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If you already have the Mac OS X Mountain Lion (or LION) install DMG extracted, skip this first set of steps and jump directly to making the bootable drive below.
Disk Utility will now create a bootable OS X Mountain Lion installer drive out of USB drive using the disk image, this can take a little while depending on how fast the drive and Mac are but 20-30 minutes isn’t unusual.
When finished, reboot the Mac and hold down the Option key to bring up the boot menu:
Select the orange “Mac OS X” option and you will boot into the OS X Mountain Lion installer, from here installation is the same as normal. Click on Continue, select the destination drive, and install.
Source: OSX Daily
According to Computerworld, Apple will launch OS X Mountain Lion July 25 if it repeats what it did last year when it announced the then-new Lion a day after its quarterly earnings call with Wall Street analysts.