill program is scheduled to commence on the Crackingstone uranium project in April 2008.

Crackingstone / Orbit Uranium Showings

Crackingstone / Orbit Drill Location Map

Crackingstone / Orbit Airborne Survey

Crackingstone / Orbit Radon Gas Survey

Historic work in the area dates back to the 1950’s. From 1953 to 1982, sixteen deposits were brought into production in the Uranium City area. Past production in the area came from four outside occurrences; the Cinch, Lorado, Rix Smitty and Leonard occurrences. The Cinch Lake and Rix Smitty mines produced a total 1,869,000 lbs. of U308.

The magnetic resolution of this area has clearly defined the Crackingstone Fault which is the westerly extension of the St. Louis Fault. The St. Louis Fault is host to the Ace, Fay, Verna, and Bolger deposits. The Cinch Lake Uranium mine is located at the easterly extension of the Crackingstone Fault at its intersection with the north-easterly trending Black Bay Fault.

The Crackingstone Fault extends westerly through the CRR Property and onto the newly staked ground. Two additional north-easterly trending faults, the Spot Lake and Powerline Fault intersects the Crackingstone Fault west of the CRR Property.

18 uranium showings were located on the property as listed and described by Beck (1969). Two previous bulk samples were taken from two showings located on the property. The first was a 46 ton hand sorted bulk sample from the Amax’s 50-CC1-80 showing assaying 0.5% U308. A second 6.5 ton hand sorted bulk sample, was extracted from Mylo’s Lease (Rix #49-CC1-4) assaying 0.5% Uranium. Rix Athabasca Uranium Mines Ltd. reported a grab assay of 12.53% U308 from the Rix #59 showing located in the southwestern portion of the property.

The new claims now adjoin a large claim block to the south owned by CanAlaska Uranium Ltd. (“CVV”). The world’s largest uranium producer, Cameco Corp. (“CCO”), holds a block of claims to the west of the property.

To earn a 65% interest in the Orbit Uranium Project, Ultra must pay a total of $150,000 cash, issue 175,000 common shares and complete $2 million in exploration expenditures over three years. The minimum exploration expenditure requirement in year one has already been exceeded by Ultra. Upon Ultra earning a 65% interest in the Orbit Uranium Property, a joint venture agreement will be formed with the parties contributing to exploration and development in their respective interests. Ultra will be the operator and has a right of first refusal on the remaining 35%. Upon Ultra earning a 65% interest in the Orbit Uranium Project, it will have the right to acquire a 65% interest in the Crackingstone Uranium Project adjacent to the Orbit Uranium Project. To acquire that interest Ultra will either incur three times the amount of exploration and development expenditures incurred within four years or incur a combination of exploration and development expenses and payments. Ultra’s right to earn into the Crackingstone Uranium Project is exercisable for a period of one year after the latest date for Ultra to earn its interest in the Orbit Uranium Project.